ICICI Bank Q2 net profit rises 3.2 per cent to Rs 13,357 crore

ICICI Bank reported a 3.2 per cent rise in consolidated Q2 net profit to Rs 13,357 crore, driven by growth in core net interest income and advances. Standalone profit increased 5.2 per cent, while GNPA ratio improved to 1.58 per cent

Mumbai: ICICI Bank on Saturday announced that its consolidated profit for the September quarter inched up 3.2 per cent to Rs 13,357 crore. The lender had reported a consolidated net profit of Rs 12,948 crore in the year-ago period.

On a standalone basis, the second largest private sector lender reported a 5.2 per cent growth in its post-tax profit at Rs 12,359 crore, up from Rs 11,746 crore in the year-ago period. The core net interest income increased 7.4 per cent to Rs 21,529 crore on the back of 10.6 per cent growth in advances. The bank saw a compression in net interest margin to 4.30 per cent from 4.36 per cent in the year-ago period.

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Non-interest income excluding treasury performance saw a 13.2 per cent growth at Rs 7,356 crore, but the treasury income showed a sharp fall to Rs 220 crore as against 680 crore in the year-ago period.

The deposit growth for the bank came at 9.1 per cent during the quarter. The gross non-performing assets ratio improved to 1.58 per cent as of September 30, down from 1.67 at the end of June this year and 1.97 per cent at the end of the year-ago period.

The overall provisions reduced to Rs 914 crore from Rs 1,233 crore year-on-year and Rs 1,815 crore quarter-on-quarter. The overall capital adequacy for the lender stood at 17.31 per cent as of September 30, with the core buffer at 17.06 per cent