ICICI Bank Q2FY23 Results: Private lender’s profit jumps 37% YoY; asset quality improves – check highlights

ICICI Bank Q2FY23 Results: India’s second-largest private bank ICICI Bank on Saturday reported strong earnings for the second quarter of the financial year 2021-22 (Q2FY23). Both profit and net interest income grew in double digits, while its asset quality improved sequentially during the quarter.

ICICI Bank’s profit after tax (PAT) grew by 37 per cent year-on-year (YoY) to Rs 7,558 crore in July-September quarter of FY23 as against Rs 5,511 crore in the same quarter a year ago.

Similarly, the Net interest income (NII) increased by 26 per cent YoY to Rs 14,787 crore in Q2FY23 from Rs 11,690 crore in the corresponding quarter of the previous fiscal year.

The net interest margin of the bank came at 4.31 per cent in Q2FY23 as compared to 4 per cent in Q2FY22 and 4.01 per cent in the quarter ended June 30, 2022 (Q1FY23), the regulatory filing said.

The net interest margin of the bank came at 4.31 per cent in Q2FY23 as compared to 4 per cent in Q2FY22 and 4.01 per cent in the quarter ended June 30, 2022 (Q1FY23), the regulatory filing said.

On asset quality front, the gross NPA (non-performing assets) ratio declined to 3.19 per cent in Q2 from 3.41 per cent quarter-on-quarter and 4.82 per cent YoY, similarly, the net NPA ratio slipped to 0.61 per cent in Q2 from 0.70 per cent QoQ and 0.99 per cent YoY, ICICI Bank also said in its filing.

The Bank had a network of 5,614 branches and 13,254 ATMs as of September 30, 2022, the regulatory filing also said.

The value of credit card spends in Q2-2023 grew by 4 per cent sequentially and 43 per cent year-on-year. “It has seen healthy growth in retail credit card spends driven by rise in discretionary spending and higher activation rate via digital onboarding of customers, including Amazon Pay credit cards.”

“Total period-end deposits increased by 12 per cent YoY Rs 1,090,008 crore in Q2 and average current account and savings account deposits increased by 16 per cent YoY in Q2,” ICICI Bank said.