Business/Economy

ICICI bank's Q2 net dips by 30%

ICICI bank's Q2 net dips by 30%

Private sector known lender ICICI bank’s second quarter profit fell 33.66 percent than the profits compared to the last fiscal year’s data in the same quarter. The bank reported a profit of Rs 2,058 crore compared to Rs 3,102 crore in the previous year.

There was a big sigh of relief on asset quality and slippages front which came in far better than previous quarters. In more technical terms, Net interest income, the difference between interest earned and interest expended, grew by 8.7 percent to Rs 5,709.1 crore to Q2 year on year, which was in lines with the estimates.

Total advances for the quarter increased by 6 percent while deposits grew by 11 percent, with CASA deposits showing a 20 percent rise on year-on-year basis. Loan growth during the quarter was better. Net interest margin was unchanged at 3.27 percent on sequential basis, but improved by 14 basis points year-on-year.