October 21, 2023
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ICICI Bank Q2 Net profit rises 36%
ICICI Bank on October 21 announced 35.7 percent year-on-year growth in standalone profit and a 24 percent rise in net interest income in the July-September quarter of the fiscal year 2023-24 (Q2), with a significant fall in bad loan provisions.
The standalone profit of the Mumbai-based bank jumped to Rs 10,261 crore for the quarter, rising from Rs 7,557.84 crore in the same period last year, the bank said in its BSE filing.
Net profit of Rs 10,261 crore (36 percent year-on-year growth) exceeded analysts’ estimates of Rs 9,422 crore in Q2 (25 percent YoY growth).
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. 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. 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 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 declined to 0.43 per cent against 0.61 per cent in the year-ago period.
The bank’s capital adequacy ratio decreased to 16 per cent from 16.93 per cent at the end of September 2022.
Editorial Comment: In spite of strong growth in the profits, the scrip is expected to show weakness in the short term.
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