Mumbai: ICICI Bank on Saturday reported a 31.43 per cent jump in its September quarter consolidated profit at Rs 8,007 crore, helped by a steady growth in core business and also a dip in money set aside for bad loans.
On a standalone basis, the second largest private sector lender reported a 37.14 per cent jump in September quarter net profit at Rs 7,557.84 crore, as against Rs 5,510.95 crore in the year-ago
period.
The bank's core net interest income grew by 26 per cent to Rs 14,707 crore in the reporting quarter, helped by a 23 per cent loan growth and a 0.30 per cent expansion in the net interest margin to 4.31 per cent.
The non-interest income excluding treasury income increased 17 per cent to Rs 5,139 crore, while there was a treasury loss of Rs 85 crore in the reporting quarter as against gains of Rs 397 crore in the year-ago period.
Like many other lenders in the system, the bank's deposit growth at 12 per cent was trailing the loan growth by a wide margin.
Its executive director Sandeep Batra told reporters that the bank does not see the slower deposit growth as a constraint to its growth ambitions given its comfortable liquidity
covers.
He, however, also said that the deposit growth will have a bearing on the advances growth.
On the loan growth front, retail advances grew by 25 per cent, business banking was up 43 per cent, small and medium enterprises having a turnover of up to Rs 250 crore saw a 27 per cent jump while wholesale banking was up by 23 per cent.
Batra said the growth in wholesale banking came largely from working capital lending, and added that the bank had a de-growth in its overseas book which now occupies 4 per cent of the overall pie.
The provisions improved to Rs 1,644.52 crore as against Rs 2,713.48 crore in the year-ago period, but were up when compared with the Rs 1,143.82 crore in the June quarter.