Private sector lender ICICI Bank Saturday reported a 37 per cent jump in its standalone net profit at Rs 7,558 crore in the quarter ended September 2022 as against Rs 5,511 crore in the year-ago period.
On a consolidated basis, the lender’s net profit increased by 31 per cent year-on-year to Rs 8,007 crore from Rs 6,092 crore in the second quarter of FY2022.
Net interest income (NII), the difference between interest earned and interest paid, grew by 26 per cent to Rs 14,787 crore as against Rs 11,690 crore.
Its net interest margin (NIM) improved to 4.31 per cent from 4 per cent.
Non-interest income, excluding treasury income, rose 17 per cent to Rs 5,139 crore. Fee income witnessed a growth of 18 per cent year-on-year to Rs 4,480 crore.
The bank booked a treasury loss of Rs 85 crore in the September 2022 quarter compared to a gain of Rs 397 crore in the same period of the previous fiscal.
The gross non-performing asset (NPA) ratio declined to 3.19 per cent from 4.82 per cent. Net NPA ratio reduced to 0.61 per cent from 0.99 per cent. During the quarter, there were net additions of Rs 605 crore to gross NPAs.
Recoveries and upgrades of NPAs, excluding write-offs and sale, stood at Rs 3,761 crore. The lender wrote-off gross NPAs worth Rs 1,103 crore.
The provisioning coverage ratio on NPAs was 80.6 per cent at September 30, 2022. The bank held contingency provisions of Rs 10,000 crore as at September 30, 2022.
On a standalone basis, total capital adequacy ratio stood at 18.27 per cent and tier-1 capital adequacy ratio was 17.51 per cent as at September 30, 2022.
Total advances increased by 23 per cent year-on-year to Rs 938,563 crore.
The retail loan portfolio grew by 25 per cent year-on-year, and comprised 54 per cent of the total loan portfolio at September 30, 2022. The bank’s business banking portfolio grew by 43 per cent year-on-year.
Its domestic corporate portfolio increased by 23 per cent year-on-year.
Total deposits rose 12 per cent year-on-year to Rs 1,090,008 crore. Average current account and savings account deposits witnessed a growth of 16 per cent.
In a separate filing to exchanges, the bank said the board has approved the re-appointed of its managing director and CEO Sandeep Bakhshi for three years from October 4, 2023 to October 3, 2026. The current tenure of Bakhshi is upto October 3, 2023.
