Business strategy

Net Profit Jumps by 50% to 6,905 Crore, NII Rises 21%

ICICI Bank Q1 FY23 Results: India’s second largest private sector lender, ICICI Bank reported a net profit of Rs 6.905 crore for the quarter ended June 30, which is up by 50 per cent on a year-on-year basis. ICICI Bank’s net interest income (NII) increased by 21 per cent year-on-year to Rs 13,210 crore in Q1 FY23 from Rs 10,936 crore in Q1-2022, it said in a regulatory filing on Saturday, July 23.

The core operating profit (profit before provisions and tax, excluding treasury income) grew by 19 per cent year-on-year to `Rs 10,273 crore during the the quarter ended June 30, 2022, the lender reported. ICICI Bank posted a non-interest income, excluding treasury income, of Rs 4,629 crore in Q1 FY23, which is an increase of 25 per cent year-on-year to  from Rs 3,706 crore in Q1 FY22.

The net interest margin came in at 4.01 per cent in Q1 FY23 compared to 3.89 per cent in Q1 FY22 and 4.00 per cent in the quarter ended March 31, 2022. The ICICI Bank further said that it saw a treasury gain of Rs 36 crore in the quarter ended March 31,  compared with a gain of Rs 290 crore on a year-on-year basis.

The gross non performing assets plunged to 3.41 per cent in the first quarter of the financial year, from 3.60 per cent during the March 2022 quarter, and 5.15 per cent in the year-ago quarter. ICICI Bank reported that there were net additions of Rs 382 crore to gross NPAs compared to net deletions of Rs 489 crore in Q4 FY22.

Meanwhile, the net NPA ratio declined to 0.70 per cent at June 30, 2022 from 0.76 per cent as of March 31, 2022 and 1.16 per cent as of June 30, 2021. During the June quarter, the gross NPA additions was reported at Rs 5,825 crore. Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 5,443 crore.

Fee income grew by 32 per cent year-on-year to Rs 4,243 crore in the April to June quarter from Rs 3,219 crore in the year-ago quarter. ICICI Bank said that fees from retail, rural, business banking and SME customers constituted about79 per cent of total fees in Q1 FY23.

ICICI Bank saw a decline of provisions (excluding provision for tax) by 60 per cent in the April to June ’23 quarter, which stood at Rs 1,144 crore as of June 30 2022, as compared to Rs 2,852 crore in the year-ago quarter. The consolidated profit after tax increased by 55 per cent year-on-year to `Rs 7,385 crore in the quarter ended June, 30, 2022 from Rs 4,763 crore in Q1 FY22.

ICICI Bank’s retail loan portfolio grew by 24 per cent year-on-year and 5 per cent sequentially, and comprised 53.1 per cent of the total loan portfolio at June 30, 2022. Meanwhile, the total period-end deposits increased by 13 per cent year-on-year to Rs 1,050,349 crore. Average savings account deposits increased by 19 per cent year-on-year and 4 per cet sequentially during the quarter ended June 30, 2022. ICICI Bank had a network of 5,534 branches and 13,379 ATMs as on June 30, this year.

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