ICICI Bank on Saturday posted a standalone net profit of Rs 7,557.8 crore for the September 2022 quarter (Q2FY23), a jump of 37 per cent year-on-year (YoY) as compared with Rs 5,511 crore a year ago. The private sector lender’s net interest income (NII) during July-September 2022 jumped 26 per cent YoY to Rs 14,786.8 crore, against Rs 11,690 crore a year ago.
The bank’s total income grew to Rs 31,088 crore in the reporting quarter, while the overall expenses climbed to Rs 19,408 crore from Rs 18,027 crore.
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ICICI Bank’s net interest margin during the September 2022 quarter stood at 4.31 per cent, compared with 4 per cent a year ago and 4.01 per cent in the previous quarter. During April-September 2022, its net interest margin was 4.16 per cent, according to a BSE filing.
Its non-interest income, excluding treasury income, increased by 17 per cent year-on-year to Rs 5,139 crore ($632 million) in Q2FY23, from Rs 4,400 crore ($541 million) a year ago.
ICICI bank’s assets quality has improved. Its gross NPA ratio declined to 3.19 per cent during September 30, 2022, from 3.41 per cent at June 30, 2022 and 4.82 per cent during September 30, 2021. The lender’s net NPA ratio declined to 0.61 per cent at September 30, 2022, from 0.70 per cent at June 30, 2022 and 0.99 per cent at September 30, 2021.
The provisions reduced to Rs 1,644.52 crore as against Rs 2,713.48 crore in the year-ago period, but were up when compared with the Rs 1,143.82 crore in the June quarter.
On the capital adequacy, ICICI Bank in a statement said, “Including profits for the six months ended (H1-2023), the bank’s total capital adequacy ratio at September 30, 2022 was 18.27 per cent and Tier-1 capital adequacy was 17.51 per cent compared to the minimum regulatory requirements of 11.70 per cent and 9.70 per cent, respectively."
The bank’s total deposits increased 12 per cent year-on-year to Rs 1,090,008 crore ($134 billion) during the September 2022 quarter. Its average current account and savings account (CASA) deposits jumped 16 per cent year-on-year in Q2FY23.
“The retail loan portfolio grew by 25 per cent year-on-year and 6 per cent sequentially, and comprised 54 per cent of the total loan portfolio at September 30, 2022. Including non-fund outstanding, the retail portfolio was 44 per cent of the total portfolio at September 30, 2022. The business banking portfolio grew by 43 per cent year-on-year and 11% sequentially at September 30, 2022," it said.
As of September 30, 2022, ICICI Bank had a network of 5,614 branches and 13,254 ATMs.
On a consolidated basis, the bank’s Q2FY23 net profit jumps 31.43 per cent to Rs 8,006.99 crore.
The bank’s shares had on Friday closed 2.13 per cent up at Rs 907.15 apiece on the BSE, compared with gains of 0.18 per cent on the benchmark.
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