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Private lender ICICI Bank on Saturday reported 30% jump in standalone net profit at Rs 5,511 crore for the quarter ending September 30, 2021, aided by robust net interest income (NII) and other income as well as lower provisions. It was Rs 4,251 crore a year ago.
Net interest income (NII) increased by 25% year-on-year to Rs 11,690 crore in Q2FY22 from Rs 9,366 crore in Q2FY21. Net interest margin (NIM), a measure of profitability, stood at 4% as against 3.89% in Q2FY21 and 3.57% in Q1FY22.
The bank’s provision book declined 9% YoY to Rs 2,714 crore in Q2FY22 as against Rs 2,995 crore in Q2FY21.
On Friday, the lender’s scrip on BSE closed trading 0.3% higher at Rs 759.10.
The lender’s net non-performing assets declined by 12% sequentially to Rs 8,161 crore at September 30, 2021 from Rs 9,306 crore at June 30, 2021. The net NPA ratio declined to 0.99% at September 30, 2021 from 1.16% at June 30, 2021. The gross NPA additions declined to Rs 5,578 crore in Q2FY22 from Rs 7,231 crore in Q1FY22. Recoveries and upgrades of NPAs, excluding write-offs and sale, increased to Rs 5,482 crore in Q2FY22 from 3,627 crore in Q1FY22.
Total deposits grew by 17% year-on-year to Rs 9.7 trillion at September 30, 2021.
Total capital adequacy ratio was 19.52% and Tier-1 capital adequacy ratio was 18.53% on a standalone basis at September 30, 2021.
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