ICICI Bank Sees 26% YoY basis in Net Interest Income in Q2

ICICI Bank, a leading private sector bank in India, has released its financial results for the quarter ended September 30, 2022, showing an increase of 26% in net interest income on a yealy basis.

Profit and Capital

• Core operating profit, that is, profit before provisions and tax, excluding treasury income, grew by 24% year-on-year to 11,765 crore Rupees in Q2-2023. 

• Net interest income increased by 26% year-on-year to 14,787 crore Rupees in Q2-2023. 

• The net interest margin was 4.31% in Q2-2023 compared to 4.00% in Q2-2022 and 4.01% in Q1-2023. Net interest margin was 4.16% in H1-2023 

• Fee income grew by 18% year-on-year to 4,480 crore Rupees in Q2-2023 The profit after tax grew by 37% year-on-year to 7,558 crore Rupees in Q2-2023. 

• The consolidated profit after tax grew by 31% year-on-year to 8,007 crore Rupees in Q2-2023.

• The standalone RoE was 16.6% in Q2-2023. 

• At September 30, 2022, the Bank had a net worth of about 1.8 lakh crore Rupees.

Deposit

• Total period-end deposits increased by 12% year-on-year to ₹ 10,90,008 crore at September 30, 2022;

• Average current account deposits increased by 15% year-on-year;

• Average savings account deposits increased by 16% year-on-year;

• Period-end term deposits increased by 11% year-on-year to 5,82,168 crore Rupees at September 30, 2022. 

Loan

• The overall loan portfolio grew by 23% year-on-year and 5% sequentially at September 30, 2022. The domestic loan portfolio grew by 24% year-on-year and 6% sequentially at September 30, 2022;

• The retail loan portfolio, excluding rural loans, grew by 25% yearon-year and 6% sequentially. Including non-fund outstanding, the retail loan portfolio was 44% of the total portfolio. The rural portfolio grew by 12% year-on- year and 4% sequentially. The business banking portfolio grew by 43% year-on-year and 11% sequentially. The SME business, comprising borrowers with a turnover of less than ₹ 250 crore grew by 27% year-on-year and 6% sequentially. Growth in the domestic wholesale banking portfolio was 23% year-on-year and 7% sequentially at September 30, 2022;

• ​73.1% of the total loan portfolio, excluding, retail and rural, was rated A- and above at September 30, 2022.