ICICI Bank’s Q2 net profit jumps six-fold to Rs 4,251 crore

Mumbai: ICICI Bank clocked six-fold jump in its net profit for the July-September (second) quarter for 2020-21 to Rs 4,251 crore compared to Rs 655 crore reported during the corresponding period in 2019-2020, a company statement said here on Saturday.

The net non-performing asset (NPA) ratio decreased from 1.23 per cent at June 30, 2020 to 1 per cent at September 30, 2020.

The bank’s net interest income increased by 16 per cent year-on-year to Rs 9,366 crore in Q2-2021 from Rs 8,057 crore in Q2 2020.

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The net interest margin was 3.57 per cent in Q2-2021 compared to 3.69 per cent in the quarter ended June 30, 2020 (Q1) and 3.64 per cent in (Q2), reflecting surplus liquidity with the bank.

The bank’s total capital adequacy ratio was at 19.33 per cent and Tier-1 capital adequacy ratio of 17.89 per cent on a standalone basis at September 30, 2020 (including profits for the six months ended September 30, 2020).

Total deposits in the bank increased by 20 per cent year-on-year to Rs 832,936 crore at September 30, 2020.

“Average savings account deposits increased by 15 per cent year-on-year in Q2-2021,” the company stated.

The bank’s total capital adequacy at September 30, 2020, including profits for H1-2021, was 19.33 per cent and Tier-1 capital adequacy was 17.89 per cent compared to the minimum regulatory requirements of 11.08 per cent and 9.08 per cent respectively.

The bank’s Board of Directors on Saturday also approved the proposal for seeking approval from RBI for the re-appointment of Sandeep Bakhshi as the Managing Director & CEO of the Bank from October 15, 2021 up to October 3, 2023.

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