ICICI Bank Q1 net surges 39.7% to ₹9,648 crore
The Hindu
ICICI Bank reports 39.7% rise in Q1 net profit; NII up 38%, retail loan portfolio grows 21.9% YoY, net NPA ratio down to 0.48%. Net domestic advances up 20.6% YoY, gross NPA ratio lower at 2.76%, provision coverage ratio at 82.4%.
ICICI Bank Ltd. reported that its first quarter standalone net profit grew 39.7% to ₹9,648 crore from ₹6,905 crore in the year-ago period, primarily supported by a 38% rise in Net Interest Income (NII) during the quarter ended June 30, 2023.
NII increased to ₹18,227 crore from ₹13,210 crore a year ago. The net interest margin was 4.78% in Q1-2024 compared with 4.01% a year ago, the private sector lender said in a filing.
The bank made provisions (excluding provision for tax) of ₹1,292 crore for bad loans compared with ₹ 1,144 crore a year ago.
The net domestic advances during the quarter grew by 20.6% year-on-year (YoY).
The retail loan portfolio grew by 21.9% YoY, and comprised 54.3% of the total loan portfolio. Including non-fund outstanding, the retail portfolio was 45.9% of the total portfolio at June 30, 2023, Sandeep Batra, Executive Director, ICICI Bank said over a conference call.
He said the business banking portfolio grew by 30.4% YoY and the SME business, comprising borrowers with a turnover of less than ₹250 crore grew by 28.5% YoY.
The rural portfolio grew by 17.6% YoY and the domestic corporate portfolio grew by 19.3% YoY, he said.
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