ICICI Bank reported a 20 per cent rise in company's stand alone net profit during the second quarter for FY 14. Backed by higher net interest margins (NIM) and lower operating expenses, company's profit stood at Rs 2,352 crore for the quarter ended September.
On revenue front, the total income rose by 7.5 per cent to Rs 12,979.79 crore from Rs 12,069.30 crore during Q2 FY13. The core net interest income grew 20 per cent to Rs 4,044 crore in Q2 FY14. The net interest margin expanded to 3.31 per cent, which is the second highest ever figure for the bank.
Bank's fee income also rose by 17 per cent to Rs 1,966 crore. The bank also raised its FY 2014 NIM target by 0.10 per cent to 3.31 per cent. On the advances front, Chanda Kochhar, Managing Director and Chief Executive Officer of the bank said that the bank has adopted a calibrated strategy of staying away from corporate loans and focused more on the retail side. Corporate credit registered a growth of only 11 per cent, while on retail side the expansion was 20 per cent.
Overall bank deposits grew by 10 per cent during the second quarter and the bank managed to maintain the Casa ratio at 43.3 per cent. Talking about asset additions, Kochhar said that the bank added Rs 1,100 crore to its gross non-performing assets and Rs1,076 crore in restructured assets during the quarter.