Net profit jumps 37% YoY to Rs 7,558 crore, NII rises 26%

On Saturday, ICICI Bank reported a Q2FY23 standalone net profit of Rs 7,557.8 crore, up 37% year-over-year from Rs 5,511 crore in the same period in FY22. In the three months between July and September of 2022, the private sector lender’s net interest income (NII) increased by 26% year over year, from Rs 11,690 crore to Rs 14,786.8 crore.

Overhead increased to Rs 19,408 crore from Rs 18,027 crore in the reporting period, while total revenue increased to Rs 31,088 crore.

The Net Interest Margin for ICICI Bank in the third quarter of 2022 was 4.31%, up from 4% a year ago and 4.01% in the previous quarter. According to its BSE report for the period April 2022–September 2022, its net interest margin was 4.16 percent.

In the second quarter of FY23, its non-interest revenue (excluding treasury income) increased from Rs 4,400 crore ($541 million) to Rs 5,139 crore ($632 million), a 17% year-on-year increase.

The asset quality of ICICI Bank has increased. The company’s gross nonperforming asset ratio improved from 3.41% as of June 30, 2022, to 4.82% as of September 30, 2021, before leveling out at 3.19% as of September 30, 2022. As of September 30, 2022, the lender’s net NPA ratio was 0.61 percent, down from 0.70 percent as of June 30, 2022, and 1.99 percent as of September 30, 2021.

The provision amount decreased to Rs 1,644.52 crore from Rs 2,713.48 crore in the same period last year but rose from Rs 1,143.82 crore in the previous quarter.

The bank’s overall capital adequacy ratio as of September 30, 2022, was 18.27%, and its Tier 1 capital adequacy ratio was 17.51%, compared to the minimum regulatory standards of 11.70% and 9.70%, respectively.

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At the end of the third quarter of 2022, the bank’s total deposits were at Rs 1,090,008 crore ($134 billion), a rise of 12 percent year over year. Its average deposits into checking and savings accounts (CASAs) grew by 16 percent year over year during the second quarter of fiscal year 23.

To date (as of September 30, 2022) the retail loan portfolio has grown by 25% annually and 6% quarterly, and it now accounts for 54% of the overall loan portfolio. As of September30, 2022, the retail portfolio’s share of the overall portfolio, including unfunded balances, was at 44%. It said that as of September 30, 2022, the corporate banking portfolio had grown by 43% annually and by 11% sequentially.

In 2022, as of September 30th, ICICI Bank has a total of 13,254 ATMs and 5,614 physical locations.

The bank’s net profit for the second quarter of fiscal year 2023 increased by Rs 8,006.99 crore, or 31.43 percent year over year.

The bank’s stock rose 2.13 percent on Friday, ending trading on the BSE at Rs 907.15 a share, compared to a 0.18 percent rise in the benchmark.

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