Two private sector banks — ICICI Bank and Yes Bank — on Saturday surpassed Street estimates, providing some relief from the muted set of earnings so far.

Net profits at ICICI Bank increased 14.5 per cent over the previous year period to ₹11,746 crore from ₹10,261 crore.

Analysts polled by Bloomberg had expected its net profit to come at ₹10,952 crore.

Net interest income (NII-interest earned minus interest paid) increased 9.5 per cent over the previous year period to ₹20,048 crore from ₹18,308 crore in the same period of the previous year.

Non-interest income, excluding treasury, increased 10.8 per cent to ₹6,496 crore from ₹5,861 crore.

During the quarter, there was an improvement in its asset quality with the gross NPA (non-performing assets) ratio standing at 1.97 per cent compared with 2.15 per cent on a sequential basis.

The net NPA ratio was 0.42 per cent as on September 30, 2024 against 0.43 per cent in the preceding three months.

Gross NPA additions were ₹5,073 crore during the period compared with ₹5,916 crore in the April-June period.

Recoveries and upgrades of NPAs, excluding write-offs and sale, stood at ₹3,319 crore against ₹3,292 crore in the first quarter of this fiscal.

However, the quarter saw an increase in provisions, which rose to ₹1,233 crore from ₹583 crore in the same period of last year.

Yes Bank net jumps

Yes Bank saw its net profit jump 146 per cent on lower provisions and a double-digit rise in its NII even as its asset quality improved

Standalone net profit increased to ₹553.04 crore from ₹225.21 crore in the same period of the previous year.

Provisions declined to ₹297.10 crore from ₹500.38 crore in the year-ago quarter.

On the asset quality front, the percentage of gross NPAs declined to 1.6 per cent from 1.7 per cent on a sequential basis. It stood at 2 per cent in the previous year.

NII increased by 14.5 per cent to ₹2,200 crore. Net advances grew 12.4 per cent over the previous year.

“Deposit momentum has been maintained with 18 per cent year-on-year growth, along with healthy CASA (current account and saving account) ratio (now at 32 per cent) expansion on both year-on-year and quarter-on-quarter basis,’’ Prashant Kumar, managing director and CEO, Yes Bank, said.

IDFC First Bank

IDFC First Bank on Saturday posted a 73 per cent decline in its standalone profit to ₹201 crore in the second quarter ended in September 2024.

The private sector lender had earned a net profit of ₹751 crore in the same quarter a year ago.

With inputs from PTI