ICICI Bank Q1 Result: Net Profit Rises 40 Per Cent To Rs 9648 Crore

ICICI Bank Q1 Result: Net Profit Rises 40 Per Cent To Rs 9648 Crore

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ICICI Bank posted a 40 per cent increase in its net profit after tax on a year-on-year (YoY) basis in its first quarter (Q1) earnings on Saturday. It logged a net profit of Rs 9,648 crores for the June quarter in the current financial year (FY24) against a net profit of Rs ₹6,905 crores in the first quarter of the previous fiscal year (FY23).

The bank reported it’s Gross Non-Performing Assets (GNPAs) at Rs 31,822.4 crores for Q1 FY24, down from Rs 33,163 crores in Q1 FY23, but up from Rs 31,183 crore on a quarter-on-quarter (QoQ) basis. It’s Net Non-Performing Assets (NNPAs) were down to Rs 5,381.8 crores in the reported quarter from about Rs 6,656.2 crores on a YoY basis. NPAs are loans or advances issued by the bank which are subject to late repayment or unlikely to be repaid by the borrower in full. 

According to a poll conducted by Moneycontrol with three brokerages, analysts’ provided net profit expectations of Rs 8,982 crore which ICICI beat by a huge margin. 

Also Read : YES Bank Q1 Result: Net Profit Rises 10.3 Per Cent To Rs 343 Crore

The lender clocked a 21.9 per cent growth in its retail loan portfolio on a YoY basis and 4.5 per cent growth on a QoQ basis. The domestic loan portfolio of the bank witnessed a 20.6 per cent growth on a YoY basis. The Net Interest Income (NII) of the bank grew 38 per cent from Rs 13,210 crores in Q1 FY23 to Rs 18,227 crores in Q1 FY24. NII is a reflector of interest earned by the bank after measuring the difference between the interest borrowers pay to the bank and the interest paid by the bank to its depositors. 

ICICI’s business banking portfolio registered a growth of 30.4 percent, while the small, medium enterprises (SME) business grew by 28.5 per cent, on a YoY basis. 

It reported its Provisions (other than tax expense) of Rs 1,292 crores in Q1 FY24, up from Rs 1,144 crores in Q1 FY23. It also reported an increase an addition of 174 branches during the reported quarter, adding to the bank’s total network of 6,074 branches, 16,731 ATMs and cash recycling machines, as of June 30, 2023. 

Also Read : Paytm Reports Robust 39% YoY Revenue Growth In Q1FY24, EBITDA Before ESOP Surges To Rs 84 Crore

 

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