icici bank: ICICI Bank posts record quarterly profit of Rs 5,511 crore – Times of India

MUMBAI: ICICI Bank reported its highest ever quarterly net profit of Rs 5,511 crore for Q2FY22, an increase of 30% over Rs 4,251 crore in the corresponding quarter last year.
Profits rose on the back of a 19% growth in its domestic loan portfolio. The bank also managed to bring down its net non-performing assets to below 1%, the lowest level since 2014.
Total advances increased by 17% year-on-year and 4% sequentially to Rs 7,64,937 crore on September 30, 2021 from Rs 6,52,608 crore on September 30, 2020 and Rs 7,38,598 crore on June 30, 2021.
Total deposits increased by 17% year-on-year and 6% sequentially to Rs 9,77,449 crore on September 30, 2021.
Announcing the results, Sandeep Batra, executive director, ICICI Bank said: “Our core income, excluding treasury and other income, grew 23% to Rs 9,518 crore while net interest income increased by 25% to Rs 11,619 crore over the previous year.” The bank’s net interest margin improved to 4% from 2.89% in the first quarter. “With the increase in economic activity disbursement in all retail loans have increased sequentially,” said Batra.
He added that retail loans were boosted by the pre-approval and easy on boarding made possible because of the bank’s digital platform. Batra said that the bank has onboarded 15 lakh, non-ICICI Bank customers, onto its iMobile Pay app.