One of the largest private sector bank in India ICICI Bank released it second quarter results today. The net profit of the bank saw an increase of around of 22% year on year basis. The net profit of the bank came way above the expectations and has beaten all the forecasts made before. The experts had estimated an increase of around 15-16%, but it rose by 22% and reached Rs. 1,503 crore as the asset quality has improved in the three months. As per the MD and CEO of ICICI Bank Chanda Kochhar there has been and improvements in the slippages and the asset quality is also looking stable. The July-September results of the bank is a good news or the markets as there was little uncertainty still hovering around the markets and the results of other sectors was also not that good.
The provisions of ICICI Bank have come down and the bank is now concentrating on secured loans. The Net non-performing asset ratio stands at 0.80% as compared to what it was in the April-June, which suggests that there has been a good improvement in the asset quality. The provision coverage ratio stands at 78.2% which was 76.9% in the April-June quarter.
The loan book of the bank has expanded by 20% year on year basis and reached Rs. 2.34 lakh crore. ICICI Bank aims to achieve a credit growth of around 18% for the fiscal year and the interest margin have already climbed nearly 14% year on year basis to 2,506 crore.
Bell The Bull says: The excellent results by ICICI come as good boost for the uncertain markets