Quarterly profits of banks jump from 31 to 115 percent

- Inflation, even amid tough periods of sharp rise in interest rates

- 34% jump in ICICI Bank's net profit, 31% jump in KOTAK Bank's net profit, 117% jump in IDFC FIRST Bank's profit: 80% gap in YES Bank's profit

Mumbai: The Indian banking sector has been performing brilliantly with high credit growth and reduction in NPAs despite the challenging times of inflation and consequent rise in interest rates. In the third quarter ended December 31, 2022, among the PSU banks, after the good performance of the banks, now the private banks have reported strong performance by presenting encouraging results. In the results of private banks announced today, the net profit of the banks has registered a huge jump from 31 percent to 117 percent. Along with this, the bad loan position of banks i.e. asset quality has also been seen to improve. Banks' NPAs have seen a decline. Thus the performance of all the private banks has been strong except for the exceptional Yes Bank.

Banking giant ICICI Bank announced today that its net profit for the third quarter ended December 31, 2022 has increased by 34.2 percent to Rs.8312 crore compared to the same period last year. While the net interest income has increased by 34.6 percent to Rs.16,465 crore. The bank has achieved a net interest margin of 4.65 percent from 3.96 percent. The bank's net non-performing assets (NPAs) have declined to 0.55 percent from 0.61 percent.

Kotak Mahindra Bank gave an all-round best performance and achieved a 31 percent increase in net profit to Rs.2792 crore and a 30 percent increase in net interest income to Rs.5653 crore in the third quarter. The bank's operating profit increased by 43 percent to Rs.3850 crore. Private sector emerging bank IDFC First Bank Limited has also achieved fantastic results for the third quarter ended December 31, 2022. The net profit of the bank has increased by 115 percent to Rs.605 crore compared to Rs.281 crore in the same period last year. Net interest income of the bank has increased by 27 percent to Rs.3285 crore compared to Rs.2580 crore.

Yes Bank has announced exceptionally weak results for the third quarter ended December 31, 2022. The net profit of the bank has decreased by 80.66 percent to Rs.51.5 crore compared to Rs.266.43 crore in the same period last year. The net interest income of the bank has increased by 11.7 percent to Rs.1970.6 crore as compared to Rs.1764 crore. The total NPA has decreased to 2 percent as compared to 14.7 percent in the same period last year. While net NPA has decreased to 1 percent compared to 5.3 percent.