ICICI Bank Results Q2 FY2023, Net Profit at Rs. 7558 crores

On 22nd October 2022, ICICI Bank announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

- Net interest income (NII) increased by 26% YoY to Rs. 14,787 crore
- The net interest margin was 4.31% in Q2-2023 
- The core operating profit (profit before provisions and tax, excluding treasury income) increased by 24% YoY to Rs. 11,765 crore 
- The profit before tax grew by 39% YoY to Rs. 10,036 crore 
- The profit after tax grew by 37% YoY to Rs. 7,558 crore 

Business Highlights:

- The retail loan portfolio grew by 25% YoY and comprised 54% of the total loan portfolio. 
- The business banking portfolio grew by 43% YoY
- The SME business, comprising borrowers with a turnover of less than Rs. 250 crores, grew by 27% YoY. 
- The domestic corporate portfolio grew by 23% YoY
- The rural portfolio grew by 12% YoY. 
- The domestic advances grew by 24% YoY. Total advances increased by 23% YoY to Rs. 938,563 crores. 
- Total period-end deposits increased by 12% YoY to Rs. 1,090,008 crores. 
- Average current account and savings account deposits increased by 16% YoY in Q2FY23. Period-end term deposits increased by 11% YoY to Rs. 582,168 crores 
- The Bank had a network of 5,614 branches and 13,254 ATMs.
- The gross NPA ratio declined to 3.19% at September 30, 2022 from 3.41% at June 30, 2022 and 4.82% at September 30, 2021. The net NPA ratio declined to 0.61% at September 30, 2022 from 0.70% at June 30, 2022 and 0.99% at September 30, 2021.
-  Bank’s total capital adequacy ratio was 18.27% and Tier-1 capital adequacy was 17.51% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.