Key Takeaways From Sandeep Batra on ICICI Bank’s Record Q2 Profit
At Rs 4, 251 crores, ICICI Banku2019s quarterly net profit rises over six times despite higher provisions, according to Sandeep Batra, ICICI Bank - President ICICI Banku2019s results for Q2-2021 have exceeded expectations, with the profit after tax being at Rs 4,251 crore in Q2-2021 compared to Rs 655 crore in Q2-2020. The Bank has also registered an 18% Y-o-Y increase in core operating profits (profit before provisions and tax, excluding treasury income) to Rs 7,719 crore. The net interest income also saw an increase, by 16% Y-o-Y, to Rs 9,366 crore. The net interest margin this quarter was lower than that of the previous quarters (3.57% in Q2-2021, compared to 3.69% in Q1-2021 and 3.64% in Q2-2020). This can be attributed to higher overall liquidity in the bank. Notably, the operating expenses decreased by 5% Y-o-Y in this quarter, with non-employee expenses seeing a 2% decrease as well. Optimistic Figures Across the Board: Loans, Deposits, and CASA u201cPost the easing of restrictions, there has been a substantial month-on-month increase in disbursements across retail products,u201d says Sandeep Batra, ICICI Bank, President. This was due to low interest rates, seamless on-boarding through process decongestion, and digital sanctions. The retail loan portfolio grew by 13% Y-o-Y, and 6% sequentially. In a similar vein, the domestic loan portfolio grew by 4% and 10% Y-o-Y.
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