ICICI Bank Q2 net jumps 39% qoq to Rs 3,102 cr

07/11/2016 17:17

ICICI Bank, the country’s largest private sector lender, on Monday reported a 39 per cent quarter-on quarter growth in its standalone net profit at Rs 3,102 crore for quarter ended September 30, 2016 compared to Rs 2,232 crore for Q1-2017 and Rs 3,030 crore for Q2-2016.

“Consolidated profit after tax stood at Rs 2,979 crore for Q2-2017 compared to Rs 2,516 crore for Q1-2017 and Rs 3,419 crore for Q2-2016,” ICICI Bank said in a filing to the Bombay Stock Exchange.

Other income jumped over three-fold to Rs 9,119.68 crore in Q2 FY 2016-17 from Rs 3,007.35 crore in the same quarter last year. Other income for the quarter includes gains of Rs 5,682 crore as the bank sold approximately 12.63 per cent shareholding in ICICI Prudential Life Insurance Company (ICICI Life) in the IPO.

Total income climbed by 41.3 per cent at Rs 22,759.08 crore in Q2 FY 2016-17 from RS 16,106.22 crore in the same period a year ago.

Net interest income was Rs 5,253 crore in the quarter ended September 30, 2016 compared to Rs 5,251 crore in the quarter ended September 30, 2015.

Non-interest income stood at Rs 9,120 crore in Q2-2017compared to Rs 3,007 crore in the year ago quarter.

During the quarter under review, the bank further strengthened its balance sheet by making additional provisions of Rs 3,588 crore.

The bank achieved 18 per cent year-on-year robust growth in current and savings account (CASA) deposits to Rs 205,256 crore at September30, 2016, while Savings account deposits grew by 22 per cent year-on-year to Rs 8,684 crore. The Bank’s CASA ratio was 45.7 per cent as compared to 45.1 per cent in Q1 2017 and 45.1 per cent at September 30, 2015.

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