ICICI Bank on Saturday posted a standalone net profit of Rs 7,557.8 crore for the September 2022 quarter (Q2FY23), a jump of 37 per cent year-on-year (YoY) as compared to Rs 5,511 crore a year ago. The private sector lender’s net interest income (NII) during July-September 2022 rose by 26 per cent to Rs 14,786.8 crore as against Rs 11,690 crore a year ago.
The bank’s total income rose to Rs 31,088 crore for the quarter under review, while total expenses increased to Rs 19,408 crore from Rs 18,027 crore.
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ICICI Bank’s net interest margin stood at 4.31 per cent during the September 2022 quarter, up from 4 per cent a year ago and 4.01 per cent in the previous quarter. According to BSE filings, during April-September 2022, its net interest margin stood at 4.16 per cent.
Its non-interest income, excluding Treasury income, rose 17 per cent year-on-year to Rs 5,139 crore ($632 million) from Rs 4,400 crore ($541 million) a year ago.
The asset quality of ICICI Bank has improved. Its gross NPA ratio declined to 3.19 per cent during September 30, 2022, from 3.41 per cent on June 30, 2022 and 4.82 per cent during September 30, 2021. The net NPA ratio of the lender declined to 0.61 per cent as on September 30, 2022. From 0.70 per cent on June 30, 2022 and 0.99 per cent on September 30, 2021.
Provisions declined to Rs 1,644.52 crore as against Rs 2,713.48 crore in the year-ago period, but were up as compared to Rs 1,143.82 crore in the June quarter.
On capital adequacy, ICICI Bank said in a statement, “Including profits for the six months (H1-2023), the Bank’s overall capital adequacy ratio as on September 30, 2022 stood at 18.27 per cent and Tier-1 capital adequacy at 17.51 per cent, respectively. percentage as against the minimum regulatory requirements of 11.70 per cent and 9.70 per cent.”
The bank’s total deposits grew 12 per cent year-on-year to Rs 1,090,008 crore ($134 billion) during the September 2022 quarter. Its average current account and savings account (CASA) deposits grew 16 per cent year-on-year in the second quarter of FY13.
“The retail loan portfolio grew 25 per cent year-on-year and 6 per cent sequentially, and comprised 54 per cent of the total loan portfolio as on September 30, 2022. Including non-fund outstanding, the retail portfolio stood at 44 per cent. 30 of the total portfolio as on September, 2022. Business banking portfolio grew by 43 per cent year-on-year and 11% sequentially as on September 30, 2022,” it said.
As of September 30, 2022, ICICI Bank had a network of 5,614 branches and 13,254 ATMs.
On a consolidated basis, the bank’s Q2FY23 net profit rose 31.43 per cent to Rs 8,006.99 crore.
On Friday, the bank’s stock closed 2.13 per cent higher at Rs 907.15 on the BSE, while it closed 0.18 per cent higher on the benchmark.
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