ICICI Financial institution reported strong monetary efficiency for the second quarter of the fiscal yr 2023-24 (Q2) on Saturday. The financial institution witnessed spectacular year-on-year progress, with a 35.7 p.c improve in standalone revenue and a 24 p.c rise in internet curiosity revenue. This exceptional efficiency was accompanied by a big discount in dangerous mortgage provisions.
The Mumbai-based financial institution’s standalone revenue surged to Rs 10,261 crore for the quarter, marking a considerable improve from the Rs 7,557.84 crore reported in the identical interval the earlier yr, as disclosed in its BSE submitting.
Moreover, the online revenue of Rs 10,261, representing a 36 p.c year-on-year progress, surpassed the expectations of analysts, who had estimated it to be Rs 9,422 crore in Q2, reflecting a 25 p.c year-on-year progress.
Interval-end deposits elevated by 18.8 p.c year-on-year, reaching ₹12,94,742 crore as of September 30, 2023.
Throughout Q2-2024, the common ratio of present account and financial savings account (CASA) stood at 40.8 p.c.
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