ICICI Bank, a private sector lender, has reported a significant increase in its standalone net profit for the September 2023 quarter. The bank recorded a 36% rise in net profit to ₹10,261 crore, compared to ₹7,558 crore in the same period last year. This boost was supported by an increase in interest income.
According to a regulatory filing, ICICI Bank’s total income for the second quarter of the current fiscal year rose to ₹40,697 crore from ₹31,088 crore in the same period a year ago. Interest earned by the bank also saw a significant increase, rising to ₹34,920 crore from ₹26,033 crore in the September 2022 quarter.
The bank’s net interest income (NII) showed a year-on-year increase of 24%, reaching ₹18,308 crore in the quarter, in comparison to ₹14,787 crore in the corresponding quarter of the previous year. Additionally, the net interest margin rose to 4.53%, up from 4.31% in the same period last year.
ICICI Bank’s asset quality exhibited positive improvement as gross non-performing assets (NPAs) decreased to 2.48% of gross advances at the end of the September quarter, compared to 2.76% a year ago. Furthermore, the bank’s net NPAs or bad loans also declined, reaching 0.43% in contrast to 0.61% in the year-ago period.
However, the bank’s capital adequacy ratio experienced a slight decrease, dropping to 16% from 16.93% at the end of September 2022.
In terms of consolidated figures, ICICI Bank’s profit increased by 36% to ₹10,896 crore in the quarter, compared to ₹8,007 crore in the same period last year. Overall, these positive financial results reflect the bank’s strong performance and its ability to effectively manage its interest income and asset quality.
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