ICICI Bank reported a 35.8% year-on-year increase in net profit to Rs 10,261 crore for the September quarter of FY24, driven by strong growth in net interest income (NII) and improved asset quality. NII rose 24% to Rs 18,307.9 crore, while gross NPA ratio declined to 2.48% from 2.76% a year ago.
Other key highlights of the quarter include:
- Total income increased by 31% year-on-year to Rs 40,697 crore.
- Interest earned improved by 30% year-on-year to Rs 34,920 crore.
- Total period-end deposits grew by 18.8% year-on-year to Rs 12,94,742 crore.
- Domestic loan portfolio grew by 19.3% year-on-year to Rs 10,74,206 crore.
- Net NPA ratio declined to 0.43% from 0.48% at June 30, 2023.
Overall, ICICI Bank’s Q2FY24 performance was positive, with strong NII growth, improved asset quality, and healthy growth in deposits and loans.