ICICI Bank announced Q2 Finance results from post net profit Rs 4,251 crore
India is the largest Private Bank of ICICI Bank announced Q2 Finance results report Net profit six-fold Jump to Rs.4,251 crores this quarter on September 30, 2020, as last year’s same quarter net profit Rs.655 crores.
Net Interest Income(NII) has to jump by 16% YoY to Rs.9,366 crores in from Rs.8,057 crores.Net interest margin was 3.57% in this quarter, as against last year quarter 3.69%.
Bank total deposits growth by 20% YoY to Rs.832,936 crore at September 30,2020. CASA this quarter increase 21% for year-on-year. In Q2 average saving account deposits, growth 15%, and total term deposits increase 26% to Rs.468,356 crores on September 30, 2020.
ICICI Bank in the core operation profit increase by 18% to Rs,7,719 crores in year-on-year growth.
‘Post the easing of restriction, there has been a substantial month-on-month increase in disbursements across retail products. Mortgage disbursements during Q2-2021 crossed pre-Covid levels and reached an all-time monthly high in September 2020. Auto loan disbursements have continued increase from June 2020 and have reached pre-Covid levels in September 2020 reflecting the rise in passenger car sales. Disbursements across the rural portfolio have crossed pre-Covid levels in the months of August and September 2020. Credit card spends recovered to about 85% of pre-Covid levels in September 2020 led by increased spend in categories such as health & Wellness, electronics, and e-commerce.
The net Non-Performing Assets ratio was growth 1.00% percent on September 30, 2020. Domestic advance grew by 10% year-on-year and 4% quarter-on-quarter on September 30, 2020, and Retail loan growth by 13% year-on-year and quarter-on-quarter growth by 6% on September 30, 2020.
ICICI Bank current share price Rs.392.90.
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