ICICI Bank logs 14.5% y-o-y growth in Q2 net profit

28 Oct 2024 , 10:18 AM

The lender reported a net profit of ₹11,745.9 Crore in the September quarter, exceeding Street projections of ₹11,029.8 Crore. It was 14.5% more than the previous year’s ₹10,261 Crore.

ICICI Bank’s gross non-performing assets (NPA) fell to 1.97% from 2.15% in the first quarter of this fiscal year. In the June quarter, the gross NPA was ₹28,718.6 Crore, compared to the reported ₹27,121.15 Crore.

In contrast, its net NPA for the September quarter was 0.42%, down from 0.43% the previous quarter. The net NPA was ₹5,685.14 Crore, compared to ₹5,684.8 Crore in the June quarter.

ICICI Bank’s executive director, Sandeep Batra, stated during the conference call that the provisioning coverage ratio on non-performing loans was 78.5% in the September quarter. Meanwhile, the domestic loan portfolio increased by 15.7% over the previous year and 5% in the preceding quarter. The lender’s total period-end deposits climbed 15.7% over the previous year. The retail portfolio, including the non-fund outstanding, accounted for 44.9% of the overall portfolio.

The executive director stated that ICICI Bank calculated its personal retail loan growth in the September quarter. In the second quarter, the company’s recoveries and upgrades of NPas, excluding write-offs and sales, increased to ₹3,319 Crore from ₹3,292 Crore the previous quarter. In addition, 16 Crore of non-performing assets were sold to ARCs in the September quarter.

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