Bank

Net profit jumps 50% to 6,905 Crore, NII rises 21%

ICICI Bank Q1 FY23 results: India’s second-largest private sector lender, ICICI Bank, reported net profit of Rs 6,905 crore for the quarter ended June 30, up 50% on an annual basis. Net interest income (NII) increased 21% year-on-year to Rs 13,210 crore in the first quarter of FY23 from Rs 10,936 crore in
Q1-2022, ICICI Bank said in a regulatory filing on Saturday July 23.

Core operating profit (earnings before provisions and taxes, excluding cash income) rose 19% year-on-year to Rs 10,273 crore in the quarter ended June 30, 2022, the lender reported. ICICI Bank recorded non-interest income, excluding treasury income, of Rs 4,629 crore in the first quarter of FY23, a 25% year-on-year increase from Rs 3,706 rupee crores in the first quarter of FY22.

Net interest margin was 4.01% in the first quarter of FY23, compared to 3.89% in the first quarter of FY22 and 4.00% in the three months ended March 31 2022. ICICI Bank further said it saw a cash gain of Rs 36 crore in the quarter ended March 31, compared to a gain of Rs 290 crore on an annual basis.

Gross non-performing assets plunged to 3.41% in the fiscal first quarter, from 3.60% in the March 2022 quarter and 5.15% in the year-ago quarter. ICICI Bank reported that there were net additions of Rs 382 crore to gross NPAs compared to net deletions of Rs 489 crore in Q4 FY22.

Meanwhile, the net NPA ratio fell to 0.70% as of June 30, 2022, from 0.76% as of March 31, 2022 and 1.16% as of June 30, 2021. During the June quarter, gross additions of NPAs have been reported at Rs 5,825 crores. NPA recoveries and upgrades, excluding write-offs and sale, were Rs 5,443 crore.

Fee income rose 32% year-on-year to Rs 4,243 crore in the April-June quarter from Rs 3,219 crore in the prior year quarter. ICICI Bank said retail, rural, corporate banking and SME customer fees accounted for about 79% of total fees in the first quarter of FY23.

ICICI Bank recorded a decline in provisions (excluding tax provision) of 60% in the April to June 23 quarter, which stood at Rs 1,144 crore as of June 30, 2022, from Rs 2,852 crore as of quarter of the previous year. . Consolidated profit after tax increased by 55% year-on-year to Rs 7,385 crore in the quarter ended June 30, 2022 from Rs 4,763 crore in the first quarter of FY22.

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