ICICI Q1 Results: Bank’s net profits see significant growth by 40% to Rs 9,648 cr

New Delhi: India’s big private sector lender ICICI Bank on July 22 reported a 40 per cent jump in its net profit to Rs 9,648 crore in the June quarter of FY23 from Rs 6,905 crore in the year-ago period.

The bank’s net interest income (NII) grew 38 per cent year-on-year to Rs 18,227 crore in the first quarter of the current financial year, as against Rs 13,210 crore in the year-ago quarter.

ICICI reported that its net interest margin (NIM) stood at 4.78 per cent for the quarter, as against 4.01 per cent during the same quarter last year.

The bank’s asset quality improved as gross non-performing assets (GNPA) declined to 2.76 per cent from 3.4 per cent in the previous year quarter. Net non-performing assets (NNPA) declined to 0.48 per cent from 0.70 per cent in the same quarter of the previous financial year.

ICICI Deposits Increase

Total deposits for the April-June quarter grew by 18 per cent year-on-year to Rs 12.38 lakh crore as on June 30, 2023. Total fixed deposits grew by 26 per cent to Rs 7.02 lakh crore.

On the other hand, the average current account and savings account (CASA) ratio stood at 42.6 per cent in Q1 of FY23.

In the June quarter of FY 2023, the average current deposit account of a private entity increased by 9.2 percent on a year-on-year basis. On the other hand, the average savings account deposit grew by 5.6 per cent year-on-year.

credit enhancement

The bank’s total advances grew 18 per cent year-on-year to Rs 10.57 lakh crore in the quarter ended June 30, 2023.

Net home advances grew by 21 per cent year-on-year, while the retail loan portfolio grew by 22 per cent year-on-year.

The banking business portfolio of the bank grew by 30.4 per cent year-on-year. In addition, small, medium enterprises (SME) businesses grew by 28.5 per cent year-on-year.

On the other hand, the rural portfolio grew by 17.6 per cent and the domestic corporate portfolio saw a year-on-year growth of 19 per cent.