ICICI Bank Ltd, India’s second-largest private sector lender, has reported robust financial results for the second quarter of FY 2024-25, showcasing impressive growth in net profit and interest income. Announced on October 26, 2024, the bank’s consolidated net profit soared by 18.82% to ₹12,947.77 crore, compared to ₹10,896.13 crore during the same quarter last year.
The bank’s strong performance was further highlighted by a significant rise in interest income, which increased by 18.97% to ₹46,325.78 crore, up from ₹38,938.08 crore in the previous year. Additionally, income from investments saw a substantial boost, reaching ₹11,929.93 crore, a 28.55% increase compared to last year’s ₹9,279.96 crore.
ICICI Bank’s retail banking portfolio grew by 17.14%, amounting to ₹38,750.86 crore, indicating strong demand and consumer confidence. The lender’s loan portfolio expanded significantly, with domestic loans increasing by 15.7% year-on-year to ₹12.43 lakh crore, while total deposits climbed 15.7% to ₹14.98 lakh crore.
The bank’s asset quality remained resilient, with the gross non-performing asset (NPA) ratio narrowing to 1.97%, down from 2.15% in the previous quarter. The net NPA ratio held steady at 0.42%, showcasing ICICI Bank’s strong credit management strategies.
ICICI Bank shares ended the trading session at ₹1,255.50 on the Bombay Stock Exchange (BSE), reflecting a modest gain of 0.23%. This year’s performance has seen a remarkable 26.04% increase in the bank’s stock price, signaling investor confidence.
With these impressive results exceeding market expectations, ICICI Bank solidifies its position as a leading player in the Indian banking sector. The bank’s commitment to enhancing its retail banking segment and maintaining asset quality bodes well for its future growth.
Stay tuned for more updates on ICICI Bank and the Indian banking landscape as we continue to follow their journey in the financial sector.
