ICICI Bank Q2 net profit up 13% at Rs 2,698 cr

Mumbai: ICICI Bank on Friday reported 13 percent rise in consolidated net profit at Rs 2,698 crore for the second quarter ended September 30, 2013.

The bank’s net profit was Rs 2,390 crore in the same period last fiscal, ICICI Bank said in a statement.
The total income in the July-September period of the current fiscal increased to Rs 19,015.58 crore, from Rs 18,609.43 crore in the second quarter of 2012-13.

On standalone basis, ICICI Bank’s net profit rose by 20 percent to Rs 2,352 crore as compared to Rs 1,956.11 crore in the same quarter of the previous fiscal.

The total income during the period under review was Rs 12,979.79 crore as against Rs 12,069.30 crore in the same period a year ago.

Shares of ICICI Bank was trading at Rs 1018.35, down 0.32 percent on the BSE.

During the second quarter, the net interest income of the bank increased by 20 percent to Rs 4,044 crore from Rs 3,371 crore in the same period a year ago.

The net interest margin (NIM) during the period rose to 3.31 per cent as compared to 3 percent at the end of September 2012.

Provisions during the quarter were at Rs 625 crore as compared to Rs 508 crore in the same period of the previous fiscal.

The net non-performing asset (NPA) ratio of the bank rose to 0.85 percent as compared to 0.78 percent at the end of September 2012.

Total advances increased by 16 percent to Rs 3,17,786 crore at the end of September 30, 2013.

The bank has continued to see healthy growth in its retail disbursements, the statement said.

As a result, the outstanding mortgages and auto loan portfolios for the bank on a year-on-year basis have grown by 23 percent and 27 percent, respectively, on September 30, 2013, it said.

Based on the above, it said, the bank has seen a 20 percent rise in its total retail portfolio on September 30, 2013.

During the first half of the current fiscal, ICICI Bank’s net profit on standalone basis rose by 22.64 per cent at Rs 4,626.26 crore as against Rs 3,771.16 crore in the same period a year ago.

The total income rose to Rs 25,884.7 crore in the first six month from Rs 23,494.87 crore in the same period a year ago.

On consolidated basis, the profit of the bank increased by 22 per cent to Rs 5,445 crore for the half year ended September 30, 2013, from Rs 4,467 crore in the same period a year ago.