ICICI Bank reports Rs 10,261 cr net profit in Q2FY24, up 36% YoY; NII grows 24%

The bank's standalone profit of Rs 10,261 crore for the quarter, up from Rs 7,557.84 crore in the corresponding period last year, according to its BSE filing.

In the second quarter of the current fiscal year, ICICI Bank's total income rose to Rs 40,697 crore, up from Rs 31,088 crore in the same period the previous year, as per the regulatory filing.

The interest earned by the bank also saw an improvement, increasing to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.

ICICI Bank witnessed a notable improvement in its financial performance for the July-September quarter of the fiscal year 2023-24.

The bank's net interest income (NII) grew by 24 percent year-on-year, reaching Rs 18,308 crore compared to Rs 14,787 crore in the same period the previous year.

The net interest margin (NIM) also saw an uptick, rising to 4.53 percent, up from 4.31 percent in the corresponding period a year ago.

The bank's asset quality showed positive signs with a decrease in gross non-performing assets (NPAs) to 2.48 percent of gross advances, down from 2.76 percent in the previous year.

Similarly, its net NPAs or bad loans also declined to 0.43 percent, a decrease from 0.61 percent in the year-ago period.

However, the bank's capital adequacy ratio saw a slight decrease to 16 percent from 16.93 percent at the end of September 2022.

On a consolidated basis, the bank's profit surged by 36 percent, reaching Rs 10,896 crore in the quarter, up from Rs 8,007 crore a year ago.