ICICI Bank Q2 Net Profit Rises 36% To Rs 10,261 Cr, Bad Loan Provisions Drop

In the July-September quarter of the fiscal year 2023-24 (Q2), ICICI Bank reported substantial financial growth. The Mumbai-based bank registered a 35.7 per cent year-on-year increase in standalone profit and a 24 per cent rise in net interest income, coupled with a significant decrease in provisions for bad loans.

For the quarter, the bank's standalone profit soared to Rs 10,261 crore, a significant increase from the Rs 7,557.84 crore reported in the same period last year. This net profit of Rs 10,261 represents a 36 per cent year-on-year growth and surpassed analysts' expectations, which had predicted Rs 9,422 crore for Q2, translating to a 25 per cent year-on-year growth.

Anticipated to grow 22 per cent year-on-year to Rs 18,080 crore in Q2FY23-24 ICICI Bank's net interest income (NII) exceeded expectations. This growth can be attributed to a robust increase in loan growth and decreased provisions for loan losses, which are predicted to decrease by 6 per cent year-on-year to Rs 1,550 crore, as per the average estimate of five brokerages.