ICICI Bank Q1 Results: Net profit rises 40% to ₹9,648 crore, NII up 38% to ₹18,222 crore
- ICICI Bank Q1 Results: The country's leading private sector bank reported a 39.7 per cent jump in net profit at ₹9,648 crore in the first quarter of the current fiscal as its asset quality improved on a sequential basis.
ICICI Bank Q1 Results: ICICI Bank announced its April-June quarter results for fiscal 2023-24 on July 22, reporting a rise of 39.7 per cent in net profit at ₹9,648 crore on a standalone basis, compared to ₹6,905 crore in the corresponding period last year.
The country's leading private sector lender 's net interest income (NII) -or the difference between interest earned and interest paid, increased 38 per cent year-on-year to ₹18,227 crore in the first quarter of current fiscal from ₹13,210 crore in the corresponding quarter last year.
The net interest margin (NIM) of the bank came in at 4.78 per cent in the quarter compared to 4.01 per cent in the same quarter last year. The bank's core operating profit (excluding treasury gains) during the June quarter stood at ₹13,887 crore, compared to ₹10,273 crore in the year-ago period.
Asset Quality
The bank's asset quality improved as the gross non-performing assets (GNPAs) during the June quarter came in at ₹31,822 crore, compared to ₹33,163 crore, registering a decline of 3.4 per cent year-on-year. At ₹5,381.77 crore, the net non-performing assets (NNPA) also declined to 0.48 per cent in the June quarter from 0.70 per cent in the year-ago quarter.
The bank has written off gross NPAs amounting to ₹1,169 crore in the quarter-under-review. The provision coverage ratio on NPAs was 82.4 per cent at June 30, 2023. The bank's provisions (excluding provision for tax) during the said quarter stood at ₹1,292 crore, compared to ₹1,144 crore in the year-ago period.
The asset quality is one of the most critical areas in determining the overall health of the bank as it reflects the existing and potential credit risk associated with its loan and investment portfolios, and other assets, as well as off-balance sheet transactions.
Deposit growth
The bank's total period-end deposits increased by 17.9 per cent year-on-year and ₹12,38,737 crore in the June quarter. The total term deposits increased by 25.8 per cent year-on-year.
The average current account and savings account (CASA) ratio was 42.6 per cent in the April-June FY24 quarter.
The average current account deposits increased by 9.2 per cent year-on in the June quarter, and the average savings account deposits increased by 5.6 per cent year-on-year.
Credit growth
The bank's total advances increased by 18 per cent year-on-year to ₹10.57 lakh crore for the quarter ended June 30, 2023. The net domestic advances grew by 21 per cent annually. The retail loan portfolio grew by 22 per cent year-on-year. The business banking portfolio grew by 30.4 per cent year-on-year and 3.8 per cent sequentially.
The SME business, comprising borrowers with a turnover of less than ₹250 crore, grew by 28.5 per cent year-on-year and five per cent sequentially at June 30, 2023.
Additionally, the value of the bank’s merchant acquiring transactions through UPI grew 88 per cent year-on-year in the June quarter. It had a market share of 30 per cent by value in electronic toll collections through FASTag in Q1-2024, with a 16 per cent year-on-year growth in collections.
On July 21, shares of ICICI Bank settled 0.13 per cent higher at ₹996.70 apiece on the BSE.
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Business NewsCompaniesCompany ResultsICICI Bank Q1 Results: Net profit rises 40% to ₹9,648 crore, NII up 38% to ₹18,222 crore
First Published:22 Jul 2023, 03:38 PM IST
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