Net profit for the quarter was 83.12 billion Indian rupees ($1.03 billion), compared with 61.94 billion rupees in the same quarter a year earlier. The figure was in line with analyst estimates of 81.25 billion rupees, according to IBES Refinitiv data.

Net interest income, the difference between interest received and paid, increased by 34.6% to IDR 164.65 billion from IDR 122.36 billion last year. Net interest margin, a key indicator of a bank’s profitability, was 4.65% for the quarter, compared with 3.96% in the same quarter last year.

Private lenders’ domestic loan portfolios grew 21.4% year-over-year during the third fiscal quarter. The retail loan portfolio grew 23.4% year-on-year, while corporate loans increased 18.2% year-on-year.

Deposits increased 10.3% year-on-year, thanks to an increase in time deposits.

The supply of credit in India has increased in recent months due to the continued demand for loans. This causes banks to struggle for deposits. Last week, India’s largest private sector lender, HDFC Bank, reported a nearly 20% jump in deposits year-on-year in the third fiscal quarter.

Meanwhile, ICICI Bank’s asset quality improved, with its gross non-performing assets (NPA) ratio increasing to 3.07% from 3.19% in the previous three months. The net NPA ratio was 0.55% against 0.65% in the previous quarter.

However, provisions and contingencies increased to 22.57 billion rupees from 16.44 billion rupees in the September quarter.

($1 = 80.9790 Indian rupees)