India’s second biggest private sector lender ICICI Bank, on Saturday, reported that it has recorded a 50 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 6,905 crore as against Rs 4,616 crore in the same quarter last year.
The lender, in a public release, also stated that its net interest income (NII) rose 21 per cent YoY to Rs 13,210 crore and its net interest margin (NIM) for the April-June period was at 4.92 per cent. In comparison, the bank’s NII stood at Rs 10,936 crore in the same quarter last year.
The bank’s total income during the Q1 FY23 also improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in Q1 FY22. Its interest income climbed to Rs 23,671.54 crore during the same quarter in FY23 from Rs 20,383.41 crore in the year-ago period.
ICICI Bank also revealed that its gross non-performing assets (NPAs) dropped to 3.41 per cent of the gross advances at the end of Q1 FY23 from 5.15 per cent at the end of Q1 FY22.
The bank’s net NPAs or bad loans slipped to 0.70 per cent from 1.16 per cent, while its provisions for bad loans and contingencies also halved to Rs 1,143.82 crore in the April-June period of 2023, as against Rs 2,851 .69 crore in the year-ago quarter.
Provisions, excluding tax provision, plunged 60 per cent YoY to Rs 1,144 crore from Rs 2,852 crore. Provisions for Q1 FY23 included a contingency provision of Rs 1,050 crore made on a prudent basis.
Moreover, the bank also stated that its non-interest income, excluding treasury income, rose 25 per cent YoY to Rs 4,629 crore from Rs 3,706 crore. The bank also reported a treasury gain of Rs 36 crore for Q1 FY23 as against a gain of Rs 290 crore in Q1 FY22.
ICICI Bank’s gross NPA additions stood at Rs 5,825 crore. Recoveries and upgrades of NPAs, excluding write-offs and sale, was at Rs 5,443 crore as against Rs 4,693 crore in Q4 FY22.
Meanwhile, on a consolidated basis, ICICI Bank saw a 55 per cent jump in PAT at Rs 7,385 crore from Rs 4,763 crore YoY.
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