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ICICI Bank profit jumps 36 pc to Rs 10,261 cr in Q2FY24

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Mumbai: Private lender ICICI Bank on Saturday reported 35.8% year-on-year increase in standalone profit at Rs 10,261 crore for the July-September quarter (Q2) of financial year 2023-24.

The bank had posted Rs 7,558 crore profit in the corresponding quarter of the previous financial year.

Net interest income (NII) of the bank during the quarter under review increased by 23.8% year-on-year to Rs 18,308 crore from Rs 14,787 crore in Q2 of FY23.

The net interest margin of the bank was 4.53% in Q2FY24 compared to 4.31% in Q2FY23.

The asset quality of the bank improved during the second quarter with gross non-performing asset (NPA) ratio declining to 2.48% from 2.76% in the previous quarter.

“The net NPA ratio declined to 0.43% at September 30, 2023 from 0.48% at June 30, 2023 and 0.61% at September 30, 2022,” ICICI Bank said in a media release.

The bank’s consolidated profit after tax increased by 36.1% year-on-year to Rs 10,896 crore in Q2 of FY24 from Rs 8,007 crore in the same period a year ago.

“Consolidated total assets grew by 15.9% year-on-year to Rs 21,24,850 crore (US$ 255.9 billion) at September 30, 2023 from Rs 18,33,154 crore (US$ 220.7 billion) at September 30, 2022,” the bank said.

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