By how much did ICICI Bank’s net profit rise in  2024 compared to the previous year?

Correct option is A

The correct answer is (a) 23.6%

Explanation:

ICICI Bank reported a net profit increase of 23.6% in the third quarter  of the financial year 2024 compared to the same quarter in the previous year. This rise highlights the bank's improved operational performance, driven by higher interest income, better asset quality, and increased loan growth. The bank also benefited from enhanced cost management and digital banking expansion.

Information Booster:

• ICICI Bank is one of India’s largest private sector banks.

• The bank recorded 23.6% YoY growth in net profit for  2024.

• The growth was supported by higher net interest income (NII) and reduced provisions for NPAs.

• A strong retail loan portfolio contributed significantly to profitability.

• ICICI has been actively enhancing digital banking services, contributing to operational efficiency.

• The bank has seen improved asset quality metrics, including lower gross and net NPA ratios.

• Increased customer acquisition and improved product offerings also played a role.