ICICI Bank net profit up 31% to $929m in Q2

Its loan portfolio also grew 23% compared to the same quarter last year.

ICICI Bank’s net profit grew 37% year on year to US$929m (₹7,558 crore) in Q2 or the quarter ending 30 September, the bank’s latest results announcement showed.

Core operating profit, or profit before provisions and tax excluding treasury income, grew to US$1.4b (₹11,765 crore) during the same period. This is 24% higher compared to the same period last year.

The net interest margin was 4.31% in Q2 compared to 4% the previous year and 4.01% in Q1.

Net interest income (NII) jumped 26% to $1.8b (₹14,787 crore) from $1.4b (₹11,690 crore) a year ago. 

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Total period-end deposits grew by 12% over the same period of comparison to (US$ 134b (₹1,090,008 crore).

The bank’s loan portfolio grew 23% from last year, with the domestic loan portfolio rising by 24%. 

Non-interest income, excluding treasury income, rose 17% to $632m (₹5,139 crore) from $541m (₹ 4,400 crore) a year ago.

Fee income also jumped by 18% to $551m (₹ 4,480 crore) in Q2, from $468m (₹ 3,811 crore) last year. Fees from retail, rural, business banking and SME customers constituted about 79% of total fees in Q2, according to ICICI Bank.