ICICI Bank Q2 net profit up 15.12%

 ICICI Bank reported a 15.12 per cent increase in net profit for the second quarter ended September 2014 at Rs 2,709.01 compared to Rs 2,352.05 crore in the same quarter last year.

Net interest income for the bank grew 15.16 per cent to Rs 4,656.63 crore compared to Rs 4,043.51 crore in the same quarter last year aided by 13.8 per cent growth in loan book and fairly stable better margins (342 basis points Vs 340 basis points in Q1 of FY15).

“PAT has been driven by sustained growth across portfolios. While the retail portfolio growth is at 25 per cent, the total domestic loan portfolio grew by 15 per cent,” ICICI Bank Managing Director & Chief Executive Officer Chanda Kochhar said.

Net non performing assets (NPAs) for the bank increased to 3.12 per cent in the quarter as against 3.05 per cent in Q2 of FY14. Net restructured portfolio for the bank during the quarter stood at Rs 11,020 crore. Net interest margins for the quarter improved to 3.42 per cent compared to 3.31 per cent in the same quarter last year.

Asset quality deteriorated with 6.5 per cent increase in gross non performing assets (GNPAs). “The increase in net NPAs include slippage of restructured accounts into NPAs,” Kochhar said. The restructured pipeline currently stands at Rs 1800 crore.