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This is an archive article published on July 23, 2023
ICICI Bank profit rises 40% to Rs 9,648 cr on higher NII
The lender’s net interest margin (NIM) stood at 4.78 per cent in the reporting quarter as against 4.01 per cent in the same period of the previous fiscal. NIM in the fourth quarter of the previous fiscal was at 4.9 per cent.
Its total advances grew 18.1 per cent year-on-year to Rs 10,57,583 crore at June 30, 2023. The retail loan portfolio rose 21.9 per cent year-on-year. Total deposits increased by 17.9 per cent year-on-year to Rs 12,38,737 crore. Total term deposits increased by 25.8 per cent.
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ICICI Bank profit rises 40% to Rs 9,648 cr on higher NII
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Private sector lender ICICI Bank reported a 39.7 per cent jump in its standalone profit after tax (PAT) at Rs 9,648 crore in the quarter ended June 2023. In the year-ago quarter, its PAT was Rs 6,905 crore.
Its net interest income (NII), which is the difference between the interest earned and interest expended, rose 38 per cent year-on-year to Rs 18,227 crore in the April-June quarter of the current fiscal from Rs 13,210 crore in corresponding quarter of the previous fiscal.
The lender’s net interest margin (NIM) stood at 4.78 per cent in the reporting quarter as against 4.01 per cent in the same period of the previous fiscal. NIM in the fourth quarter of the previous fiscal was at 4.9 per cent.
“Going forward, we do expect some moderation in NIMs to continue primarily because of increase in deposits. We do expect the full year NIM for this year (FY24) to be at a similar level that was there in FY23,” said Sandeep Batra, Executive Director, ICICI Bank.
The bank’s average NIM was 4.5 per cent in FY2023.
Asset quality improved with gross non-performing asset (GNPA) ratio at 2.76 per cent in the quarter ended June 2023 compared to 3.41 per cent in the year-ago quarter. Net NPA stood at 0.48 per cent compared to 0.7 per cent.
The net addition to gross NPAs, excluding write-offs and sale, were Rs 1,807 crore in the first quarter. Recoveries and upgrades of NPAs, excluding write-offs and sale, stood at Rs 3,511 crore. The bank wrote-off Rs 1,169 crore of gross NPAs in the first quarter.
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Its total advances grew 18.1 per cent year-on-year to Rs 10,57,583 crore at June 30, 2023. The retail loan portfolio rose 21.9 per cent year-on-year. Total deposits increased by 17.9 per cent year-on-year to Rs 12,38,737 crore. Total term deposits increased by 25.8 per cent.
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