The Mumbai-based lender had posted a net profit of ₹7,558 crore within the year-ago interval.
| Photo Credit: REUTERS
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 enchancment in curiosity earnings.
The Mumbai-based lender had posted a net profit of ₹7,558 crore within the year-ago interval.
The whole earnings within the second quarter of the present fiscal rose to ₹40,697 crore from ₹31,088 crore in the identical interval a 12 months in the past, ICICI Bank stated in a regulatory submitting.
Interest earned by the financial institution improved to ₹34,920 crore from ₹26,033 crore within the September 2022 quarter.
Its net curiosity earnings (NII) elevated by 24% year-on-year to ₹18,308 crore within the quarter towards ₹14,787 crore within the corresponding quarter a 12 months in the past.
At the identical time, the net curiosity margin rose to 4.53% in contrast to 4.31% in the identical interval a 12 months in the past.
The financial institution’s asset high quality confirmed enchancment as gross non-performing belongings (NPAs) declined to 2.48% of gross advances on the finish of the September quarter from 2.76% a 12 months in the past.
Similarly, its net NPAs or dangerous loans declined to 0.43% towards 0.61% within the year-ago interval.
However, the financial institution’s capital adequacy ratio decreased to 16% from 16.93% on the finish of September 2022.
On a consolidated foundation, the financial institution’s profit elevated by 36% to ₹10,896 crore within the quarter from ₹8,007 crore a 12 months in the past.
