ICICI Bank Q2 net profit jumps 36% to ₹10,261 crore
The Hindu
Private sector lender ICICI Bank on Saturday reported a 36% rise in standalone net profit to ₹10,261 crore for the September 2023 quarter, aided by an improvement in interest income.
Private sector lender ICICI Bank on Saturday reported a 36% rise in standalone net profit to ₹10,261 crore for the September 2023 quarter, aided by an improvement in interest income.
The Mumbai-based lender had posted a net profit of ₹7,558 crore in the year-ago period.
The total income in the second quarter of the current fiscal rose to ₹40,697 crore from ₹31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing.
Interest earned by the bank improved to ₹34,920 crore from ₹26,033 crore in the September 2022 quarter.
Its net interest income (NII) increased by 24% year-on-year to ₹18,308 crore in the quarter against ₹14,787 crore in the corresponding quarter a year ago.
At the same time, the net interest margin rose to 4.53% compared to 4.31% in the same period a year ago.
The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48% of gross advances at the end of the September quarter from 2.76% a year ago.
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