ICICI Bank Q1 Results: PAT Jumps 39.7% YoY To Rs 9,648 Crore, NII Up 38%

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ICICI Bank Q1 Results: Its net interest income during April-June 2023 surged 38 per cent to Rs 18,227 crore, compared with Rs 13,210 crore in the year-ago period

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ICICI Bank on Saturday, July 22, reported a 39.7 per cent year-on-year (YoY) jump in its net profit to Rs 9,648 crore in the first quarter ended June 2023 (Q1 FY24). Its net interest income (NII) during April-June 2023 surged 38 per cent to Rs 18,227 crore, compared with Rs 13,210 crore in the year-ago period.

The private sector bank’s net profit had stood at Rs 6,905 crore in Q1 FY23.

ICICI Bank’s net interest margin during Q1FY24 stood at 4.78 per cent, compared with 4.01 per cent in Q1FY23 and 4.90 per cent in Q4FY23, according to a regulatory filing.

“The core operating profit grew 35.2 per cent year-on-year to Rs 13,887 crore ($1.7 billion) in Q1-2024 from Rs 10,273 crore ($1.3 billion) in the quarter ended June 30, 2022, (Q1-2023); excluding dividend income from subsidiaries/associates, core operating profit grew by 37 per cent year-on-year in Q1-2024,” ICICI Bank said in the filing.

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The bank’s asset quality saw marginal improvement. Its gross NPA ratio at June 30, 2023, stood at 2.76 per cent as compared to 2.81 per cent at March 31, 2023. The bank’s net NPA ratio was 0.48 per cent at June 30, 2023, compared with 0.48 per cent at March 31, 2023, and 0.70 per cent at June 30, 2022.

“Including profits for Q1-2024, the bank’s total capital adequacy ratio at June 30, 2023, was 17.47 per cent and Tier-1 capital adequacy was 16.76 per cent compared to the minimum regulatory requirements of 11.70 per cent and 9.70 per cent, respectively,” ICICI Bank said.

Its provisions (excluding provision for tax) were Rs 1,292 crore ($157 million) in Q1-2024 compared with Rs 1,144 crore ($139 million) in Q1-2023.

The bank’s fee income grew by 14.1 per cent year-on-year to Rs 4,843 crore ($590 million) in Q12024 from Rs 4,243 crore ($517 million) in Q1-2023.

ICICI Bank’s average CASA (current account saving account) ratio was 42.6 per cent during the June 2023 quarter.

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Its total deposits during April-June 2023 increased 17.9 per cent year-on-year and 4.9 per cent sequentially to Rs 12,38,737 crore ($151.0 billion) at June 30, 2023.

Its net domestic advances grew by 20.6 per cent year-on-year and 4.0 per cent sequentially at June 30, 2023. The retail loan portfolio grew by 21.9 per cent year-on-year and 4.5 per cent sequentially, and comprised 54.3 per cent of the total loan portfolio at June 30, 2023.

With an addition of 174 branches during the June 2023 quarter, ICICI Bank had a network of 6,074 branches, 16,731 ATMs and cash recycling machines at June 30, 2023.

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On a consolidated basis, ICICI Bank’s profit after tax increased 44 per cent year-on-year to Rs 10,636 crore ($1.3 billion) in Q1-2024 from Rs 7,385 crore ($900 million) in Q1-2023. Its consolidated assets grew by 17 per cent year-on-year to Rs 20,39,897 crore ($248.6 billion) at June 30, 2023 from Rs 17,42,777 crore ($212.4 billion) at June 30, 2022.