Published on 29 Apr 2024 on Zacks via Yahoo Finance

ICICI Bank (IBN) Q4 Earnings Improve on Higher NII, Costs Rise

ICICI Bank Ltd’s IBN net income for the fourth quarter of fiscal 2024 (ended Mar 31) was INR 107.1 billion ($1.3 billion), up 17.4% from the prior-year quarter.Results were driven by a rise in net interest income (NII), non-interest income and growth in loans and deposits. The company reported lower provisions during the quarter. However, higher operating expenses were an undermining factor.In fiscal 2024, net income of INR 408.9 billion ($4.9 billion) jumped 28.2% from the prior year.

NII & Fee Income Improve, Expenses Rise

NII grew 8.1% year over year to INR 190.9 billion ($2.3 billion). The net interest margin was 4.40%, down 50 basis points.Non-interest income (excluding treasury income) was INR 59.30 billion ($711 million), up 15.7% year over year. Fee income increased 12.5% year over year to INR 54.36 billion ($638 million).In the reported quarter, IBN incurred a treasury loss of INR 2.81 billion ($34 million) compared with a loss of INR 0.4 billion ($5 million) in the prior-year quarter.Operating expenses totaled INR 97 billion ($1.16 billion), up 8.7% year over year.