ICICI Bank reports 12% rise in Q2 profit at Rs 3,419 cr

MUMBAI, Oct 30: India’s largest private sector lender ICICI Bank today reported a 11.5 per cent jump in consolidated net profit at Rs 3,418.53 crore for the second quarter ended September 30.

The bank’s net profit in July-September quarter of the previous fiscal was Rs 3,064.62 crore.

Total income during the second quarter increased to Rs 25,137.61 crore, up 13.5 per cent as against Rs 22,150.39 crore earned by the bank in the same period of earlier fiscal, it said in a regulatory filing.

On standalone basis, the net profit of the bank rose by 11.9 per cent to Rs 3,030.11 crore, from Rs 2,709.01 crore in the year ago period.

Income (standalone) during the second quarter increased to Rs 16,106.22 crore compared with Rs 14,888.95 crore in the same quarter of 2014-15.

The bank’s net interest income increased 13 per cent to Rs 5,251 crore in the second quarter from Rs 4,657 crore a year ago.

Non-interest income increased by 10 per cent to Rs 3,007 crore during the quarter under review from Rs 2,738 crore.

On asset quality, bank’s bad loans rose a tad with gross non-performing assets (NPAs) standing at 3.77 per cent of gross advances as of September 30, as against 3.12 per cent in the year ago period.

Likewise, net NPAs were at 1.65 per cent of net advances compared with 1.09 per cent in the previous fiscal.

“Provisions were at Rs 942 crore in July-September of 2015-16 compared with Rs 850 crore in same period year ago,” it said.

Further, the bank said that its capital adequacy as of September 30 as per RBI guidelines on Basel III norms was 16.15 per cent and tier-I capital adequacy was 12.09 per cent, well above regulatory requirements.



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