ICICI Bank Q2 results: PAT soars 36% YoY to Rs 10,261 crore, NII grows 24%

MUMBAI – ICICI Bank Ltd on Saturday reported a 36% year-on-year (YoY) growth in net profit for the quarter ended September to Rs 10,261 crore. Net interest income increased 24% on year to Rs 18,308 crore.

Total income for the quarter increased 31% on year to Rs 40,697 crore.

Provisions in the quarter dropped sharply to Rs 583 crore, from Rs 1,645 crore a year ago, and Rs 1,292.4 crore a quarter ago.

Gross non-performing assets ratio as of September end was 2.48%, lower than 3.19% a year ago, and 2.76% a quarter ago.

Net non-performing assets ratio was 0.43%, lower than 0.61% a year ago, and 0.48% a quarter ago.

The capital adequacy ratio as of September end was 16.07%, compared to 16.93% a year ago, and 16.71% a quarter ago. Operating expenses rose to Rs 9,855.3 crore in the quarter, from Rs 8,161.36 crore a year ago.

The provision coverage ratio on non-performing assets was 82.6% as of September 30. The net interest margin (NIM) was 4.53% during the quarter, higher than 4.31% in the same period a year, but lower than 4.78% a quarter ago. NIM was 4.65% for the April-September period. Non-interest income, excluding treasury, increased by 14% on year to Rs 5,861 crore. Fee income grew by 16.2% on year to Rs 5,204 crore. Fees from retail, rural, business banking and SME customers constituted about 78% of the total fees in the September quarter. The bank incurred a treasury loss of Rs 85 crore in the quarter, which was similar to the same period last year.

Domestic loan portfolio grew by 19.3% on year to Rs 10.74 lakh crore as of September 30. The net domestic advances grew by 19.3% on year and 4.8% sequentially in the quarter. The retail loan portfolio grew by 21.4% on year and 5.5% sequentially, and comprised 54.3% of the total loan portfolio.

On the asset quality front, recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 4,571 crore in the quarter, compared to Rs 3,511 crore a quarter ago. The lender has written off gross NPAs amounting to Rs 1,922 crore in the quarter.

On Friday, shares of ICICI Bank ended 0.3% down on the National Stock Exchange at Rs 932.75.

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