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ICICI Bank Ltd reported their third quarter financial result with a net profit at Rs. 1,604.91 crores, posting a 2.75% decline as compared to the net profit of Rs. 1,650.24 crores during the previous year similar quarter. The quarterly profit fell short due to the higher provisioning.
The bank announced that the provisions during the quarter increased 18.90% to Rs. 4,244.15 crores as compared to Rs. 3,569.56 crores in the same quarter a year ago. The provision during the second quarter of the current fiscal stood at Rs. 3,994.29 crores.
Net interest income or the core income the bank earns by the difference between interest earned on loans and that paid on deposits surged 20.51% to Rs. 6,875.25 crores from Rs 5,705.27 crores in the corresponding period last year.
Gross non-performing assets (NPAs), as a percentage of total advances, stood at 7.75% in the quarter under review as compared with 8.54% in the September quarter and 7.82% in the year-ago December quarter.
