MUMBAI, Oct 21 (Reuters) – India’s second largest personal lender ICICI Bank (ICBK.NS) reported a 35.8% enhance in internet revenue for the July-September quarter on Saturday, buoyed by sturdy progress in core lending earnings and sturdy mortgage progress.

Standalone internet revenue rose to a file 102.61 billion Indian rupees ($1.23 billion) within the second monetary quarter, from 75.58 billion rupees in the identical interval a 12 months earlier.

That was considerably above analysts’ forecast of 96.26 billion rupees, in line with LSEG information.

Net curiosity earnings – the distinction between curiosity earned and paid – rose 23.8% to 183.08 billion rupees.

The internet curiosity margin – a key gauge of lender’s profitability – was at 4.53% within the reporting quarter in comparison with 4.31% final 12 months, however declined from 4.78% reported within the prior quarter.

Net home loans grew by 19.3% year-on-year, whereas deposits grew 18.8%.

ICICI Bank’s asset high quality improved, with its gross non-performing belongings (NPA) ratio at 2.48% as of end-September, in contrast with 2.76% on the finish of June.

The financial institution’s internet NPA ratio declined to 0.43% on the finish of the quarter, in contrast with 0.48% on the finish of the prior quarter.

($1 = 83.1500 Indian rupees)

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