ICICI Bank Q2 results: Net profit rises 30% to Rs 5,511 cr; NIM at 4%

Net interest income increases by 25% year-on-year; asset quality improves

Private lender ICICI Bank on Saturday reported 30% jump in standalone net profit at Rs 5,511 crore for the quarter ending September 30, 2021. It was Rs 4,251 crore a year ago. 

Net interest income (NII) increased by 25% year-on-year to Rs 11,690 crore in Q2FY22 from Rs 9,366 crore in Q2FY21. Net interest margin (NIM), a measure of profitability, stood at 4% as against 3.89% in Q2FY21 and 3.57% in Q1FY22.

The bank’s provision book declined 9% YoY to Rs 2,714 crore in Q2FY22 as against Rs 2,995 crore in Q2FY21.

On Friday, the lender's scrip on BSE closed trading 0.3% higher at Rs 759.10.

The lender's net non-performing assets declined by 12% sequentially to Rs 8,161 crore at September 30, 2021 from Rs 9,306 crore at June 30, 2021. The net NPA ratio declined to 0.99% at September 30, 2021 from 1.16% at June 30, 2021. The gross NPA additions declined to Rs 5,578 crore in Q2FY22 from Rs 7,231 crore in Q1FY22. Recoveries and upgrades of NPAs, excluding write-offs and sale, increased to Rs 5,482 crore in Q2FY22 from 3,627 crore in Q1FY22.

Total deposits grew by 17% year-on-year to Rs 9.7 trillion at September 30, 2021.

Total capital adequacy ratio was 19.52% and Tier-1 capital adequacy ratio was 18.53% on a standalone basis at September 30, 2021.