ICICI Bank Shows Robust Q2 Growth with Profit Surge

ICICI Bank reported a 14.5% growth in standalone profit, reaching Rs 11,746 crore in Q2 2024. Total income rose to Rs 47,714 crore, with net interest income improving by 9.5%. Asset quality saw improvement, as gross NPAs declined to 1.97%. Consolidated net profit increased by 19% to Rs 12,948 crore.

ICICI Bank, a leading private sector lender, announced a substantial 14.5% increase in its standalone profit for Q2 2024, totaling Rs 11,746 crore. This significant growth comes on the back of an increase in total income, which rose to Rs 47,714 crore compared to the same quarter last year.

The bank's interest income for the quarter reached Rs 40,537 crore, up from Rs 34,920 crore. Notably, the net interest income also saw an improvement, growing by 9.5% to Rs 20,048 crore. This financial performance underscores the bank's robustness in navigating market challenges.

On the asset quality front, ICICI Bank showed marked improvement with gross non-performing assets (NPAs) decreasing to 1.97% by the end of September 2024. Furthermore, net NPAs moderated slightly to 0.42%. On a consolidated basis, the bank's net profit grew by an impressive 19% to Rs 12,948 crore.

(With inputs from agencies.)