ICICI Bank's Q2 earnings: Increase in NII of 24% and a 36% increase in net profit

23 Oct 2023 , 11:00 AM

Highlights of Q2 Earnings: Net profit for the September quarter of FY24 was Rs 10,261 crore, up 35.8% from Rs 7,557.8 crore in the same quarter last year.

Net Interest Income was Rs 18,307,9 crore, up 24% from Rs 14,786.8 crore in the same quarter last year.

Gross non-performing assets (NPAs) decreased from 2.76% of gross advances at the end of the previous quarter to 2.48% at the end of the September quarter, indicating an improvement in the bank’s asset quality.

Similar to this, its net NPAs, or bad loans, fell to 0.43% from 0.61% in the same time last year.

According to ICICI Bank’s regulatory filing, the total income for the second quarter of the current fiscal year increased to Rs 40,697 crore from Rs 31,088 crore in the comparable time last year.

The bank’s interest income increased to Rs 34,920 crore from Rs 26,033 crore in the third quarter of 2022.

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