How much were ICICI Bank's provisions, excluding tax provisions, in Q3 2024?

Correct option is D

The correct answer is (D) ₹1,050 crore.

Explanation:
In Q3 FY24, ICICI Bank reported provisions of ₹1,050 crore excluding tax provisions. This was a decrease from the previous year's provisions of ₹2,257 crore in the same quarter, reflecting the bank’s improved asset quality and risk management measures. The decrease in provisions was primarily attributed to lower contingencies and provisions for non-performing assets.

Information Booster:

• Provisions: These are funds set aside by banks to cover future risks, primarily arising from bad loans or asset losses.

• Non-performing Assets (NPA): A key indicator of a bank's financial health. The decrease in provisions suggests an improvement in asset quality.

• Contingency Provisions: These provisions are made to safeguard against unforeseen financial risks and fluctuations.

• ICICI Bank: One of the largest private sector banks in India, ICICI Bank's quarterly reports are closely watched by investors for insights into the banking sector's health.