ICICI Bank has declared its second quarter results. ICICI Bank's Q2 net profit up 30% at Rs 755 crore from Rs 580.05 crore. Its Net Interest Income (NII) was up 47% at Rs 1,577 crore from Rs 1,070 crore. The bank's retail assets were up by 57%, deposits were up 57%, YoY. Tthe bank's CASA ratio has improved to 23% and the fee income has grown by 62% .
ICICI has changed the banking scene in India over the last few years. We expect robust credit growth this year too. About 69% of the Bank's assets are contributed by the retail bank about 10% of the assets are contributed by the international bank and the balance by the domestic corporate bank with about 7% coming from the rural and agricultural business.
Looking at credit to GDP ratio in India it is indeed quite low. When you compare consumer credit to GDP in India for a country of our size is just about 10-12%. So there is a crying need for credit to fund consumption, to fund infrastructure, to fund a whole lot of capital expenditure and therefore one would expect a robust credit growth in the current year across the banking segment.
Way to go, ICICI!