ICICI Bank on Saturday, July 22, reported a 39.7 per cent year-on-year (YoY) jump in its net profit to Rs 9,648 crore in the first quarter ended June 2023 (Q1 FY24). Its net interest income (NII) during April-June 2023 surged 38 per cent to Rs 18,227 crore, compared with Rs 13,210 crore in the year-ago period.
The private sector bank’s net profit had stood at Rs 6,905 crore in Q1 FY23.
ICICI Bank’s the net interest margin during Q1FY24 stood at 4.78 per cent, compared with 4.01 per cent in Q1FY23 and 4.90 per cent in Q4FY23, according to a regulatory filing.
“The core operating profit grew 35.2 per cent year-on-year to Rs 13,887 crore ($1.7 billion) in Q1-2024 from Rs 10,273 crore ($1.3 billion) in the quarter ended June 30, 2022, (Q1-2023); excluding dividend income from
subsidiaries/associates, core operating profit grew by 37 per cent year-on-year in Q1-2024,” ICICI Bank said in the filing.
The bank’s asset quality saw marginal improvement. Its gross NPA ratio at June 30, 2023, stood at 2.76 per cent as compared to 2.81 per cent at March 31, 2023. The bank’s net NPA ratio was 0.48 per cent at June 30, 2023, compared with 0.48 per cent at March 31, 2023, and 0.70 per cent at June 30, 2022.
“Including profits for Q1-2024, the bank’s total capital adequacy ratio at June 30, 2023, was 17.47 per cent and Tier-1 capital adequacy was 16.76 per cent compared to the minimum regulatory requirements of 11.70 per cent and 9.70 per cent, respectively,” ICICI Bank said.
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