ICICI Bank Q2 profit jumps 14.5 pc, loan portfolio shows steady expansion

New Delhi: ICICI Bank reported a 14.5 per cent increase in its standalone profit to Rs 11,746 crore for the second quarter ending in September 2024 exceeding street expectations. The private sector bank made a net profit of Rs 10,261 crore in the corresponding quarter of the previous fiscal year, according to reports. The private sector lender reported that the total income rose to Rs 47,714 crore in the current quarter compared to Rs 40,697 crore in the same quarter of the previous year, as stated in a regulatory filing. 

During the quarter, the bank's interest income was Rs 40,537 crore, which was higher than the Rs 34,920 crore recorded in the same period last year. In the second quarter of the previous year, the net interest income (NII) rose by 9.5 per cent to Rs 20,048 crore compared to Rs 18,308 crore.

Bank Reports Improved Asset Quality with NPA Ratio Falling to 1.97 pc

On the aspect of asset quality, the bank's gross non-performing assets (NPAs) decreased to 1.97 percent of gross loans by September 2024, showing improvement from 2.48 percent a year earlier. In the same way, the percentage of net NPAs or bad loans decreased to 0.4 pc from 0.43 pc at the close of the second quarter of the prior fiscal year. The bank's net profit on a consolidated basis increased by 19 per cent to Rs 12,948 crore from Rs 10,896 crore in Q2 FY24.

According to Moneycontrol, the bank reported non-interest income growth of 10.8 percent to Rs 6,496 crore, with a rise in fee income to Rs 5,894 crore, which is 13.3 percent largely driven by contributions from retail, rural, and business banking customers.

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If reports are to be believed, ICICI Bank's loan portfolio showed steady expansion, with domestic loans growing 15.7 percent year-on-year to Rs 12.43 lakh crore. Total deposits at the quarter end were also up 15.7 percent year-on-year at Rs 14.98 lakh crore, with the average CASA ratio (ratio of a bank's current and savings account) recorded at 38.9 percent.