ICICI Bank posts Q1 profit of Rs 1,908 crore

Mumbai: Private sector lender ICICI Bank said on Saturday its profit in June quarter (Q1) stood at Rs 1,908 crore against a loss of Rs 120 crore in the year-on period due to healthy net interest income and improved asset quality.

In the previous quarter (January to March), it had reported a profit of Rs 969 crore.

Net interest income in Q1 FY20 grew by 26.8 percent year-on-year to Rs 7,737 crore with healthy loan growth of 15 percent. The year-on-year growth in domestic advances was 18 percent.

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Deposits increased by 21 percent to Rs 6.6 lakh crore in April to June quarter with average CASA deposits growth of 12.3 percent and term deposits growth of 34 percent year-on-year.

The net interest margin was strong at 3.61 percent in Q1FY20 as compared to 3.19 percent seen in the previous year.

“We continued to leverage strong retail franchise, resulting in a 22 percent year-on-year growth in the retail loan portfolio in Q1. Excluding non-performing and restructured loans, the growth in domestic corporate loans was about 13 percent YoY,” ICICI Bank said in a statement.

Asset quality improved with gross non-performing assets (NPAs) as a percentage of gross advances declining to 6.49 percent and net NPAs as a percentage of net advances falling to 1.77 percent.

Significantly, provisions came down to Rs 3,496 crore in Q1 2020 compared to Rs 5,971 crore in Q1 2019.

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