ICICI Bank reported a rise of 39.7 per cent in net profit to Rs 9,648 cr on a standalone basis, compared to ₹6,905 crore in the corresponding period last year for the first Quarter for FY 23-24.
The Net Interest Income (NII) of the private sector lender, jumped 38 per cent YoY to 18,227 crore in the first quarter of the current fiscal from 13,210 crore in the similar quarter last year.
The bank’s net interest margin (NIM) was 4.78 per cent in the quarter, up from 4.01 per cent in the same quarter last year. The bank’s core operating profit (excluding treasury gains) was 13,887 crore in the June quarter, up from 10,273 crore the previous year.
The bank’s asset quality improved as gross non-performing assets (GNPAs) fell 3.4 per cent YoY to 31.822 crore in the June quarter from 33.163 crore the previous year. Net non-performing assets (NNPA) fell to 0.48 per cent in the June quarter from 0.70 per cent the previous quarter, totaling 5,381.77 crore.
In the most recent quarter, the bank wrote off gross NPAs of 1,169 crore. At June 30, 2023, the provision coverage ratio for NPAs was 82.4 per cent. The bank’s provisions (excluding tax provisions) were 1,292 crore for the quarter, up to 1,144 crore the previous year.
In the June quarter, the bank’s total period-end deposits climbed by 17.9 per cent YoY to 12,38,737 crore. YoY, total term deposits climbed by 25.8 per cent.
In the April-June FY24 quarter, the average current account and savings account (CASA) ratio was 42.6 per cent.
In the June quarter, average current account deposits climbed by 9.2 per cent year on year, while average savings account deposits increased by 5.6 per cent YoY.
For the quarter ending June 30, 2023, the bank’s overall advances climbed by 18 per cent year on year to 10.57 lakh crore. Net domestic advances increased by 21 per cent YoY year on year. The retail loan portfolio increased by 22 per cent YoY. The business banking portfolio increased by 30.4 per cent year on year and 3.8 per cent sequentially.
At June 30, 2023, the SME business, which includes borrowers with a revenue of less than Rs. 250 crore, expanded by 28.5 per cent YoY and 5 per cent sequentially.
Furthermore, the value of the bank’s merchant acquiring transactions via UPI increased by 88 per cent YoY in the June quarter. In Q1-2024, it had a market share of 30 per cent by value in electronic toll collections via FASTag, with a 16 per cent YoY increase in collections.