Q3 Results: ICICI income up 25%, IDFC First slips, YES Bank profit up 1.5 times

ICICI Bank, IDFC First Bank and YES Bank released their Q3 results today. Here's a quick recap. While ICICI Bank and YES Bank showed positive growth in their net profits, IDFC First Bank reported considerable decline in profit despite a modest rise in net interest income.

As ICICI Bank's profit surpassed analysts' expectations, the results are expected to have a positive impact on the stock on Monday. The private lender's shares closed at ₹1,213.70 on the NSE on Friday, up by a 1%.

ICICI Bank reports a 25% increase in consolidated income

Private lender ICICI Bank reported a consolidated total income of ₹74,626.56 crore in the third quarter of this fiscal, reflecting a 25% increase compared to ₹59,479.36 crore in the corresponding quarter last year. Net profit rose by 16% to ₹12,883.37 crore, up from ₹11,052.60 crore during the period.

The growth was driven by higher interest income from investments and increased premium and operating income from the insurance business. Interest income from investments rose to ₹11,778.83 crore in the October-December quarter, up from ₹9,523.04 crore a year ago, while premium and operating income from the insurance business grew to ₹18,181.62 crore from ₹10,587.45 crore.

Consolidated revenue from retail banking grew by 15%, reaching ₹39,437.70 crore compared to ₹34,000.52 crore in the corresponding period last year. Net NPA ratio remained steady at 0.42%, unchanged from the previous quarter.

IDFC First Bank reports 53% drop in standalone profits

IDFC First Bank reported a 53% decline in standalone net profit, which stood at ₹339.4 crore in the third quarter this fiscal, compared to ₹715.7 crore in the corresponding period last year.

The private sector lender was established through the merger of the banking division of Infrastructure Development Finance Company (IDFC) and Capital First.

Despite the drop in net profit, IDFC First Bank's net interest income (NII)—the difference between interest earned and interest paid—rose by 14.4%, reaching ₹4,902 crore compared to ₹4,286.6 crore in the corresponding period a year ago.

YES Bank net profits see 1.5x rise

YES Bank reported a consolidated net profit of ₹619.38 crore for the third quarter of this fiscal, marking a significant increase of 155% compared to ₹242.59 crore in the corresponding period last year. This impressive growth was primarily attributed to a sharp reduction in provisions and a 14% increase in consolidated income, which rose to ₹9,416.05 crore from ₹8,243.36 crore in the corresponding quarter last year. Provisions and contingencies for the quarter dropped by over 50% year-on-year to ₹258.84 crore.

The bank's net non-performing assets (NPA) ratio stood steady at 0.5% on a sequential basis but, showed an improvement from 0.9% a year ago during the corresponding period.