ICICI Bank's Q1 profit jumps 78% YoY to Rs 4,616 crore; NIM comes at 26-quarter high at 3.89%

ICICI Bank | Representative image

ICICI Bank on July 24 posted a 77.6 percent year-on-year (YoY) jump in June quarter standalone net profit at Rs 4,616 crore. The bank's profit was Rs 2,599.2 crore in the corresponding quarter of the previous financial year and Rs 4,402.6 crore in Q4FY21.

The profit figure was below a poll of analysts done by CNBC-TV18 which had estimated the number at Rs 4,821.8 crore. Core operating profit (profit before provisions and tax, excluding treasury income) grew by 23 percent YoY to Rs 8,605 crore in Q1FY22.

ALSO READ: ICICI Bank Q4 Net Profit seen up 317.6% YoY to Rs 5,100 cr: Sharekhan

The bank's net interest margin (NIM) came at a 26-quarter high at 3.89 percent against 3.84 percent QoQ. Net interest income (NII) for the quarter grew 17.8 percent YoY at Rs 10,935.7 crore which was above the CNBC-TV18 poll of Rs 10,614.4 crore.

The bank's Q1FY22 gross NPA stood at 5.2 percent against 5 percent QoQ while net NPA came at 1.2 percent against 1.1 percent QoQ. Gross NPA stood at Rs 43,148.3 crore against Rs 41,373.2 crore QoQ. Net NPA remained at Rs 9,305.8 crore against Rs 91,80 crore QoQ.

Slippages for the quarter stood at Rs 7,231 crore against Rs 11,818 crore QoQ.
Other income for the quarter stood at 3,996 crore against Rs 6,142.6 crore YoY. Provisions came at Rs 2,851.7 crore against Rs 2,883.5 crore QoQ and Rs 7,594 crore YoY. Domestic loan growth stood at 20 percent YoY.

On June 30, 2021, the bank held COVID-19 related provisions of Rs 6,425 crore. The total capital adequacy ratio was 19.27 percent and the Tier-1 capital adequacy ratio was 18.24 percent on a standalone basis on June 30, 2021 (including profits for Q1-2022).