The key highlights of the ICICI Bank Q2 Results –

  • ICICI Bank has announced a 43% rise in consolidated profit in the September quarter, riding on demand for loans from companies and strong earnings growth at its life insurance subsidiary.
  • Consolidated net profit increased to Rs.1,992 crore, beating Bloomberg’s estimate of Rs.1,424 crore. Earnings per share rose to Rs.13 from Rs.11 last year.
  • On a standalone basis, profit rose 22% to Rs.1,503 crore from Rs.1,236 crore last year.
  • The loan book rose 20% to Rs.2.33 trillion from Rs.1.94 trillion last year. Demand for loans helped the bank earn a net interest income of Rs.2,506 crore, 14% higher than last year.
  • The bank’s deposit base, at Rs.2.45 trillion, closely tracks the loan book at Rs.2.33 trillion.
  • ICICI Prudential Life Insurance Co. Ltd made a net profit of Rs.350 crore, 23 times last year’s Rs.15 crore. The rise in profit was on account of the transfer of Rs.254 crore so-called non-par funds to the insurance firm’s profit and loss account, in line with IRDA norms.
  • ICICI Bank’s mutual fund business made a net profit of Rs.20 crore, up from Rs.13 crore last year.
  • A 50% drop in provisions also contributed to the rise in the bank’s profit. Provisions declined to Rs.319 crore in the July-September quarter from Rs.641 crore, mainly because of a 30% drop in the bank’s non-performing NPAs.
  • ICICI Bank has seen a Rs.743 crore increase in restructured loans, mainly from the micro-finance sector. Total restructured loans at Rs.2,500 crore as of 30 September were lower than Rs.2,600 crore restructured last year.
  • The bank also managed to maintain its net interest margin (NIM) at 2.6%.

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