ICICI Bank recorded Profit after tax (PAT) for the Sep-21 quarter was up 24.77% at Rs6,092cr. Gross NPAs fell from 5.15% to 4.82% on a yoy basis while the net NPAs are also down on a yoy basis from 1.16% to 0.99% hinting at doubtful assets substantially already provided for.
The bank has reported a flat 0.50% rise fall in total consolidated revenues in the Sep-21 quarter at Rs39,485cr. Revenues were also up 11.69% on a sequential basis. In terms of the segmental top line, revenues from retail banking and treasury were higher but revenues from corporate banking was flat.
Net interest income (NII) increased by 25% year-on-year to Rs11,690cr (US$ 1.6 billion) in Q2-2022 from Rs9,366cr (US$ 1.3 billion) in Q2-2021.
The net interest margin increased to 4% in Q2-2022 from 3.89% in the quarter ended June 30, 2021 (Q1-2022) and 3.57% in Q2-2021.
With the increase in economic activity, disbursements across all retail products increased sequentially in Q2-2022. Mortgage disbursements were close to the level seen in the quarter ended March 31, 2021 (Q4-2021) reflecting the increase in demand coupled with the Bank’s seamless customer onboarding experience through pre-approved offers and digitisation. Disbursements of personal loans and auto loans were also close to Q4-2021 levels. The value of credit card spends grew by 47.0% sequentially in Q2-2022. Spends across most categories other than travel crossed March 2021 levels in September 2021. The Bank continued to focus on providing the full suite of banking products to corporate clients and their ecosystems and lending to well-rated corporates.
The retail loan portfolio grew by 20% year-on-year and 5% sequentially, and comprised 62.1% of the total loan portfolio at September 30, 2021. Including non-fund outstanding, the retail loan portfolio was 51.6% of the total portfolio at September 30, 2021. The business banking portfolio grew by 43% year-on-year and 12% sequentially at September 30, 2021. The SME business, comprising borrowers with a turnover of less than Rs250cr (US$ 34 million), grew by 42% year-on-year and 11% sequentially at September 30, 2021. Growth in the domestic wholesale banking portfolio was 14% year-on-year at September 30, 2021. The domestic advances grew by 19% year-on-year and 4% sequentially at September 30, 2021. Total advances increased by 17% year-on-year and 4% sequentially to Rs764,937 (US$ 103.0 billion) at September 30, 2021 from Rs652,608cr (US$ 87.9 billion) at September 30, 2020 and Rs738,598cr (US$ 99.5 billion) at June 30, 2021.
The stock ended at Rs759.10 down by Rs0 or 0% from its previous closing of Rs759.10 on the BSE.
