Sunday, October 24, 2021

ICICI Bank Net Profit Rises 30% To ₹ 5,511 Cr | Analysis & Outlook

ICICI Bank Net Profit Rises 30% To ₹ 5,511 Crore In September Quarter


ICICI Bank Q2 FY22 Results: ICICI Bank reported a 29.6 per cent rise in net profit to ₹ 5,511 crore on a standalone basis for the July-September quarter in the financial year 2021-22, compared to ₹ 4,251.3 crore in the year-ago period. The country's leading private sector lender reported a net NPA ratio of 0.99 per cent in the September quarter - the lowest since December 31, 2014.

ICICI Bank's core operating profit - the profit before provisions and taxes, increased 23 per cent year-on-year to ₹ 9,518 crore in the second quarter of the financial year 2021-22, compared to ₹ 7,719 crore in the year-ago period.


The private sector bank's net interest income (NII) - or the difference between interest earned and interest paid, in the September quarter increased 25 per cent year-on-year to ₹ 11,690 crore, compared to ₹ 9,366 crore in the same quarter last year.

The bank's net non-performing assets (NPAs) were ₹ 8,161 crore in the September quarter, compared to ₹ 9,306 crore in the preceding April-June quarter. The net NPA ratio was 0.99 per cent by the end of September 2021, compared to 1.16 per cent by June 2021.


Stock Outlook

Stock with strong fundamental and technical. Still hold firmly and follow buy on dips for long term.

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