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ICICI Bank Q2 results: Net profit rises 14.5% to ₹11,746 crore, beats expectations

Abha Raverkar
By Abha Raverkar

2 min read | Updated on October 26, 2024, 17:06 IST

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SUMMARY

ICICI Bank reported a 14.5% YoY net profit growth to ₹11,746 crore for Q2 FY25, surpassing expectations. Total income rose 17.2% to ₹47,714 crore, with improved asset quality reflected in lower NPAs. Consolidated net profit grew 19% to ₹12,948 crore.

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ICICIBANK
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The bank saw improvement in its asset quality as the gross non-performing assets (NPAs) declined to 1.97% of the gross loan

The bank saw improvement in its asset quality as the gross non-performing assets (NPAs) declined to 1.97% of the gross loan

ICICI Bank reported a year-on-year (YoY) growth of 14.5% in its net profit to ₹11,746 crore in the second quarter of the financial year 2024-25. The private sector lender had a standalone profit of ₹10,261 crore in the year-ago period.
The net profit growth exceeded street expectations of 4 to 11% YoY.

The profit growth is driven by an increase in total income, which reached ₹47,714 crore, a 17.2% year-on-year growth compared to last year's ₹40,697 crore.

The bank’s interest income grew 16.08% from ₹34,920 crore in Q2 FY24 to ₹40,537 crore in Q2 FY25.

The net interest income (NII) saw an upswing of 9.5% to ₹20,048 crore this September ended quarter, from ₹18,308 crore in the year-ago period.

The NII growth was within expectations, with D-street predicting a broad range growth between 9 and 45% compared to a year ago.

The bank saw improvement in its asset quality as the gross non-performing assets (NPAs) declined to 1.97% of the gross loan in the July-September quarter of the FY25 in contrast to 2.48% in the same period last year.

Also read: Yes Bank Q2 net profit jumps 147% to ₹566.59 crore on lower provisioning; eyes MFI buy

Similarly, net NPAs or bad loans moderated to 0.42% from 0.43% at the end of the second quarter of the previous fiscal.

On a consolidated basis, the bank logged a growth of 19% in net profit to ₹12,948 crore against ₹10,896 crore in Q2 FY24.

The stock closed in the green at ₹1,255.45, up by 0.26% (+₹2.7) on the NSE on Friday, October 25.

With PTI inputs

About The Author

Abha Raverkar
Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and economy.

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