ICICI Bank Q2 Result| Profit jumped 37 per cent to Rs 7,558 crore
ICICI Bank announced its September quarter results on 22 October. During this period, the bank’s standalone profit stood at Rs 7,557.84 crore, up 37 per cent. It was Rs 5,511 crore in the same period a year ago. ICICI Bank is the second largest bank in the country. This is a private bank.
The bank’s net interest income grew 26.5 per cent in the September quarter. The net interest income of the bank was excellent due to reduction in bad loan provision. The net interest income of the bank during this period stood at Rs 14,787 crore. It was Rs 11,690 crore in the same period a year ago. The net interest margin of the bank has grown by about 0.30 per cent on a quarter-on-quarter and year-on-year basis.
ICICI Bank said, “The overall loan portfolio grew at 23 per cent y-o-y. The domestic loan portfolio grew at 24 per cent.” Deposit growth in the September quarter was 12 per cent year-on-year. The figure stood at Rs 10.9 lakh crore at the end of September. The average current account and savings account (CASA) ratio stood at 45 per cent.
ICICI Bank’s retail loan portfolio grew 25 per cent year-on-year. It contributed 54 per cent to the total loan book. The business banking portfolio grew 44 per cent year-on-year. On a year-on-year basis, non-interest income grew by 5.4 per cent to Rs 5,055 crore. This was impacted by a treasury loss of Rs 85 crore. However, it was supported by a year-on-year increase of 18 per cent to Rs 4,480 crore in fee income.
The bank’s pre-provision operating profit stood at Rs 11,680 crore, up 18 per cent year-on-year. Provisions and contingency declined by 39 per cent year-on-year to Rs 1,644.5 crore. But, it was 44 per cent higher on a quarter-on-quarter
ICICI Bank has said that its asset quality has improved in the September quarter. Gross NPAs as a percentage of gross advances fell 22 basis points on a quarter-on-quarter basis to Rs 3.19 crore. NPAs fell 1 bps on a quarter-on-quarter basis to 0.61 per cent.
On October 21, the stock of ICICI Bank showed good strength. The bank’s stock rose 2.38 per cent to Rs 909.80. The stock has gained about 21 per cent in the last six
