ICICI Bank Q2 results: Net profit rises 35.8% YoY at ₹10,261 crore, NII increase by 23.8% at ₹18,308 crore | Mint
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Business News/ Companies / Company Results/  ICICI Bank Q2 results: Net profit rises 35.8% YoY at 10,261 crore, NII increase by 23.8% at 18,308 crore
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ICICI Bank Q2 results: Net profit rises 35.8% YoY at ₹10,261 crore, NII increase by 23.8% at ₹18,308 crore

ICICI Bank Q2 results: Net profit of ICICI bank rose to ₹10,261 in the September quarter of current financial year. Its NII stood at ₹18,308 crore

ICICI Bank Q2 results: Net profit rises to ₹10,261 crorePremium
ICICI Bank Q2 results: Net profit rises to 10,261 crore

ICICI Bank Q2 results: The bank reported a 35.8% YoY rise in its standalone net profit to 10,261 for the September quarter of FY24 against 7557.84 crore in the year ago period.

The bank shares closed 0.28% lower at 932.45 per share on BSE on Friday.

ICICI Bank Q2 results LIVE Updates

ICIC Bank's net interest income (NII) increased by 23.8% YoY to 18,308 crore in the July-September quarter from 14,787 crore in the year ago period. Bank's net interest margin stood at 4.53% in Q2FY24.

Its fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q2-2024. Private lender's total capital adequacy ratio stood at 17.59%, including profits for the first half of FY23-24. Bank's Tier-1 capital adequacy ratio was 16.86 per cent on a standalone basis at September 30, 2023.

ICICI's bank September quarter result exceeded the expectations of market experts. However, the private lenders continued to move forward in its growth trajectory predicted by market experts.

“Margins have peaked out in Q4FY23 at around 4.9%, and the re-pricing of liabilities and SA deposits churning into TD would keep funding costs elevated and exert pressure on margins. With ~70% of the book being floating in nature, most of the asset re-pricing has happened, and loan yields might stagnate going further," brokerage firm Motilal Oswal Financial Services said ahead of the announcement of ICICI Bank Q2 results.

Performance of ICICI's key subsidiary 

The profit after tax of ICICI Prudential Life Insurance Company (ICICI Life) increased by by 22.6% year-on-year to 244 crore in Q2-2024 from 199 crore a year ago period.

Value of New Business (VNB) of ICICI Prudential Life Insurance Company (ICICI Life) decreased year-on-year by 7.1% to 1,015 crore in H1-2024 compared to 1,092 crore in H1-2023.  Another subsidiary, ICICI Lombard General Insurance Company (ICICI General) reported a net profit after tax of 577 crore in the quarter under review against Rs591 crore in Q2-2023.

Its Gross Direct Premium Income (GDPI) grew by 17.4% year-on-year to 6,086 crore. The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, grew by 23.5% year-on-year to Rs501 crore in Q2-2024 from 406 crore in a year ago period.

The profit after tax of ICICI Securities came in at 424 crore (US$ 51 million) in Q2-2024 compared to 300 crore in Q2- 2023.

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Published: 21 Oct 2023, 03:55 PM IST
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