ICICI Bank Q3 profit & NII rise 14%

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ICICI Bank missed street expectations on Friday with the third quarter net profit rising 14 percent year-on-year to Rs 2,889 crore, aided by other income and net interest income. However, higher provisions restricted profit growth.

Net interest income (NII ) grew 13.9 percent to Rs 4,812 crore during October-December quarter from Rs 4,225 crore in the year-ago period. NII is the difference between interest earned and interest expended.

Net interest margin improved to 3.46 percent for the December quarter compared to 3.42 percent in previous quarter and 3.32 percent in the year-ago period.

ICICI Bank said it has continued to see robust growth in its retail disbursements resulting in a year-on-year growth of 26 percent in the retail portfolio at December 31, 2014. The retail portfolio constituted about 41 percent of the loan portfolio of the bank at the end of quarter.

Total deposits increased 12 percent year-on-year to Rs 355 lakh crore during the quarter with the CASA ratio improving to 44 percent in Q3FY15 (from 43.7 percent in Q2FY15).

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