ICICI Bank Q1 Results: Profit rises 50% YoY to Rs 6,905 crore; NII jumps 21%

ICICI Bank on Saturday reported a 50 percent year-over-year (YoY) increase in after-tax profit (PAT) of Rs 6,905 crore compared to Rs 4,616 crore in the same quarter last year.

The bank said its net interest income (NII) rose 21 percent year-on-year to Rs 13,210 crore compared to Rs 10,936 crore in the same quarter last year. Net interest margin (NIM) for the quarter came in at 4.92 percent.

Net interest margin (NIM) for the quarter came in at 4.01 percent, compared to 4 percent in the March quarter and 3.89 percent in the same quarter a year ago.

Non-interest income, excluding treasury revenue, increased 25 percent year-on-year to Rs 4,629 crore from Rs 3,706 crore. Fee income increased by 32 percent year-on-year to Rs 4,243 crore from Rs 3,219 crore. Fees from retail, rural, corporate banking and SMB customers made up about 79 percent of total fees, the lender said in a press release.

Provisions, excluding provision for tax, declined 60 percent year-on-year to Rs 1,144 crore from Rs 2,852 crore. Provisions for the June quarter include a contingency provision of Rs 1,050 crore made on a prudent basis

The bank said it saw a profit of Rs 36 crore for the quarter, compared to a profit of Rs 290 crore in the same quarter last year.

The gross NPA ratio for the quarter fell to 3.41 percent in the June quarter, from 3.60 percent in March and 5.15 percent in the same quarter a year ago.

In the June quarter, there were net additions of Rs 382 crore to gross NPAs compared to net withdrawals of Rs 489 crore in the March quarter.

In terms of value, the gross NPA additions amounted to Rs 5,825 crore. NPA recoveries and upgrades, excluding depreciation and sales, came in at Rs 5,443 crore compared to Rs 4,693 crore in the March quarter.

The gross amortized NPAs amounted to Rs 1,126 crore while the provision coverage ratio on NPAs was 79.6 percent.

Meanwhile, on a consolidated basis, the bank reported a 55 percent increase in PAT at Rs 7,385 crore from Rs 4,763 crore year on year.

Consolidated assets grew 13 percent year-on-year to Rs 1,742,777 crore, from Rs 1,536,731 crore in the same quarter a year ago. ICICI Prudential Life Insurance’s PAT came in at Rs 156 crore against a loss of Rs 186 crore YoY. ICICI Lomard jumped 79.6 percent year-on-year to Rs 349 crore from Rs 194 crore. ICICI Securities reported a PAT of Rs 274 crore against Rs 311 crore in the year-ago quarter. The profit of ICICI Prudential Asset Management Company came in at Rs 305 crore against Rs 380 crore YoY.

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