ICICI Bank Net Profit Falls 56% From Rs 2,058 Cr To Rs 909 Cr In Q2

ICICI Bank Ltd's second quarter (Q2) profit more than halves compared to the same period a year ago. The largest private sector bank in the country reported a 55.84 percent fall in its net profit for the July-September period to Rs 908.88 crore. In the same quarter last year, the lender had reported a profit of Rs 2,058.2 crore.

Its asset quality, however, improved in the period under review. Gross non-performing assets (NPAs) as a percentage of gross advances fell to 8.54 percent from 8.81 percent in the previous quarter. Net NPAs also slipped to 3.65 percent from 4.19 percent in the April-June quarter.

In comparison to the preceding quarter where the lender had reported its first loss since 2001 due to increased provision, there has been an improvement in its performance. Its net interest income (NII), rose to 12.4 percent to Rs 6,418 crore in the second quarter. Net interest margin was at 3.33 percent compared with 3.24 percent in the last quarter. Its loan book grew 13 percent, an 11-quarter high, from last year. The bank's total expenditure rose to Rs 13,012.41 crore for the September-ended quarter as against Rs 11,776.79 crore in the same period last year.

Shares of ICICI Bank closed 1.45 percent lower at Rs 315.05 apiece. The September results were announced after market hours.