The private lender's standalone net profit surged 37.14% to Rs 7,557.84 crore on 19.43% rise in total income to Rs 31,087.91 crore in Q2 FY23 over Q2 FY22.
The bank's profit before tax (PBT) jumped 39.36% year on year (YoY) to Rs 10,035.80 crore in the quarter ended 30 September 2022.
Net interest income (NII) increased by 26% YoY to Rs 14,787 crore in Q2 FY23 as against Rs 11,690 crore recorded in the corresponding quarter previous year. The net interest margin improved to 4.31% in Q2 FY23 as compared to 4% in Q2 FY22 and 4.01% in Q1 FY23.
The bank's provisions (excluding provision for tax) declined 39% YoY to Rs 1,644 crore in Q2 FY23. Provisions for Q2 FY23 included contingency provision of Rs 1,500 crore made on a prudent basis.
The bank's gross non-performing assets (NPAs) stood at Rs 32,570.86 crore as on 30 September 2022 as against Rs 33,163.15 crore as on 30 June 2022 and Rs 41,437.41 crore as on 30 September 2021.
The gross NPA ratio declined to 3.19% as on 30 September 2022 as against 3.41% as on 30 June 2022 and 4.82% as on 30 September 2021.
The net NPA ratio declined to 0.61% as on 30 September 2022 as compared to 0.70% as on 30 June 2022 and 0.99% as on 30 September 2021.
Provision coverage ratio on non-performing assets was 80.6% at 30 September 2022.
The retail loan portfolio grew by 25% YoY and 6% sequentially, and comprised 54% of the total loan portfolio at 30 September 2022. Including non-fund outstanding, the retail portfolio was 44% of the total portfolio at 30 September 2022.
The domestic advances jumped 24% YoY and 6% sequentially at 30 September 2022. Total advances increased by 23% YoY and 5% sequentially to Rs 938,563 crore at 30 September 2022.
Total period-end deposits rose 12% YoY to Rs 1,090,008 crore at 30 September 2022. Average current account and savings account deposits increased by 16% YoY in Q2 FY23.
Meanwhile, the bank's board has approved the re-appointment of Sandeep Bakhshi as the managing director and CEO of the bank for a period of three years with effect from 4 October 2023 to 3 October 2026. The re-appointment is subject to approval of the RBI and shareholders.
ICICI Bank is a leading private sector bank in India. The bank had a network of 5,614 branches and 13,254 ATMs at 30 September 2022.
Shares of ICICI Bank gained 2.13% to settle at Rs 907.15 on Friday, 21 October 2022.
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