INSUBCONTINENT EXCLUSIVE:
ICICI Bank Q2 Earnings: Net profit rose 29.6 per cent to Rs 5,511 crore
ICICI Bank Q2
FY22 Results: ICICI Bank reported a 29.6 per cent rise in net profit to Rs 5,511 crore on a standalone basis for the July-September quarter
in the financial year 2021-22, compared to Rs 4,251.3 crore in the year-ago period
The country's leading private sector lender reported a net NPA ratio of 0.99 per cent in the September quarter - the lowest since December
ICICI Bank's core operating profit - the profit before provisions and taxes, increased 23 per cent year-on-year to Rs 9,518
between interest earned and interest paid, in the September quarter increased 25 per cent year-on-year to Rs 11,690 crore, compared to Rs
9,366 crore in the same quarter last year.The bank's net non-performing assets (NPAs) were Rs 8,161 crore in the September quarter,
compared to Rs 9,306 crore in the preceding April-June quarter
The net NPA ratio was 0.99 per cent by the end of September 2021, compared to 1.16 per cent by June 2021.The total income stood at Rs
26,030.82 crore in the September quarter, compared to Rs 23,650.77 crore in the year-ago period
The net interest margin was four per cent in the quarter, compared to 3.89 per cent in the preceding June quarter.ICICI Bank's provisions
(excluding provision for tax) declined nine per cent to Rs 2,714 crore in the September quarter, compared to Rs 2,995 crore in the year-ago
period.The bank's retail loan portfolio grew by 20 per cent year-on-year and five per cent sequentially - comprising 62.1 per cent of the
total loan portfolio during the quarter
The domestic loan portfolio grew by 19 per cent year-on-year.ICICI Bank still holds pandemic-related provisions of Rs 6,425 crore - the same
level as reported in the preceding April-June quarter, according to its statement.The bank partnered with Amazon India to offer instant
overdraft to sellers, including non-ICICI Bank customers, on its portal
It also launched an instant overdraft facility for MSMEs registered on the GEM Sahay application through API integration with the OCEN
network.ICICI Bank is a market leader in electronic toll collections through FASTag, as it had a market share of 37 per cent by value in the
toll collections through FASTag in the September quarter, with a 63 per cent year-on-year growth in collections.On Friday, October 22,
shares of ICICI Bank settled 0.30 per cent higher at Rs 759.10 apiece on the BSE.
