ICICI Bank Q1 Results: Profit jumps 40% YoY to Rs 9,648 crore, beats estimate

economictimes.indiatimes.com:

ICICI Bank's June quarter standalone profit after tax (PAT) recorded a growth of 39.7% year-on-year (YoY) to Rs 9,648 crore. ET NOW poll had estimated PAT at Rs 9,300 crore. Its net interest income (NII) increased by 38% YoY to Rs 18,227 crore in Q1 while the net interest margin (NIM) was 4.78% in Q1 compared to 4.01% in Q1 of FY23 and 4.90% in Q4 of FY23.

Provisions (excluding provision for tax) increased to Rs 1,292 crore during the quarter as compared to Rs 1,144 crore in Q1 of FY23. The core operating profit grew by 35.2% YoY to Rs 13,887 crore in Q1 while fee income grew by 14.1% YoY to Rs 4,843 crore. The net NPA ratio was 0.48% at the end of the June quarter while the average CASA ratio was 42.6% in Q1.

Deposits recorded a 17.9% YoY growth to Rs 12,38,737 crore while the domestic loan portfolio grew by 20.6% on-year to Rs 10,25,310 crore. Including profits for the quarter, the total capital adequacy ratio was 17.47% and Tier-1 capital adequacy ratio was 16.76% on a standalone basis.Asset qualityThe gross NPA ratio was 2.76% at the end of the June quarter, compared to 2.81% sequentially. The net NPA ratio was 0.48% in June-end, compared to 0.48% in March 2023-end and 0.70% in the corresponding period of the last fiscal year.

The net addition to gross NPAs, excluding write-offs and sales, was Rs 1,807 crore during the quarter in which ICICI Bank wrote off gross NPAs amounting to Rs 1,169 crore.Credit growthThe retail loan portfolio grew by 21.9% YoY and 4.5% sequentially, and comprised 54.3% of the total loan portfolio. The business banking portfolio grew by 30.4% YoY while the domestic corporate portfolio grew by 19.3% YoY. On Friday, ICICI Bank shares had ended the week flat at Rs 996.70 on BSE.