ICICI Bank Q2 net profit up 14.5 per cent on higher interest income

PRIVATE sector lender ICICI Bank on Saturday posted a 14.5 per cent growth in its standalone profit to ₹117.46 billion (£1.08bn) for the second quarter ended September 2024.

The private sector lender had earned a net profit of ₹102.61 billion (£940m) in the same quarter of the previous financial year.

The total income increased to ₹477.14 billion (£4.38bn) during the quarter under review against ₹406.97 billion (£3.73bn) in the same quarter last year, ICICI Bank said in a regulatory filing.

The bank reported an interest income of ₹405.37 billion (£3.72bn) during the quarter compared with ₹349.20 billion (£3.20bn) in the year-ago period.

The net interest income (NII) improved by 9.5 per cent to ₹200.48 billion (£1.84bn) from ₹183.08 billion (£1.68bn) in the second quarter of the previous year.

On the asset quality front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 1.97 per cent of the gross loans by the end of September 2024 against 2.48 per cent a year ago.

Similarly, net NPAs or bad loans moderated to 0.42 per cent from 0.43 per cent at the end of the second quarter of the previous fiscal.

On a consolidated basis, the bank logged a growth of 19 per cent in net profit to ₹129.48 billion (£1.19bn) against ₹108.96 billion (£1bn) in Q2 FY24. (PTI)