• ICICI Bank, the second largest private sector lender in the country, reported an astonishing 37% year-on-year growth in profit after tax (PAT) on a standalone basis.
ICICI Bank, the second largest private sector lender in the country, reported a staggering growth in Profit After Tax (PAT) of 37% on a stand-alone basis on October 22. 5,511 crore in Q2FY22 to Rs. 7,558 crore in Q2FY23. From ₹7,201 crore in Q2 of 2022 to ₹10,036 crore in Q2 of 2023, profit before tax (PBT) grew by 39% year-on-year. The bank's core operating profit (profit before provisions and tax, excluding treasury income), grew 24% YoY to ₹11,765 crore in Q2FY23 from ₹9,518 crore in the quarter ended September 30, 2021 (Q2-2022). The bank said its net interest income (NII) grew 26% year-on-year to ₹14,787 crore, from ₹11,690 crore in Q2-2023.
Net interest margin was 4.31% in Q2-2023, as against 4.00% in Q2-2022 and 4.01% in the quarter ended June 30, 2022 (Q1-2023). Net interest margin was 4.16% in H1-2023. Non-interest income, excluding treasury income, grew 17% YoY to ₹5,139 crore in Q2-2023 from ₹4,400 crore in Q2-2022. From ₹3,811 crore in the second quarter of 2022 to ₹4,480 crore in the second quarter of 2023, the fee income grew by 18% year-on-year. In Q2-2023, the fees collected from retail, rural, business banking and SME customers accounted for about 79% of the total charges. As against a profit of ₹397 crore in Q2-2022, ICICI Bank reported a treasury loss of ₹85 crore in Q2-2023.
According to the bank, provisions (excluding tax provisions) fell 39% YoY to ₹1,644 crore in Q2 of 2023 from ₹2,714 crore in Q2 of 2022. As on September 30, 2022, the retail loan portfolio, which stood at 54% at the time. The entire loan portfolio, was up 25% YoY and 6% sequentially. The retail portfolio represents 44% of the total portfolio, including non-fund outstanding. The business banking portfolio grew 43% YoY and 11% sequentially and the SME sector—which includes borrowers with revenues below ₹250 crore- grew 27% YoY and 6% sequentially.
As on September 30, 2022, the domestic corporate portfolio had grown by 23% year-on-year and 7% sequentially. The rural portfolio had grown by 4% sequentially and 12% annually. Domestic advances were up 24% year-on-year and 6% sequentially. As on September 30, 2022, the domestic corporate portfolio had grown by 23% year-on-year and 7% sequentially. The rural portfolio had grown by 4% sequentially and 12% annually. Domestic advances were up 24% YoY and 6% sequentially. For the quarter ended September 2022, total advances grew 23% YoY and 5% sequentially to ₹938,563 crore. Whereas, the total period-end deposits climbed 12% YoY to ₹1,090,008 crore. In Q2 2023, average deposits in savings and current accounts grew by 16% year-on-year. Term-end term deposits climbed 11% YoY as on September 30, 2022 to Rs. 582,168 crores. As at the end of September 2022, the bank has a network of 5,614 branches and 13,254 ATMs.
The Gross NPA Ratio declined to 3.19% as on September 30, 2022, from 3.41% on June 30, 2022 and 4.82% as on September 30, 2021. It was 0.70% on June 30, 2022 and 0.99% on September 30, 2021. The NPA ratio came down to 0.61% as on September 30, 2022. The net NPA ratio declined to 0.61% as on September 30, 2022, from 0.70% on June 30, 2022 and 0.99% on September 30, 2021. During Q2-2023, the net NPA ratio was . Addition of ₹605 crore to gross NPAs as compared to ₹382 crore in Q1-2023. Gross NPA addition was ₹4,366 crore in Q2-2023 as compared to ₹5,825 crore in Q1-2023. The recovery and upgradation of NPAs, excluding write-offs and sales, stood at ₹3,761 crore in Q2-2023 as compared to ₹5,443 crore in Q1-2023. The gross NPAs written off in Q2-2023 was ₹1,103 crores and the provision coverage ratio on NPAs was 80.6% in Q2FY23.
The total fund based outstanding for all borrowers subject to resolution as per various extant regulations/guidelines, excluding NPAs, is ₹6,713 crore or 0.7% of the total loan for Q2FY23 as against ₹7,376 crore in Q1FY23. As on September 30, 2022, the bank has a provision of ₹2,059 crore against these borrowers undergoing resolution. As on September 30, 2022, the bank also has ₹10,000 crore in contingency provisions, and credit and non-fund based dues for performing borrowers with a credit rating of BB and below, from ₹8,209 crore in Q1FY23 to ₹8,209 crore in Q2 was dropped to ₹7,638 crore. ,
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