ICICI Bank’s profit surges 78% as bad loan buffers decline

ICICI, India’s second-biggest bank, has recorded a 78% rise in profit in the three months leading up to June. 

A report which became public on Saturday revealed that the lender’s net income took a strong leap from 25.99 billion rupees during the same period in 2020 to 46.16 billion rupees (S$844 million) this year.

ICICI Bank has a significant level of exposure to the secured mortgage and vehicle business as part of its cumulative loan book, putting it at a lower asset quality than other lenders. 

The bank has invested twice the effort put into its corporate book into its safer retail loans, which became a need for many businesses who needed to access cash to stay afloat during a new wave of covid-19 cases in the region. 

“We are very comfortable with our growth,” said Sandeep Batra, executive director of the bank. “It’s important to look at the quality of the books we have built over the last couple of years.”