The Mumbai-based lender had posted a net profit of Rs 7,558 crore in the year-ago period.
Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.
Private sector lender ICICI Bank on Saturday reported a 36 per cent rise in standalone net profit to Rs 10,261 crore for the September 2023 quarter, helped by an improvement in interest income.
The Mumbai-based lender had posted a net profit of Rs 7,558 crore in the year-ago period.
Total revenues in the second quarter of the current fiscal rose to Rs 40,697 crore from Rs 31,088 crore in the same period a year ago, ICICI Bank said in a filing with the regulator. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.
Net interest income (NII) rose 24 percent year-on-year to Rs 18,308 crore in the quarter, against Rs 14,787 crore in the corresponding quarter a year ago.
At the same time, the net interest margin rose to 4.53 percent, compared to 4.31 percent in the same period a year ago.
The bank’s asset quality showed an improvement as gross non-performing assets (NPAs) declined to 2.48 percent of gross advances at the end of the September quarter, compared to 2.76 percent a year past. Similarly, net NPAs or bad loans fell to 0.43 per cent from 0.61 per cent in the same period a year ago.
However, the bank’s solvency ratio fell to 16 percent from 16.93 percent at the end of September 2022. On a consolidated basis, the bank’s profit rose 36 percent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago. .
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)