Private sector lender ICICI Bank reported a 30 per cent jump in its standalone net profit in the second quarter of the fiscal on strong growth in net interest income and lower provisions.
The bank’s net profit stood at ₹5,510.95 crore for the quarter ended September 30, 2021, as against ₹4,251.33 crore in the corresponding period of the previous financial year.
Net interest income grew 25 per cent year-on-year to Rs 11,690 crore in the second quarter of the fiscal from Rs 9,366 crore in the second quarter of the previous fiscal.
Net interest margin rose to 4 per cent in the July-September 2021 quarter, from 3.89 per cent in the quarter ended June 30, 2021, and 3.57 per cent in the second quarter of the previous fiscal.
Other income grew 19.08 per cent on a year-on-year basis to ₹4,797.18 crore in the second quarter of the current fiscal.
Provisions (excluding provision for tax) declined nine per cent year-on-year to ₹ 2,714 crore in the second quarter of the financial year from ₹ 2,995 crore a year ago.
The gross non-performing assets were 5.12 per cent of the gross advances as on September 30, 2021, as against 5.51 per cent on June 30, 2021 and 5.63 per cent on September 30, 2020.
Net NPAs at the end of Q2 stood at 1.06 per cent of net advances as compared to 1.09 per cent as on September 30, 2020.
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