ICICI Bank Q1 Results highlights: Continues to deliver strong results, profit after tax grows 39.7% YoY
ICICI Bank Limited's performance for the quarter ended June 30, 2023, showed significant growth in various financial metrics. The core operating profit grew by 35.2% year-on-year to ₹13,887 crore (US$1.7 billion) in the same quarter. Profit after tax saw a substantial increase of 39.7% year-on-year, reaching ₹9,648 crore (US$1.2 billion) in Q1-2024.
The bank's total period-end deposits experienced a notable growth of 17.9% year-on-year, amounting to ₹12,38,737 crore (US$151.0 billion) at June 30, 2023. The average CASA ratio for Q1-2024 was 42.6%. Moreover, the domestic loan portfolio grew by 20.6% year-on-year, reaching ₹10,25,310 crore (US$125.0 billion) at the end of June 2023.
ICICI Bank Limited maintained a healthy asset quality, with a net NPA ratio of 0.48% at June 30, 2023. The provision coverage ratio on non-performing assets was 82.4% at the same date. The Bank's consolidated results were also impressive, as the profit after tax (PAT) on a consolidated basis increased by 44.0% year-on-year to ₹10,636 crore (US$1.3 billion) in Q1-2024.
Consolidated assets grew by 17.0% year-on-year to ₹2,039,897 crore (US$248.6 billion) at June 30, 2023. ICICI Bank's capital adequacy ratios remained well above the regulatory requirements, with a total capital adequacy ratio of 17.47% and a Tier-1 capital adequacy ratio of 16.76% at June 30, 2023. The bank experienced strong growth in its digital and payments platforms, with significant activations on iMobile Pay and registrations on InstaBIZ.
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