BBN Bureau
MUMBAI/July 24-2022: ICICI Bank, the country’s second largest bank, has reported a net profit of Rs6905 crore for the first quarter of the current year (FY23) compared with Rs4616 crore in the same period last year, representing a 50 per cent growth year-on-year (YoY).
On a consolidated basis, ICICI Bank saw a 55 per cent jump in its profit after tax (PAT) at Rs7,385 crore from Rs4,763 crore a year ago.
An ICICI Bank statement said its net interest income (NII) rose 21 per cent YoY to Rs13,210 crore and its net interest margin (NIM) for the April-June period was at 4.92 per cent. In comparison, the bank’s NII stood at Rs10,936 crore in the same quarter last year.
The bank’s total income during the Q1 FY23 rose16.23 per cent during the period from Rs24,379.23 crore to Rs28,336.74 crore. During the said period, its interest income climbed to Rs23,671.54 crore from Rs20,383.41 crore.
NPAs down
ICICI Bank also stated that its gross non-performing assets (NPAs) dropped to 3.41 per cent of the gross advances at the end of Q1 FY23 from 5.15 per cent at the end of Q1 FY22.
The bank’s net NPAs shrank to 0.70 per cent from 1.16 per cent, while its provisions for bad loans and contingencies halved to Rs1,143.82 crore in the April-June period of 2023, as against Rs2,851 .69 crore in the year-ago quarter, representing a decline of almost 60 per cent.
ICICI Bank’s gross NPA additions stood at Rs5,825 crore. Recoveries and upgrades of NPAs, excluding write-offs and sale, was at Rs5,443 crore as against Rs4,693 crore in Q4 FY22.
ICICI Bank also stated that its non-interest income, excluding treasury income, rose 25 per cent YoY to Rs4,629 crore from Rs3,706 crore. The bank also reported a treasury gain of Rs36 crore for Q1 FY23 as against a gain of Rs290 crore in Q1 FY22.
