ICICI Bank Q2 Results: Here's All You Need To Know
ICICI Bank's core operating profit - the profit before provisions and taxes, increased 23 per cent year-on-year to Rs 9,518 crore in the second quarter of the financial year 2021-22, compared to Rs 7,719 crore in the year-ago period. (Also Read: ICICI Bank Profit Rises 78% To Rs 4,616 Crore In June Quarter, Provisions Fall )
The private sector bank's net interest income (NII) - or the difference 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.