ICICI Bank reports 12% rise in Q2 profit at Rs 3,419 cr

Mumbai: India’s largest private sector lender ICICI Bank today reported a 11.5 percent jump in consolidated net profit at Rs 3,418.53 crore for the second quarter ended 30 September.[caption id=“attachment_2458804” align=“alignleft” width=“380”]  Making profits. Reuters[/caption] The bank’s net profit in July-September quarter of the previous fiscal was Rs 3,064.62 crore. Total income during the second quarter increased to Rs 25,137.61 crore, up 13.5 percent as against Rs 22,150.39 crore earned by the bank in the same period of earlier fiscal, it said in a regulatory filing. On standalone basis, the net profit of the bank rose by 11.9 percent to Rs 3,030.11 crore, from Rs 2,709.01 crore in the year ago period. Income (standalone) during the second quarter increased to Rs 16,106.22 crore compared with Rs 14,888.95 crore in the same quarter of 2014-15. The bank’s net interest income increased 13 percent to Rs 5,251 crore in the second quarter from Rs 4,657 crore a year ago. Non-interest income increased by 10 percent to Rs 3,007 crore during the quarter under review from Rs 2,738 crore. On asset quality, bank’s bad loans rose a tad with gross non-performing assets (NPAs) standing at 3.77 percent of gross advances as of 30 September, as against 3.12 percent in the year ago period. Likewise, net NPAs were at 1.65 percent of net advances compared with 1.09 percent in the previous fiscal. “Provisions were at Rs 942 crore in July-September of 2015-16 compared with Rs 850 crore in same period year ago,” it said. Further, the bank said that its capital adequacy as of 30 September as per RBI guidelines on Basel III norms was 16.15 percent and tier-I capital adequacy was 12.09 percent, well above regulatory requirements. ICICI Bank scrip was trading at Rs 273.40 on BSE during afternoon trade, up 0.72 per cent from previous close. PTI