ICICI Bank reports 30 per cent in net profit for July-September quarter

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ICICI Bank reports 30 per cent in net profit for July-September quarter

ICICI Bank on Saturday reported a 30 per cent year-on-year YoY increase in net profit of Rs 5,511 crore for July-September quarter. The profit grew 19 per cent from Rs 4,616 crore recorded in the preceding April-June quarter.

ICICI Bank's net interest income NII rose 25 per cent YoY to Rs 11,690 crore during the quarter under review, while net interest margin NIM increased to 4 per cent from 3.57 per cent in the year-ago quarter and 3.89 per cent in the preceding June quarter.

The total deposits of the private sector bank rose 17 per cent YoY and 6 per cent sequentially to Rs 9,77, 449 crore at the end of September quarter. The average current and savings account CASA deposits rose 28 per cent YoY, while the average CASA ratio stood at 44 per cent during the quarter under review.

With the increase in economic activity, disbursements across all retail products increased sequentially in Q 2 - 2022. Mortgage disbursements were close to the level seen in the quarter ended March 31, 2021 Q 4 - 2021 reflecting the increase in demand coupled with the bank's seamless customer onboarding experience through pre-approved offers and digitisation, ICICI Bank said in a release.

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While disbursements of personal loans and auto loans were close to levels of the March quarter of 2021, the value of credit card spends grew sequentially by 47 per cent during the September quarter. Spends across most categories, other than travel, crossed the March 2021 levels in September 2021, it said.

The bank's total loan portfolio grew 20 per cent YoY and 5 per cent sequentially and comprised 62.1 per cent of the retail loan portfolio as of September 30, 2021, while the business banking portfolio grew by 43 per cent YoY and 12 per cent sequentially.

Provisions decreased by 9 per cent to Rs 2,714 crore. ICICI Bank's net non-performing assets NPA declined 12 per cent sequentially to Rs 8,161 crore, while net NPA ratio declined to 0.99 per cent at the end of September quarter from 1.16 per cent at the end of June quarter.

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