The Mumbai-based lender had posted a net profit of ₹7,558 crore in the year-ago period.
| Photo Credit: REUTERS

Private sector lender ICICI Bank on Saturday reported a 36% rise in standalone net profit to ₹10,261 crore for the September 2023 quarter, aided by an improvement in interest income.

The Mumbai-based lender had posted a net profit of ₹7,558 crore in the year-ago period.

The total income in the second quarter of the current fiscal rose to ₹40,697 crore from ₹31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing.

Interest earned by the bank improved to ₹34,920 crore from ₹26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24% year-on-year to ₹18,308 crore in the quarter against ₹14,787 crore in the corresponding quarter a year ago.

At the same time, the net interest margin rose to 4.53% compared to 4.31% in the same period a year ago.

The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48% of gross advances at the end of the September quarter from 2.76% a year ago.

Similarly, its net NPAs or bad loans declined to 0.43% against 0.61% in the year-ago period.

However, the bank’s capital adequacy ratio decreased to 16% from 16.93% at the end of September 2022.

On a consolidated basis, the bank’s profit increased by 36% to ₹10,896 crore in the quarter from ₹8,007 crore a year ago.