ICICI bank’s Q2FY21 net profit zooms to Rs 4,251 Cr

Private sector lending major ICICI bank on Saturday reported an exponential rise in standalone net profit for the second quarter of 2020-21.

Accordingly, the lenders net profit rose to Rs 4,251 crore ($576 million) in the quarter ended September 30, 2020 from Rs 655 crore ($89 million) reported for the corresponding quarter of previous fiscal.

“Core operating profit (profit before provisions and tax, excluding treasury income) grew by 18 per cent year-on-year to Rs 7,719 crore ($1 billion) in Q2-2021,” the bank said in a statement.

“Total deposits grew by 20 per cent year-on-year to Rs 832,936 crore ($112.9 billion) on September 30, 2020.”

According to the lender, net interest income (NII) increased by 16 per cent year-on-year to Rs 9,366 crore ($1.3 billion) in Q2-2021 from Rs 8,057 crore ($1.1 billion) in Q2- 2020.

The domestic loans grew by 10 per cent year-on-year and 4 per cent quarter-on- quarter on September 30, 2020.

“Retail loans grew by 13 per cent year-on-year and 6 per cent sequentially quarter-on-quarter,” the statement said.

Besides, the bank’s net non-performing asset (NPA) ratio decreased from 1.23 per cent on June 30, 2020 to 1 per cent on September 30, 2020; including loans not classified as NPA pursuant to the Supreme Court’s interim order, net NPA ratio would have been 1.12 per cent.

Additionally, the lender held Covid-19 related provisions of Rs 8,772 crore ($1.2 billion) on September 30, 2020.