ICICI Bank declares Q2 results 2023
Private sector ICICI Bank’s net profit on standalone basis increased by 36 percent to Rs 10,261 crore in the July-September quarter (Q2 2023) of the current financial year. Giving this information to the stock markets on Saturday, the bank said that its net profit in the same quarter a year ago was Rs 7,558 crore. On Friday, the bank’s shares closed at the level of Rs 932.45.
The total income of the bank increased to Rs 40,697 crore in the September quarter compared to Rs 31,088 crore a year ago. The bank’s interest income increased to Rs 34,920 crore in the last quarter from Rs 26,033 crore in the same period last year.
Its net interest income also increased by 24 percent year-on-year to Rs 18,308 crore. It was Rs 14,787 crore in the same period a year ago. The bank’s net interest margin during the period under review increased to Rs 4.53 crore whereas it was 4.31 per cent in the September quarter last year.
The asset quality of the bank has also improved. Its non-performing assets (NPAs) declined to 2.48 percent of gross loans in the last quarter. It was 2.76 percent in the same period a year ago. Similarly, net NPA i.e. bad loans reduced to 0.43 percent whereas last year it was 0.61 percent. On a consolidated basis, ICICI Bank’s net profit increased by 36 per cent to Rs 10,896 crore as against Rs 8,007 crore in the same period last year.
