ICICI Bank reports a 36% increase in Q2 net profit

• The total income in the second quarter of the current fiscal rose to ₹40,697 crore from ₹31,088 crore in the same period a year ago.
  
• The bank’s net income increased by 24 per cent year-on-year to ₹18,308 crore in the quarter against ₹14,787 crore in the corresponding quarter a year ago.
  
• Its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period.
  

For the September 2023 quarter, private sector lender ICICI Bank on Saturday reported a 36% increase in standalone net profit to ₹10,261 crore for the September 2023 quarter, aided by a boost in interest income. The bank had posted a net profit of ₹7,558 crore in the year-ago period.

The total income in the second quarter of the current fiscal rose to ₹40,697 crore from ₹31,088 crore in the same period a year ago, the bank said in a regulatory filing.

Interest earned by the bank went up to ₹34,920 crore from ₹26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24 per cent year-on-year to ₹18,308 crore in the quarter against ₹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 ₹10,896 crore in the quarter from ₹8,007 crore a year ago.