Mumbai: ICICI Bank reported the highest quarterly net profit of Rs 5,511 Crore for Q2FY22, an increase of 30% more than Rs 4,251 Crore in the quarter in accordance last year.
The profit rose behind a 19% growth in its domestic loan portfolio.
The bank also managed to drop its net non-performance assets to below 1%, the lowest level since 2014.
The total progress increased by 17% year-on-year and 4% sequential to RS 7,64,937 crore on September 30 2021 from RS 6,52,608 Crore On September 30, 2020 and Rs 7.38,598 Crore on June 30, 2021.
Total deposits increased by 17% year-to-year and 6% sequential to RS 9.77,449 Crore on September 30, 2021.
Announced the results, Sandeep Batra, Executive Director Icici Bank said: “Our core income, excluding treasury and other income, grew 23% to Rs 9,518 Crore while net interest income increased by Rs 11,619 Crore in the previous year.” Bank net interest margin increased to 4% from 2.89% in the first quarter.
“With the increasing distribution of economic activities in all retail loans has increased sequentially,” Batra said.
He added that retail loans were driven by pre-approval and easily rise because of the Digital Bank platform.
Batra said that the bank had risen to 15 lakh, non-ICICI bank customers, to the IMobile payment application.