Finance
By: Shree1news, 23 OCT 2021
ICICI bank on Saturday reported a 30 per cent year-on-year jump in net profit in the July-September quarter (Q2FY22), aided by means of strong net interest income (NII) and other income in addition to lower provisions.
The bank published its highest ever quarterly net profit of Rs 5,511 crore in the reporting period, beating street estimates, as against Rs 4,251 crore in the same period last financial year. Bloomberg had estimated a net profit of Rs 5,441 crore for the quarter.
NII of the lender rose 25 per cent to Rs 11,690 crore inside the same period and non-interest profits was up 26 per cent to Rs 4,400. net interest margin (NIM), a measure of profitability, stood at 4 per cent as towards 3.89 consistent with cent in Q2FY21 and three.57 in line with cent in Q1FY22.
The bank made net Covid-related provision of Rs 4,750 crore in FY21 and held an aggregate Covid-related provision of Rs 7,475 crore at March 31, 2021. all through H1FY22, the bank wrote-back Covid-associated provision of Rs 1,050 and hence held Covid-related provision of Rs 6,425 crore at September 30, 2021.
Asset pleasant additionally progressed for the duration of the area what with gross NPA additions declining to Rs 5,578 crore in Q2FY22 from Rs 7,231 crore in Q1FY22. The gross NPA ratio of the bank stood at 4.eighty two in step with cent inside the reporting as in opposition to 5.15 in step with cent inside the previous sector. net NPAs declined to under 1 consistent with cent (zero.99 consistent with cent) inside the September area from 1.16 in line with cent within the June region. As of September zone, the total property below various resolution schemes is Rs nine,684 crore or 1.3 in step with cent of total advances as towards Rs 4,864 crore on the end of June quarter.
The bank has restructured loans really worth Rs 4,158 crore under the second Covid restructuring programme and it had restructured Rs 3,737 crore in the first round of Covid restructuring, of which Rs 61 crore has slipped into the NPA class.
overall advances of the lender increased 17 in step with cent YoY, a 23-sector high, and 4 according to cent sequentially to Rs 7.64 trillion on the cease of the September quarter and the domestic advances grew via 19 according to cent YoY. whilst the retail loan portfolio grew 20 in step with cent YoY and 5 per cent sequentially.
the rural portfolio and personal loans section saw a increase in the variety of 16-18 according to cent. The company book of the bank grew by means of 14 according to cent YoY and the business banking portfolio recorded a 43 according to cent YoY growth.
“we have got a very diversified book and we will grow in risk calibrated fashion”, stated Batra.
“At this point in time, we are very comfortable with the quality of book we have. more than 70 per cent of our book is in A- and above category. The BB and below book is about 2 per cent,” Batra added.
The deposit portfolio grew 17 per cent YoY and 6 per cent sequentially to Rs 9.77 trillion. current account and savings account deposits grew 28 per cent YoY and the average CASA ratio became at 44 per cent.
