ICICI Bank Q2 net up 13% at Rs 2,698 cr

ICICI Bank on Friday reported 13 per cent rise in consolidated net profit at Rs 2,698 crore (Rs 26.98 billion) for the second quarter ended September 30, 2013.

The bank's net profit was Rs 2,390 crore (Rs 23.90 billion) in the same period last fiscal, ICICI Bank said in a statement.

The total income in the July-September period of the current fiscal increased to Rs 19,015.58 crore (Rs 190.15 billion), from Rs 18,609.43 crore (Rs 186.09 billion) in the second quarter of 2012-13.

On standalone basis, ICICI Bank's net profit rose by 20 per cent to Rs 2,352 crore (Rs 23.52 billion) as compared to Rs 1,956.11 crore (Rs 19.56 billion) in the same quarter of the previous fiscal.

The total income during the period under review was Rs 12,979.79 crore (Rs 129.79 billion) as against Rs 12,069.30 crore (Rs 120.69 billion) in the same period a year ago.

Shares of ICICI Bank was trading at Rs 1018.35, down 0.32 per cent on the BSE. During the second quarter, the net interest income of the bank increased by 20 per cent to Rs 4,044 crore (Rs 40.44 billion) from Rs 3,371 crore (Rs 33.71 billion) in the same period a year ago.

The net interest margin (NIM) during the period rose to 3.31 per cent as compared to 3 per cent at the end of September 2012. Provisions during the quarter were at Rs 625 crore (Rs 6.25 billion) as compared to Rs 508 crore (Rs 5.08 billion) in the same period of the previous fiscal.

The net non-performing asset (NPA) ratio of the bank rose to 0.85 per cent as compared to 0.78 per cent at the end of September 2012. Total advances increased by 16 per cent to Rs 3,17,786 crore (Rs 3.17 trillion) at the end of September 30, 2013.

The bank has continued to see healthy growth in its retail disbursements, the statement said.

As a result, the outstanding mortgages and auto loan portfolios for the bank on a year-on-year basis have grown by 23 per cent and 27 per cent, respectively, on September 30, 2013, it said.

Based on the above, it said, the bank has seen a 20 per cent rise in its total retail portfolio on September 30, 2013.

During the first half of the current fiscal, ICICI Bank's net profit on standalone basis rose by 22.64 per cent at Rs 4,626.26 crore (Rs 46.26 billion) as against Rs 3,771.16 crore (Rs 37.71 billion) in the same period a year ago.

The total income rose to Rs 25,884.7 crore (Rs 258.84 billion) in the first six month from Rs 23,494.87 crore (Rs 234.94 billion) in the same period a year ago.

On consolidated basis, the profit of the bank increased by 22 per cent to Rs 5,445 crore (Rs 54.45 billion) for the half year ended September 30, 2013, from Rs 4,467 crore (Rs 44.67 billion) in the same period a year ago.