ICICI Bank Q1 results: ICICI Bank on Saturday reported that its standalone profit after tax (PAT) for the June quarter stood at Rs 9,648 crore, which is 39.7 per cent higher than the year-ago period. The bank reported a net profit of Rs 6,905 crores in Q1 FY23.
The core operating profit grew by 35.2 per cent YoY to Rs 13,887 crore in Q1 while fee income grew by 14.1 per cent YoY to Rs 4,843 crore.
Its net interest income (NII) increased by 38 per cent YoY to Rs 18,227 crore in the April-June quarter, while the net interest margin (NIM) was 4.78 per cent in Q1 compared to 4.01 per cent in Q1 of FY23 and 4.90 per cent in Q4 of FY23.
The gross NPA customer assets for Q1 FY24 was Rs 31,822,39 crore as compared to Rs 31,183.70 in Q4 FY23.
The gross NPA ratio was 2.76 per cent at the end of the June quarter, compared to 2.81 per cent sequentially. The net NPA ratio was 0.48 per cent in June-end, compared to 0.48% in March 2023-end and 0.70% in the corresponding period of the last fiscal year.
The net addition to gross NPAs, excluding write-offs and sales, was Rs 1,807 crore during the quarter, off which the bank got rid of gross NPAs amounting to Rs 1,169 crore.
The bank's retail loan portfolio expanded by 21.9 per cent YoY and 4.5 per cent sequentially, and comprised 54.3 per cent of the total loan portfolio.
The business banking portfolio grew by 30.4 per cent YoY, while the domestic corporate portfolio grew by 19.3 per cent YoY.
The bank deposits recorded a growth of 17.9 per cent to Rs 12,38,737 crore, while its domestic loan portfolio grew by 20.6 per cent to Rs 10,25,310 crore in the June quarter of FY24.
Its current account and savings account (CASA) ratio for the quarter was recorded at 42.6 per cent, while the average current account deposits increased by 9.2 per cent YoY. Its average savings account deposits also increased by 5.6 per cent YoY.
Other highlights:
> Core operating profit grew by 35.2 per cent year-on-year to Rs 13,887 crore in Q1 FY24 • Profit after tax grew by 39.7 per cent year-on-year to Rs 9,648 crore in June quarter • Total period-end deposits grew by 17.9 per cent year-on-year to Rs 12,38,737 crore at June 30, 2023 • Domestic loan portfolio grew by 20.6 per cent year-on-year to Rs 10,25,310 crore at June 30, 2023 • Net NPA ratio was 0.48 per cent at June 30, 2023 • Provision coverage ratio on non-performing assets was 82.4 per cent at June 30, 2023 • Including profits for Q1 FY24, total capital adequacy ratio was 17.47 per cent and Tier-1 capital adequacy ratio was 16.76 per cent on a standalone basis on June 30, 2023
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