NEW DELHI, Oct 21: Private sector lender ICICI Bank on Saturday reported a 36 per cent rise in standalone net profit to Rs 10,261 crore for the September 2023 quarter, aided by an improvement in interest income.
The Mumbai-based lender had posted a net profit of Rs 7,558 crore in the year-ago period.
The total income in the second quarter of the current fiscal rose to Rs 40,697 crore from Rs 31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing.
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Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.
Its net interest income (NII) increased by 24 per cent year-on-year to Rs 18,308 crore in the quarter against Rs 14,787 crore in the corresponding quarter a year ago.
At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago.
The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48 per cent of gross advances at the end of the September quarter from 2.76 per cent a year ago.
Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period.
However, the bank’s capital adequacy ratio decreased to 16 per cent from 16.93 per cent at the end of September 2022.
On a consolidated basis, the bank’s profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago. (PTI)
