ICICI Bank Limited on Saturday (October 26) released its financial results for the second quarter of the financial year 2024-25, the company announced through an exchange filing.
Financial Highlights
For the quarter ending September 30, 2024 (Q2FY25), ICICI Bank reported a strong standalone financial results. The total income reached Rs 47,714.04 crore, a robust increase from Rs 40,697.07 crore during the same period last year.
On the expense side, total expenses also rose to Rs 30,990.86 crore, compared to Rs 26,567.80 crore in the previous year. Despite this increase, the net profit for the quarter rose by 14.47 per cent to Rs 11,745.88 crore, up from Rs 10,261 crore in the same quarter of 2023.
On the consolidated financial basis, the bank reported a total income of Rs 72,942.55 crore, higher than Rs 57,292.26 crore in the same quarter last year.
Total expenses in the consolidated statement rose to Rs 53,064 crore, compared to Rs 41,819.02 crore the previous year.
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Nevertheless, the net profit also saw a substantial increase, reaching Rs 12,947.77 crore, up from Rs 10,896.13 crore year-on-year.
Key Performance Indicators
The bank recorded a 16.08 per cent rise in income earned from interest, totaling Rs 40,537.38 crore in the second quarter. This increase from Rs 34,920.39 crore a year ago also highlights about the strong demand for loans and effective lending practices.
Another noteworthy point to note about is the reduction in gross non-performing assets (NPA), which fell to 1.97 per cent, down from 2.48 per cent in the previous year.
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This decline by 51 basis points reflects the bank's focus on maintaining asset quality. However, it is worth noting that the net NPA increased slightly to Rs 5,685.14 crore, up from Rs 5,046.47 crore.
Shares
ICICI Bank's shares on Friday closed 0.23 per cent higher at Rs 1,255.50, slightly up from RS 1,252.60 the previous trading day.