ICICI Bank Q2 Result | Profit grows 30% to Rs 5,511 crore, NII rises 25% to Rs 11,690 crore

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ICICI Bank Q2 Result | Profit grows 30% to Rs 5,511 crore, NII rises 25% to Rs 11,690 crore
© Ruchira Kondepudi ICICI Bank Q2 Result | Profit grows 30% to Rs 5,511 crore, NII rises 25% to Rs 11,690 crore

Country’s second largest private sector lender ICICI Bank on October 23 recorded profit after tax of Rs 5,511 crore for the September 2021 quarter, increasing significantly by 30 percent compared to year-ago period, as provisions for bad loans declined, with improved asset quality performance. Double digit growth in net interest income, operating profit and other income also aided earnings for the quarter.

Net interest income, the difference between interest earned and interest expenses, has grown 25 percent to Rs 11,690 crore in Q2FY22, with 43 bps improvement YoY (11 bps QoQ) in net interest margin at 4 percent, said the bank in its BSE filing on October 23.

The bank further said total advances grew by 17 percent year-on-year to Rs 7.64 lakh crore in Q2FY22, with retail loan book (which accounted for 62.1 percent of total loan portfolio) growth at 20 percent, and 19 percent increase in domestic loan growth.

“The business banking portfolio grew by 43 percent year-on-year, and SME segment, comprising borrowers with a turnover of less than Rs 250 crore, registered a 42 percent YoY growth, for the September 2021 quarter,” it added.

The bank, which had a network of 5,277 branches and 14,045 ATMs at September 2021, said total deposits increased by 17 percent year-on-year to Rs 9.77 lakh crore in Q2.

Earlier this month, global rating agency Moody’s has affirmed the long-term local and foreign current deposit ratings of ICICI Bank at Baa3. At the same time, its rating outlook has also been changed to stable from negative.

“The affirmation of ICICI Bank’s deposit ratings and change in outlook to stable follows the change in outlook on the sovereign rating to stable. The previous negative outlook on the sovereign rating drove the negative outlook on the bank, because of strong linkages to the sovereign credit profile,” said Moody’s in its report dated October 6, 2021.

The private sector lender on October 1 acquired 9.9 percent equity stake in Midland Microfin, a non-banking financial company – microfinance institution, for Rs 52.42 crore.

To Know All Earnings Related News, Click Here

Apart from this, in August, the bank had received approval from banking regulator Reserve Bank of India to re-appointment of Sandeep Bakhshi as Managing Director & CEO of the bank with effect from October 15, 2021 till October 3, 2023.

The stock has given significant return in the current financial year FY22, rising more than 30 percent with more than Rs 5 lakh crore in market capitalisation, outperforming Nifty Bank index by a strong margin which gained 21 percent in the same period. In fact both bank as well as index hit fresh record highs on Friday.

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