ICICI Bank’s profit for the September quarter surged 37 per cent year-on-year (YoY) to Rs 7,558 crore as against Rs 5,511 crore a year ago. It also reported a 26.5 per cent rise in net interest income (NNI) to Rs 14,787 crore as it saw a drastic fall in bad loan provisions. The net interest income was Rs 11,690 crore last year. The net interest margin expanded around 30 basis points on a sequential and a year-on-year basis. The bank’s total income grew to Rs 31,088 crore in the reporting quarter, while the overall expenses climbed to Rs 19,408 crore from Rs 18,027 crore a year ago.
The overall loan portfolio grew by 23 per cent year-on-year, with a domestic loan portfolio growth of 24 per cent. The total period-end deposits grew by 12 per cent year-on-year to Rs 10.9 lakh crore in September FY23, with an average current account and savings account (CASA) ratio of 45 per cent in the same period. The bank has registered a 25 per cent Y-o-Y growth in the retail loan portfolio contributing 54 per cent to the total loan book, and 44 per cent growth Y-o-Y in the business banking portfolio.
Gross NPAs of ICICI Bank dropped to 3.19 per cent in Q2FY23 from 3.41 per cent in the last quarter and 4.82 per cent in the year-ago quarter. Meanwhile, the net NPA of the lender improved to 0.61 per cent in Q2 FY23 from 0.7 per cent in the June quarter FY23 and 0.99 per cent in Q2 FY23.
The loan and non-fund based outstanding to performing borrowers rated BB and below reduced to Rs 7,638 crore in the quarter ended September FY23, down from Rs 8,209 crore in the previous quarter.
ICICI Bank’s provisions dropped 39 per cent Y-o-Y to Rs 1,644 crore in the September quarter from Rs 2,714 crore a year ago. Provisions for Q2FY23 include a contingency provision of Rs 1,500 crore made on a prudent basis.