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What is the story about?
ICICI Bank Ltd. reported its earnings for the December quarter on Saturday, January 17, and its provisions were at ₹2,556 crore compared to ₹1,227 crore in the year-ago period.
ICICI Bank said the Reserve Bank of India (RBI) has directed it to make a standard asset provision of ₹1,283 crore in respect of a portfolio of agricultural priority sector credit facilities, wherein the terms of the facilities were found to be not fully compliant with the regulatory requirements for classification as agricultural priority sector lending.
The bank's profitability was impacted due to this increased provision. The net profit for the period fell 4% to ₹11,318 crore from last year's ₹11,792 crore and also missed the CNBC-TV18 poll of ₹12,379 crore.
Its net interest income increased 7.7% to ₹21,932.2 crore from ₹20,371 crore in the year-ago period. However, it was below Street expectations of ₹22,092 crore.
However, ICICI Bank's asset quality improved as its net non-performing assets (NPA) declined to 0.37% from 0.39% in the previous quarter, while its gross NPA contracted to 1.53% from 1.58% sequentially.
In absolute terms, the net NPA was at 5,732 crore from ₹5,872 crore in the second quarter. Meanwhile, its gross NPA was at ₹23,758 crore from ₹23,849.7 crore sequentially.
On another note, ICICI Bank's board of directors also approved the re-appointment of Sandeep Bakhshi as MD and CEO of the bank for another two years, with effect from October 4, 2026 to October 3, 2028.
ICICI Bank shares ended the previous session 0.4% lower at ₹1,413 apiece. The stock has gained 15.3% in the past year.
Also Read: HDFC Bank Q3 Results | Net profit beats estimates, NII up 6% at ₹32,615 crore
ICICI Bank said the Reserve Bank of India (RBI) has directed it to make a standard asset provision of ₹1,283 crore in respect of a portfolio of agricultural priority sector credit facilities, wherein the terms of the facilities were found to be not fully compliant with the regulatory requirements for classification as agricultural priority sector lending.
The bank's profitability was impacted due to this increased provision. The net profit for the period fell 4% to ₹11,318 crore from last year's ₹11,792 crore and also missed the CNBC-TV18 poll of ₹12,379 crore.
Its net interest income increased 7.7% to ₹21,932.2 crore from ₹20,371 crore in the year-ago period. However, it was below Street expectations of ₹22,092 crore.
However, ICICI Bank's asset quality improved as its net non-performing assets (NPA) declined to 0.37% from 0.39% in the previous quarter, while its gross NPA contracted to 1.53% from 1.58% sequentially.
In absolute terms, the net NPA was at 5,732 crore from ₹5,872 crore in the second quarter. Meanwhile, its gross NPA was at ₹23,758 crore from ₹23,849.7 crore sequentially.
On another note, ICICI Bank's board of directors also approved the re-appointment of Sandeep Bakhshi as MD and CEO of the bank for another two years, with effect from October 4, 2026 to October 3, 2028.
ICICI Bank shares ended the previous session 0.4% lower at ₹1,413 apiece. The stock has gained 15.3% in the past year.
Also Read: HDFC Bank Q3 Results | Net profit beats estimates, NII up 6% at ₹32,615 crore
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