Private sector lender ICICI Bank on July 22 reported a net profit of Rs 9,648 crore for the first quarter of the current financial year, up 40 percent from the year-ago period and way ahead of market expectations of Rs 8,982 crore.
The bank reported a net profit of Rs 6,905 crore in the corresponding quarter of the previous financial year.
Net interest income (NII) of the lender increased by 38 percent year-on-year to Rs 18,227 crore in the April-June FY24 quarter from Rs 13,210 crore in the corresponding quarter last year.
The net interest margin (NIM) of the bank was at 4.78 percent in the quarter compared to 4.01 percent in the same quarter last year.
The bank's asset quality improved as the gross non-performing assets (GNPAs) declined to 2.76 percent from 3.4 percent in the year-ago period. The net non-performing assets (NNPA) fell to 0.48 percent from 0.70 percent in the year-ago quarter.
Also read: Kotak Mahindra Bank Q1 results: Consolidated net profit up 50.62% at Rs 4,150.19 crore
Deposit growth
Total period-end deposits increased by 18 percent Y-o-Y to Rs 12.38 lakh crore on June 30, 2023. Total term deposits increased by 26 percent Y-o-Y Rs 7.02 lakh crore. Average current account and savings account (CASA) ratio was 42.6 percent in the April-June FY24 quarter.
Average current account deposits increased by 9.2 percent Y-o-Y in the April-June FY24 quarter. Average savings account deposits increased by 5.6 percent Y-o-Y.
Credit growth
Total advances increased by 18 percent Y-o-Y to Rs 10.57 lakh crore for the quarter ended June 30, 2023.
The net domestic advances grew by 21 percent Y-o-Y. The retail loan portfolio grew by 22 percent year-on-year.
The business banking portfolio grew by 30.4 percent Y-o-Y. The small, medium enterprises (SME) business grew by 28.5 percent year-on-year.
The rural portfolio grew by 17.6 percent and the domestic corporate portfolio grew by 19 percent year-on-year.
Also read: RBL Bank Q1 Results: RBL Bank beats Street estimates with 43.28% surge in Q1 net profit
On July 21, ICICI Bank ended at Rs 1,000.45 on the National Stock Exchange, up 0.5 percent.
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