ICICI Bank Q1 profit up 40 percent to Rs 9,648 crore
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New Delhi: Private sector ICICI Bank on Saturday reported a 40 per cent jump in its standalone net profit to Rs 9,648 crore in the June 2023 quarter. The bank said that its profit increased due to reduction in bad loans and improvement in interest income. The standalone net profit of the Mumbai-based lender stood at Rs 6,905 crore in the same period a year ago.
ICICI Bank told the stock market that its total income rose to Rs 38,763 crore from Rs 28,337 crore year-on-year in the first quarter of the current financial year. The interest income of the bank increased from Rs 23,672 crore to Rs 33,328 crore in the quarter under review. The bank’s net interest income (NII) grew 38 per cent year-on-year to Rs 18,227 crore as against Rs 13,210 crore in the year-ago period.
ICICI Bank told the stock market that its total income rose to Rs 38,763 crore from Rs 28,337 crore year-on-year in the first quarter of the current financial year. The interest income of the bank increased from Rs 23,672 crore to Rs 33,328 crore in the quarter under review. The bank’s net interest income (NII) grew 38 per cent year-on-year to Rs 18,227 crore as against Rs 13,210 crore in the year-ago period.
Similarly, the net interest margin improved to 4.7 per cent from 4.01 per cent in the year-ago period. The bank’s asset quality improved and gross non-performing assets (NPAs) declined from 3.4 per cent to 2.7 per cent year-on-year during the period under review. Similarly, the net NPA declined from 0.7 per cent to 0.4 per cent. The capital adequacy ratio of the bank declined to 16.71 per cent from 18.04 per cent at the end of June 2022.
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