ICICI Bank Q2 net profit grows six-fold YoY to Rs 4,251.3 crore, NII at Rs 9,366.1 crore

India's second-largest private sector lender ICICI Bank on October 31 reported a profit of Rs 4,251.3 crore in the September quarter, a six-fold jump from a profit of Rs 655 crore in the same quarter of the last fiscal, CNBC-TV18 reported.

Net interest income (NII), the difference between the interest income from lending and the interest paid to depositors, during the quarter was up 16.2 percent at Rs 9,366.1 crore from Rs 8,057.4 crore, YoY.

The bank has posted a net interest margin at 3.57 percent against 3.69 percent in the previous quarter QoQ.

Gross non-performing assets (NPA) for the quarter stood at 5.2 percent versus 5.5 percent and the net NPA was at 1 percent versus 1.2 percent, QoQ.  "Net NPA ratio decreased from 1.23 percent on June 30, 2020 to 1 percent on September 30, 2020; including loans not classified as NPA pursuant to the Supreme Court’s interim order, net NPA ratio would have been 1.12 percent," the lender said in a statement.

Domestic loans grew by 10 percent YoY and 4 percent QoQ, while retail loans grew by 13 percent  YoY and 6 percent QoQ.

"Post the easing of restrictions, there has been a substantial month-on-month increase in disbursements across retail products. Mortgage disbursements during Q2-2021 crossed pre-Covid levels and reached an all-time monthly high in September 2020," the lender said.

Auto loan continued to increase from June 2020 and reached pre-Covid levels in September 2020, reflecting the rise in passenger car sales, the bank said.

Disbursements across the rural portfolio crossed pre-Covid levels in August and September 2020. Credit card spending recovered to about 85 percent of pre-Covid levels in September 2020 led by increased spends in health and wellness, electronics and e-commerce, the bank said a statement.

The provisions stood at Rs 2,995.3 crore against Rs 7,594 crore, QoQ and Rs 2,506.9 crore, YoY. Additionally, COVID-19 related provisions were at Rs 8,772 crore as on September 30, 2020.

The provision coverage ratio increased from 78.6 percent on June 30 to 81.5 percent on September 30.

Deposits grew by 20 percent YoY to Rs 832,936 crore, while there was a 17 percent growth in average current and savings account (CASA) deposits in Q22021. The average CASA ratio was 40.3 percent in Q2 2021.

The bank's term deposits grew by 26 percent YoY as on September 30, 2020.

The board approved the proposal for seeking the Reserve Bank of India's approval  for reappointing Sandeep Bakhshi as the managing director & CEO of the bank from October 15, 2021 to October 3, 2023.