August8 , 2022

ICICI Bank Q1 Results: Profit rises 50% YoY to Rs 6,905 crore; NII jumps 21%

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ICICI Bank on Saturday reported a 50 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 6,905 crore compared with Rs 4,616 crore in the same quarter last year.

The bank said its net interest income (NII) rose 21 per cent YoY to Rs 13,210 crore compared with Rs 10,936 crore in the same quarter last year. Net Interest Margin (NIM) for the quarter came in at 4.92 per cent.

The net interest margin (NIM) for the quarter came in at 4.01 per cent compared with 4 per cent in the March quarter and 3.89 per cent in the year-ago quarter.

Non-interest income, excluding treasury income, climbed 25 per cent YoY to Rs 4,629 crore from Rs 3,706 crore. Fee income was up 32 per cent YoY at Rs 4,243 crore from Rs 3,219 crore. Fees from retail, rural, business banking and SME customers constituted about 79 per cent of total fees, the lender said in a press release.

Provisions, excluding provision for tax, plunged 60 per cent YoY to Rs 1,144 crore from Rs 2,852 crore. Provisions for June quarter included contingency provision of Rs 1,050 crore made on a prudent basis

The bank said it saw treasury gain of Rs 36 crore for the quarter compared with a gain of Rs 290 crore in the year-ago quarter.

Gross NPA ratio for the quarter declined to 3.41 per cent in June quarter from 3.60 per cent in March and 5.15 per cent in the year-ago quarter.

In the June quarter, there were net additions of Rs 382 crore to gross NPAs compared to net deletions of Rs 489 crore in March quarter.

In value terms, the gross NPA additions stood at Rs 5,825 crore. Recoveries and upgrades of NPAs, excluding write-offs and sale, came in at Rs 5,443 crore compared with Rs 4,693 crore in March quarter.

The gross NPAs written-off stood at Rs 1,126 crore while the provisioning coverage ratio on NPAs came in at 79.6 per cent.

Meanwhile, on a consolidated basis, the bank reported a 55 per cent jump in PAT at Rs 7,385 crore from Rs 4,763 crore YoY.

Consolidated assets grew 13 per cent YoY to Rs 1,742,777 crore from Rs 1,536,731 crore in the year-ago quarter. The PAT of ICICI Prudential Life Insurance came in at Rs 156 crore against a loss of Rs 186 crore YoY. ICICI Lomard jumped 79.6 per cent YoY to Rs 349 crore from Rs 194 crore. ICICI Securitiesreported a PAT of Rs 274 crore against Rs 311 crore in the year-ago quarter. The profit of ICICI Prudential Asset Management Company, came in at Rs 305 crore against Rs 380 crore YoY.

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