ICICI Bank Q2 net profit grows 30%; net NPA lowest since December 2014
Shares of ICICI Bank jumped over 10% on Monday hitting a lifetime high at Rs 857 apiece, after the private lender on Saturday reported a sequential improvement in its asset quality during the September quarter.
The private lender reported a near 30% rise in its standalone net profit at Rs 5,511 crore for the quarter ended September.
Further, the net non-performing assets declined by 12% sequentially to Rs 8,161 crore on September 30, 2021, from Rs 9,306 crore on June 30, 2021. The net NPA ratio declined to 0.99% on September 30, 2021, from 1.16% on June 30, 2021.
Net interest income, the difference between interest earned and interest expenses, has grown to Rs 11,690 crore in Q2FY22, against Rs 9,366.09 crore with double digit loan growth.
It’s total advances grew by 17% year-on-year to Rs 7.64 lakh crore in Q2FY22, with retail loan book (which accounted for 62.1% of total loan portfolio) growth at 20%, and 19% increase in domestic loan growth.
Total deposits increased by 17% year-on-year to Rs 9.77 lakh crore in Q2.
The overall mix of lender’s portfolio, a significant portion continues to be ‘A’ and above (rated) category at this point of time, more than 70% of our book, 70.7% is in A-minus and above category. On mortgages (loans), there is a fairly good mix, a lot of it comes from the retail (segment).
Pre-provision operating profit (PPOP) during the quarter increased by 20% to Rs 9,915 crore compared to corresponding period previous fiscal.
The private sector lender on October 1 acquired 9.9% equity stake in Midland Microfin, a non-banking financial company – microfinance institution, for Rs 52.42 crore.
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