ICICI Bank Q2 Profit Surges 20 Pc To Rs 14,843 Crore

(MENAFN- IANS) New Delhi, Oct 17 (IANS) India's second-largest private lender -- ICICI Bank -- on Saturday reported a 20.1 per cent year-on-year increase in consolidated net profit for the second quarter of FY27.

The lender posted a consolidated net profit of Rs 14,843 crore for the quarter ended September 30 compared with Rs 12,359 crore a year earlier.

Meanwhile, the bank's net interest income rose 18 per cent year-on-year to Rs 25,339 crore from Rs 21,529 crore in the corresponding quarter last year.

Meanwhile, operating profit increased 18.9 per cent to Rs 20,575 crore from Rs 17,298 crore a year ago.

Asset quality improved sequentially during the quarter.

The gross non-performing asset ratio declined to 1.2 per cent from 1.38 per cent in the June quarter and was better than the estimated 1.4 per cent.

Net NPA ratio improved to 0.30 per cent from 0.35 per cent in the previous quarter.

Provisions fell to Rs 851 crore, compared with Rs 914 crore in the year-ago quarter and Rs 1,260 crore in the preceding quarter.

However, the net interest margin narrowed to 4.18 per cent from 4.36 per cent in the June quarter.

Separately, ICICI Bank said it has filed an application with the Reserve Bank of India seeking approval for the continuation of Pradeep Kumar Sinha as non-executive part-time chairperson from July 1, 2027, to February 16, 2029. The bank said the proposed tenure falls within his term as an independent director that has already been approved by the board and shareholders. The disclosure follows the lender's earlier exchange filings made on Feb. 17, 2024 and May 24, 2024.

Shares of ICICI Bank on Friday closed at Rs 1,396.80, an increase of 0.13 per cent, on the BSE. The banking stock has recorded a 52-week high of Rs 1,479.90 and a 52-week low of Rs 1,187.55, according to the exchange data.

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