ICICI Bank's Annual Net Profit Up 30 Percent In Q2 Of The Current Financial Year

New Delhi: ICICI Bank has reported a 30 percent increase in its net profit on a year-on-year basis in the second quarter of FY 2021-22.

As per the report which was released on Saturday by the bank, Profit after tax on a standalone basis jumped to Rs 5,511 crore as compared to Rs 4,251 crore in Q2 of FY21.

Following the growth report, shares of ICICI Bank on Monday continued to surge with the stock hitting a new high of Rs 859 apiece

Similarly, the NII of the bank increased during under review quarter. It grew by 25 percent to Rs 11,690 crore in Q2 of FY22 from Rs 9,366 crore in Q2 of FY21.

"The net interest margin increased to 4 percent in Q2 of 2022 from 3.89 percent in the quarter ended June 30, 2021 (Q1-2022) as against 3.57 percent in Q2 of 2021," the bank said in a statement on Saturday.

"Non-interest income, excluding treasury income, grew 26 percent year-on-year to Rs 4,400 crore in FY 2-2022 from Rs 3,486 crore in 2-2021,"

The bank added.

Further, excluding provision for tax decreased by 9 percent year-on-year to Rs 2,714 crore in Q2 of FY22 from Rs 2,995 crore in Q2 of FY21.

In terms of asset quality, net NPA decreased by 12 percent to Rs 8,161 crore as 30 September, 2021 from Rs 9,306 crore as 30th June, 2021.

"Gross NPA additions decreased to Rs 5,578 crore in Q2 of 2022 from Rs 7,231 crore in Q1 of 2022."

Further, the bank added that excluding NPA recovery and upgradation, write-offs and sales, the growth soared to Rs 5,482 crore in Q2 of FY22 from Rs 3,627 crore in Q1 of FY21.

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