ICICI Bank Q2FY23
ICICI Bank Q2FY23 standalone profit jumps 37 pc to Rs 7,558 crore; NII grows 27 pc
Private sector lender ICICI Bank Saturday (October 22) declared a massive 37 percent year-on-year growth at Rs 7,557.84 crore for the quarter, growing from Rs 5,511 crore in the same quarter last year, the bank said in its BSE filing.
The country's second-largest private-sector lender reported a standalone profit and a 26.5 percent rise in net interest income or NII to Rs 14,787 crore, as against Rs 11,690 crore in the corresponding period last fiscal.
Its Net Interest Margin (NIM) grew 30 bps on quarter-on-quarter as well as on-year basis.
"Overall loan portfolio grew by 23 percent year-on-year, with domestic loan portfolio growth at 24 percent," ICICI Bank said.
The private sector bank's total deposits grew by 12 percent year-on-year to Rs 10.9 lakh crore in September FY23.
Its average current account and savings account (CASA) ratio of 45 percent in the period under review.
The bank said it had a 25 percent YoY growth in the retail loan portfolio which contributes to 54 percent to its total loan book, while its business banking portfolio grew 44 percent YoY.
Non-interest income (other income) grew by 5.4 percent year-on-year to Rs 5,055 crore during the quarter as it was hit by a treasury loss of Rs 85 crore (against a gain of Rs 397 crore YoY).
However, its fee income increased by 18 percent YoY to Rs 4,480 crore in Q2FY23.
Pre-provision operating profit at Rs 11,680 crore for the quarter increased by 18 percent YoY, the bank said.
The provisions and contingencies declined by 39 percent YoY to Rs 1,644.5 crore but increased sharply by 44 percent on a quarterly basis.
ICICI Bank has reported an improvement in asset quality for the quarter.
Its gross non-performing assets or GNPA as a percentage of gross advances dropped 22 bps QoQ to 3.19 percent, while its net NPA dipped 9 bps sequentially to 0.61 percent.
"There were net additions of Rs 605 crore to gross NPAs for the quarter ended September FY23, against Rs 382 crore in June FY23 quarter," the bank said, adding the recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 3,761 crore for the quarter against Rs 5,443 crore in Q1FY23.
The bank said it has written off gross NPAs of Rs 1,103 crore during the quarter ended September 30.
The loan and non-fund based outstanding to performing borrowers rated BB and below reduced to Rs 7,638 crore, down from 8,209 crore compared to the last quarter.
The bank said its consolidated profit grew 31 percent YoY to Rs 8,007 crore in Q2FY23, while its assets increased by 14 percent to Rs 18.33 lakh crore.
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