ICICI Bank Q2FY23 Results: Private Lender Earnings Jump 37% YoY; asset quality is improving – check the highlights

ICICI Bank Q2FY23 Results: India’s second-largest private bank, ICICI Bank, reported strong results for the second quarter of fiscal 2021-22 (Q2FY23) on Saturday. Earnings and net interest income grew double digits, while the quality of its assets improved sequentially during the quarter.

ICICI Bank’s profit after tax (PAT) increased 37% year-on-year (YoY) to Rs 7,558 crore in the July-September quarter of FY23 from Rs 5,511 crores of rupees in the same quarter a year ago.

Similarly, net interest income (NII) increased by 26% year-on-year to reach Rs 14,787 crore in Q2FY23 from Rs 11,690 crore in the corresponding quarter of the prior year.

The bank’s net interest margin was 4.31% in Q2FY23, compared to 4% in Q2FY22 and 4.01% in the quarter ended June 30, 2022 (Q1FY23), according to regulatory filing.

The bank’s net interest margin was 4.31% in Q2FY23, compared to 4% in Q2FY22 and 4.01% in the quarter ended June 30, 2022 (Q1FY23), according to regulatory filing.

On the asset quality front, the gross NPA (non-performing assets) ratio declined to 3.19% in the second quarter from 3.41% quarter-on-quarter and 4.82% year-on-year. net NPA ratio slipped to 0.61% in the second quarter. of 0.70% QoQ and 0.99% YoY, ICICI Bank also said in its filing.

The Bank had a network of 5,614 branches and 13,254 ATMs as of September 30, 2022, the regulatory filing also indicates.

The value of credit card spend in Q2-2023 increased 4% sequentially and 43% year-over-year. “It saw healthy growth in retail credit card spending, driven by increased discretionary spending and higher activation rate through digital customer onboarding, including Amazon Pay credit cards.”

“Total deposits at the end of the period increased by 12% year-on-year from Rs 1,090,008 crore in the second quarter and average deposits in current accounts and savings accounts increased by 16% year-on-year in second quarter,” ICICI Bank said.

Michael J. Birnbaum