ICICI Bank Q2 Net Profit Jumps 36% To Rs 10,261 Cr

Private sector lender ICICI Bank on Saturday reported a 36 per cent rise in standalone net profit to Rs 10,261 crore for the September 2023 quarter, aided by an improvement in interest income.

The Mumbai-based lender had posted a net profit of Rs 7,558 crore in the year-ago period.

The total income in the second quarter of the current fiscal rose to Rs 40,697 crore from Rs 31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24 per cent year-on-year to Rs 18,308 crore in the quarter against Rs 14,787 crore in the corresponding quarter a year ago.

At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago.

The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48 per cent of gross advances at the end of the September quarter from 2.76 per cent a year ago. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period.

However, the bank’s capital adequacy ratio decreased to 16 per cent from 16.93 per cent at the end of September 2022. On a consolidated basis, the bank’s profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)