ICICI Bank Q1 profit zooms 50% to Rs 6,905 cr

New Delhi: ICICI Bank on Saturday reported a 50 percent jump in net profit to Rs 6,905 crore in the first quarter of the current fiscal aided by a decline in bad loans.

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The second biggest private sector bank had posted a net profit of Rs 4,616 crore in the same quarter of the previous financial year.

Total income during the April-June quarter of 2022-23 improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in the same quarter in FY22, ICICI Bank said in a regulatory filing.

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On a consolidated basis, ICICI Bank reported a 55 percent jump in net profit to Rs 7,385 crore for the reporting quarter as against Rs 4,616 crore in the same quarter of the previous fiscal.

Interest income of the bank during the quarter increased to Rs 23,671.54 crore from Rs 20,383.41 crore in the year-ago period.

On the asset quality front, gross non-performing assets (NPAs) declined to 3.41 percent of the gross advances as of June 30, 2022, from 5.15 percent on June 30, 2021. Net NPAs or bad loans too slipped to 0.70 percent from 1.16 percent.

As a result, provisions for bad loans and contingencies more than halved to Rs 1,143.82 crore in the quarter, as against Rs 2,851 .69 crore put earmarked in the year-ago quarter.

During the quarter, there were net additions of Rs 382 crore to gross NPAs compared to net additions of Rs 3,604 crore in Q1-2022. Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 5,443 crore in the first quarter.

Provisioning coverage ratio on non-performing assets was 79.6 percent at June 30, 2022. Total capital adequacy ratio was 18.74 percent and Tier-1 capital adequacy ratio was 17.95 percent, on a standalone basis, at June 30, 2022.

The net interest margin rose to 4.01 percent as compared to 3.89 percent in the same quarter a year ago.

Total advances increased by 21 percent year-on-year to Rs 8,95,625 crore while period-end term deposits increased by 11 percent to Rs 5,58,235 crore at June 30.

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