ICICI Bank Q2 Consolidated Net Profit Soars 31% To 8,006.99 Crore

ICICI Bank on Saturday announced a 31.43% rise in its September quarter consolidated net profit at Rs 8,006.99 crore.

On a standalone basis, the second largest private sector lender reported a 37.14% rise in September quarter net profit at Rs 7,557.84 crore, as against Rs 5,510.95 crore in the year-ago period, according to a PTI report.

The bank's total income grew to Rs 31,088 crore in the reporting quarter, while the overall expenses climbed to Rs 19,408 crore from Rs 18,027 crore, stated the PTI report.

The provisions reduced 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, added the PTI report.

The share of ICICI Bank gained 2.13% on Friday. The last trading price of ICICI Bank is Rs 907 apiece. It has a market capitalisation of Rs 6,32,264.39 crore. The stock has given a return of 251% in the last 5-years.

In its meeting on Saturday, the bank's board of directors unanimously approved the re-appointment of MD & CEO, Sandeep Bakhshi, for a period of three years with effect from October 4, 2023 to October 3, 2026, subject to approval of the RBI and shareholders of the bank. The board recorded that the current tenure of the Mr. Bakhshi was up to October 3, 2023.