ICICI Bank's YoY Q2FY22 standalone net profit up 30%

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SME Times News Bureau | 23 Oct, 2021
Private sector lending major ICICI Bank on Saturday reported a rise of 30 per cent in its year-on-year standalone net profit for the second quarter of FY 2021-22.

On a standalone basis, the profit after tax grew to Rs 5,511 crore compared to Rs 4,251 crore in Q2FY21.

Similarly, the bank's net interest income (NII) rose during the quarter during under review.

It grew by 25 per cent to Rs 11,690 crore in Q2FY22 from Rs 9,366 crore in Q2FY21.

"The net interest margin increased to 4 per cent in Q2-2022 from 3.89 per cent in the quarter ended June 30, 2021 (Q1-2022) and 3.57 per cent in Q2-2021," the bank said in a statement.

"Non-interest income, excluding treasury income, increased by 26 per cent year-on-year to Rs 4,400 crore in Q2-2022 from Rs 3,486 crore in Q2-2021."

Besides, the bank's provisions (excluding provision for tax) declined by 9 per cent year-on-year to Rs 2,714 crore in Q2FY22 from Rs 2,995 crore in Q2FY21.

In terms of asset quality, the net non-performing assets declined by 12 per cent 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 per cent at September 30, 2021 from 1.16 per cent at June 30, 2021. The net addition to gross NPAs declined to Rs 96 crore during Q2-2022 from Rs 3,604 crore in Q1-2022."

"The gross NPA additions declined to Rs 5,578 crore in Q2-2022 from Rs 7,231 crore in Q1-2022."

Furthermore, it said that recoveries and upgrades of NPAs, excluding write-offs and sale, increased to Rs 5,482 crore in Q2FY22 from 3,627 crore in Q1FY22.

In addition, the bank reported that its consolidated profit after tax rose to Rs 6,092 crore in Q2FY22 compared to Rs 4,763 crore in Q1FY22 and Rs 4,882 crore in Q2FY21.