ICICI Bank Q2 profit zooms 30% as provisions fall

Insight Online News

ICICI Bank Q2 results: Net interest income (NII) of the Bank rose 25% to ₹11,690 crore in the September quarter.
On the asset quality front, the net NPAs are down 12% sequentially during the reporting period.

Private lender ICICI Bank’s standalone net profit rose 30% to ₹5,511 crore in the second quarter ended September 30 (Q2FY22) on lower provisioning. The same was was ₹4,251 crore in the same quarter last year (Q2FY21).

Provisions declined by 9% year-on-year to ₹2,714 crore in the second quarter from ₹2,995 crore in the year-ago period.

Net interest income (NII) of the Bank — the difference between interest the lender expends and the same it pays out — rose 25% to ₹11,690 crore in the September quarter. It was ₹9,366 crore in Q2FY21.

The net interest margin increased to 4% in the second quarter from 3.89% in the June quarter and 3.57% in last year period.

The lender’s core operating profit jumped by 23% year-on-year to ₹9,518 crore in the quarter ended September.

On the asset quality front, gross non-performing assets (NPAs) at the end of the quarter stood at 4.82%, less than 5.15% in the previous June quarter and 5.17% in the year-ago period.

The net NPAs are down by 12% sequentially during the quarter to ₹8,161 crore from ₹9,306 crore, while the net NPA ratio declined to 0.99% at September 30, 2021 from 1.16% at June 30, 2021.

On Friday, ICICI Bank’s scrip hit an all-time high of ₹765.85 and eventually closed 0.5% higher at ₹759.30 on NSE.

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