ICICI Bank Q4 profit jumps 30% on core income, margins

ICICI Bank, India’s private sector lender, has reported its highest-ever quarterly profit of Rs 9,121 crore ($1.2 billion) for the January-March period, a 30% rise on the previous year driven by core income and record margins. It was buoyed by growing steel and cement output, a rise in demand for travel, and government-infrastructure spending. Net interest income for the quarter rose by 40% to Rs 17,667 crore, though non-interest income saw feeble growth. The bank’s asset-quality position also improved, with gross non-performing assets falling to 2.81% from 3.60% YoY.