ICICI Bank Q2 net profit rises 35.8% to ₹10,261 crore
The Hindu
ICICI Bank reported second quarter standalone net profit grew by 35.8% year-on-year to ₹10,261 crore from ₹7,558 crore the year earlier due to improvement in asset quality and healthy growth in Net Interest Income (NII).
ICICI Bank reported second quarter standalone net profit grew by 35.8% year-on-year to ₹10,261 crore from ₹7,558 crore the year earlier due to improvement in asset quality and healthy growth in Net Interest Income (NII).
Core operating profit grew by 21.7% year-on-year to ₹14,314 crore from ₹11,765 crore a year earlier; excluding dividend income from subsidiaries/associates, core operating profit grew by 22.9% year-on-year in the quarter ended September 30,2023, the bank said in a filing with exchanges.
NII increased by 23.8% year-on-year to ₹18,308 crore from ₹14,787 crore in the year earlier.
The bank said its net interest margin was 4.53% in the second quarter compared with 4.31% in the same period the earlier year.
Provisions (excluding provision for tax) were ₹583 crore compared with ₹1,644 crore a year earlier.
During the quarter, the bank’s net domestic advances grew by 19.3% year-on-year. The retail loan portfolio grew by 21.4% year-on-year and comprised 54.3% of the total loan portfolio as of September 30, 2023.
Including non-fund outstanding, the retail portfolio was 46% of the total portfolio as of September 30, 2023. The business banking portfolio grew by 30.3% year-on-year.
India may be able to develop its own high-end computing chipset, known as GPUs, in the next 3-5 years, Union Minister Ashwini Vaishnaw said.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.
Workday is cutting about 1,750 jobs, or 8.5% of its workforce as it focuses on AI.
Reliance Industries, ITC, and other major companies announce significant investments in West Bengal at BGBS 2025.
The Union Budget seems to have got many things right
LIC receives ₹105.42 crore GST demand notice for seven years, no material impact on operations.
Stock markets close lower as investors turn cautious ahead of RBI's monetary policy decision amid trade war concerns.
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
Rupee hits all-time low against dollar amid global trade war concerns, RBI rate cut expectations, and weak services sector.
Zomato CEO Deepinder Goyal clarifies controversial hiring process, with 30 candidates selected from 18,000 applications.
Bombay High Court to hear Skoda Auto Volkswagen India's plea challenging $1.4 billion tax demand on February 17.
Gold demand in India rose 5% in 2024 to 802.8 tonnes, with 2025 consumption expected between 700-800 tonnes.
India's services sector growth slows in January, but remains above 50; new export business rebounds, job creation accelerates.