ICICI Bank on Saturday reported its net profit as follows. INRRevenue for the fourth quarter ending March 31 was $10.77 billion, according to Reuters. Net profit he increased by 17%. INRIn the same period last year, it was Rs 9,122 million. The result beat analysts' average estimate of Rs 13,050 crore, according to LSEG data. The bank's fourth quarter net interest income was INR19,093 crores.Also read: Yes Bank's fourth quarter standalone net profit was INR452 millionPrivate lenders' core net interest income increased by 8.1%; INRThe loan amount increased by 16.8% and the net interest margin decreased slightly to 4.40% to 19,093 billion yen.
Non-interest income excluding bank financial performance is INR5.93 billion dollars, an increase of 15.7% from the same period last year.
Reserves have been reduced by more than half INRAccording to exchange filings by the financier, profit for the reported quarter stood at 718 million yen, PTI reported. Earlier in the day, another private lender, Yes Bank, also released its fourth quarter results, reporting that standalone net profit rose to $718 million. INR452 million.
The bank's other income (fees earned from providing non-loan services to customers) increased by 56.2% year-on-year.Also read: YES Bank, ICICI Bank will change fees for savings accounts from May 1st Click here for details
Net interest income, the difference between interest earned on loans and interest paid to depositors, increased by 2.3%; INR215.3 billion.
Net interest margin, a key indicator of banks' profitability, was flat on a quarterly basis at 2.4%, down from 2.80% a year earlier.
Many Indian banks are strengthening their deposit bases against the backdrop of tight liquidity conditions in the banking system and healthy loan demand.That puts pressure on loan margins.
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