ICICI Bank Q2 profit rises 14.5% to ₹11,746 crore
The Hindu
ICICI Bank reports 14.5% profit growth, improved asset quality, and increased total income in Q2 FY24.
Private sector lender ICICI Bank on Saturday (October 26, 2024) posted a 14.5% growth in its standalone profit to ₹11,746 crore for the second quarter ended September 2024.
The private sector lender had earned a net profit of ₹10,261 crore in the same quarter of the previous financial year.
The total income increased to ₹47,714 crore during the quarter under review against ₹40,697 crore in the same quarter last year, ICICI Bank said in a regulatory filing.
The bank reported an interest income of ₹40,537 crore during the quarter compared to ₹34,920 crore in the year-ago period. The net interest income (NII) improved by 9.5% to ₹20,048 crore from ₹18,308 crore in the second quarter of the previous year.
On the asset quality front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 1.97% of the gross loans by the end of September 2024 against 2.48% a year ago.
Similarly, net NPAs or bad loans moderated to 0.42% from 0.43% at the end of the second quarter of the previous fiscal.
On a consolidated basis, the bank logged a growth of 19% in net profit to ₹12,948 crore against ₹10,896 crore in Q2 FY24.
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