In a business update earlier in January 2024, the lender reported a 10.67 percent YoY growth in business at Rs 20.68 lakh crore in the December quarter
Baldev Prakash says: Asset quality has been the biggest success story of the bank. If you see the numbers in the last two years, one-and-a-half years, you will see that consistently on a quarter-on-quarter basis, we have not only achieved our guidance, but surpassed that. As of today, we are already below 5% and our guidance is 4.5% on gross NPA.”
After the Reserve Bank of India announced that the asset quality of banks has shown significant improvement in the first half of FY24, market expert Porinju Veliyath took to X (formerly Twitter) to praise the central bank on achieving this extraordinary feat.
ICICI Bank reported a 36% increase in net profit to ₹10,261 crore in the second quarter, driven by loan growth and higher fee income. Total advances grew by 18% year-on-year, with retail loans accounting for 54% of the total loan portfolio. Business banking loans and loans to small and medium enterprises also saw significant growth. The bank s asset quality remained stable, with the gross non-performing asset ratio declining to 2.48% from 3.19% a year ago. Despite some slippages in the retail loan segment, the bank does not anticipate any extraordinary risk build-up.