ICICI Bank Q2 profit beats estimates at Rs 3102 cr, NPA rises
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Country's largest private sector lender ICICI Bank beat analysts' expectations on profit front but asset quality was disappointing in July-September quarter. Profit on standalone basis increased 2.4 percent year-on-year to Rs 3,102.3 crore, supported by other income but impacted by sharp spike in provisions for bad loans. Net interest income, the difference between interest earned and interest expended, increased slightly to Rs 5,253.3 crore in Q2FY17 from Rs 5,251.5 crore in Q2FY16.
Net interest margin fell further to 3.13 percent during the quarter compared with 3.16 percent in previous quarter and 3.52 percent in year-ago period. Advances during the quarter increased by 11 percent year-on-year to Rs 4.54 lakh crore while deposits grew by 17 percent to Rs 4.49 lakh crore. The bank continued to achieve strong growth in its retail portfolio, growing 21 percent year-on-year, which constituted about 48 percent of the loan book at the end of September 2016, Chanda Kochhar, MD and CEO said while addressing press conference.
Country's largest private sector lender ICICI Bank beat analysts' expectations on profit front but asset quality was disappointing in July-September quarter. Profit on standalone basis increased 2.4 percent year-on-year to Rs 3,102.3 crore, supported by other income but impacted by sharp spike in provisions for bad loans. Net interest income, the difference between interest earned and interest expended, increased slightly to Rs 5,253.3 crore in Q2FY17 from Rs 5,251.5 crore in Q2FY16. 
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