ICICI Bank, a private sector lender, has reported a significant increase in its standalone net profit for the September 2023 quarter. The bank’s net profit rose by 36% to ₹10,261 crore, compared to ₹7,558 crore in the same quarter last year. This boost in profit can be attributed to an increase in interest income.
According to a regulatory filing, ICICI Bank’s total income in the second quarter of the current fiscal also saw a substantial rise. It increased to ₹40,697 crore from ₹31,088 crore in the same period last year. The bank’s interest earned went up to ₹34,920 crore, compared to ₹26,033 crore in the September 2022 quarter.
Additionally, the bank’s net interest income (NII) displayed a year-on-year growth of 24%, reaching ₹18,308 crore in the quarter. In the corresponding quarter last year, the NII was ₹14,787 crore. Furthermore, the bank’s net interest margin rose to 4.53% from 4.31% in the same period last year.
ICICI Bank also showcased improvement in its asset quality. The 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. Similarly, the net NPAs or bad loans declined to 0.43% from 0.61% in the year-ago period.
However, the bank’s capital adequacy ratio decreased to 16% from 16.93% at the end of September 2022. Despite this, on a consolidated basis, ICICI Bank’s profit still increased by 36% to ₹10,896 crore in the quarter, compared to ₹8,007 crore in the same period last year.
Overall, ICICI Bank’s financial performance in the September 2023 quarter has shown significant growth, reflecting positive trends in its net profit, total income, interest income, and asset quality. The bank continues to demonstrate its stability and resilience in the current fiscal year.
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