MUMBAI: ICICI Bank reported a record quarterly net profit of Rs 11,746 crore for the quarter ended September 30, marking a 14.5% increase from Rs 10,261 crore in the same period last year. Net interest income (NII) rose 9.5% to Rs 20,048 crore, compared to Rs 18,308 crore in the corresponding quarter of the previous year.
Deposits grew faster than the industry average, reaching Rs 14,97,761 crore, a 15.7% rise from Rs 12,94,742 crore at the end of the year-ago quarter. Advances also saw a 15% increase, amounting to Rs 12,77,240 crore, up from Rs 11,10,542 crore in the same period last year.
ICICI Bank’s asset quality improved, with gross non-performing assets (NPAs) declining to 1.9% from 2.1% a year earlier. Net NPAs decreased to 0.42% as of Sept 30, 2024, from 0.43% as of June 30, 2024.
The bank’s total capital adequacy ratio stood at 16.6%, and its Common Equity Tier 1 (CET-1) ratio was at 15.9%, both well above the regulatory minimum requirements of 11.7% and 8.2%, respectively.
Meanwhile, Yes Bank reported a net profit ofRs 553 crore for the quarter ended Sept 2024, an increase of 145.6% over Rs 225 crore in the corresponding quarter of the previous year.
The bank’s net interest income rose to Rs 2,200 crore, an increase of 14.3% overRs 1,925 crore in the corresponding quarter of the previous year. Deposits rose 18% to Rs 2,77,214 crore from Rs 2,34,360 crore at the end of the corresponding quarter of the previous year. The bank’s advances stood atRs 2,35,117 crore, an increase of 12.4% over Rs 2,09,106 crore at the end of Sept 2023.
Announcing the results, Yes Bank MD & CEO Prashant Kumar said: “The second quarter performance has been extremely encouraging, especially in the context of industry headwinds. Deposit momentum has been maintained with 18% year-on-year growth and a healthy CASA (current and savings account) ratio expansion to 32% from 29.4% a year ago.” The bank’s gross NPAs declined to 1.6% from 2.0% a year ago.