ICICI Bank Q2 net up 15% even as bad loans rise
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ICICI Bank – the country’s largest private sector lender reported a net profit of Rs 2,709 crore for the quarter ended September 30 which is higher by 15% as compared to the same period of the previous year.
The rise in profit was aided by 26% growth in non-interest income and expansion of net interest margins (NIM) on the back of 25% year-on-year growth in retail advances.
Net interest income – the difference between interest earned and interest expended -- grew by 15% to Rs 4,657 crore helped by a overall credit growth of 14% . Deposits growth was in line with the industry which was 14%. The share of low cost deposits in total deposits improved to 43.7% as on September 30 as compared to 43% in June end.
The healthy growth in low cost deposits helped the lender improve its NIM to 3.42% in Q2-2015 compared to 3.31% in Q2-2014.
Provisions increased to Rs 825 crore during the quarter as compared to Rs 726 crore in the preceding quarter on the back to higher non-performing assets, which grew to Rs 3,997 crore from Rs 3474 crore during Q1. However, the restructuring advances portfolio saw a marginal decline which stood at Rs 11,020 crore at the end of September.
ICICI Bank shares were trading at Rs 1590 on the Bombay Stock Exchange,down almost 1% from its previous close.
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