ICICI’s Q1 profit increased by 40% to Rs 9,648 billion

Private lender ICICI Bank said on Saturday that its standalone net profit for the June 2023 quarter increased by 40% to Rs 9,648 crore, thanks to a decrease in bad loans and an increase in interest revenue.

The Mumbai-based private sector lender reported a standalone net profit of Rs 6,905 crore in the preceding quarter.

According to ICICI Bank’s regulatory statement, its overall revenue increased in the first quarter of the current fiscal year to Rs 38,763 crore from Rs 28,337 crore the previous year.

The bank’s interest income increased to Rs 33,328 crore from Rs 23,672 crore in June 2022.

Net interest income (NII) for the bank jumped 38% from the same quarter last year to Rs 18,227 crore from Rs 13,210 crore.

Additionally, the net interest margin increased from 4.1% percent a year earlier to 4.7% percent concurrently.

Gross non-performing assets (NPAs) decreased from 3.4% of gross advances at the end of the June quarter to 2.7% of gross advances, indicating an improvement in the bank’s asset quality.

In a similar vein, net NPAs, or bad loans, decreased to 0.4% from 0.7% in the same period of the previous fiscal.

Its capital adequacy ratio decreased from 18.04 percent at the end of June 2022 to 16.71 percent now.