ICICI Bank reported a rise in its 2Q2022 net profits by 32% YoY to INR 55bn ($742mn). The bank’s net interest income (NII) rose 25% YoY to INR 116bn ($1.6bn) and fee income grew 21% YoY to INR 381bn ($513mn). Profits were helped by a 9% reduction in provisions to INR 27bn ($366mn). Overall, its Net interest margins climbed 43bp over the same period last year to 4% and its gross NPA ratio stood at 4.82%, and better than its 5.15% level in the prior quarter. Net NPAs stood at 0.99%, again better than 1.16% in the June quarter and the lowest since December 2014. Its CET1 ratio stood at 18.53%. “With the increase in economic activity, disbursements across all retail products increased sequentially in Q2FY22”, the bank said.
ICICI Bank’s USD 4% 2026s were up 0.2 points to 107.31, yielding 2.24%.
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