ICICI Bank Q1 net rises 50%; NPAs, provisions decline

Interest income too increased to Rs 23,671.54 crore during the reported quarter from Rs 20,383.41 crore in the year-ago period.

The second biggest private sector bank had posted a net profit of Rs 4,616 crore in the same quarter of the previous financial year. (File)

ICICI Bank on Saturday reported a 49.58 per cent jump in net profit at Rs 6,905 crore for the June quarter of FY23, as against Rs 4,616 crore in the same period of last year. Its total income rose to Rs 28,330 crore in Q1 from Rs 24,379 crore a year ago.

Gross non-performing assets (NPAs) of the country’s second largest private bank declined to Rs 33,163 crore (3.41 per cent of advances) by June 2022 as against Rs 43,148 crore (5.15 per cent) a year ago.

Net interest income (NII) increased by 21 per cent year-on-year (y-o-y) to Rs 13,210 crore in during Q1 from Rs 10,936 crore last year. The net interest margin was 4.01 per cent in the latest quarter as against 3.89 per cent a year ago and 4.00 per cent in the quarter ended March 2022.

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Provisions (excluding provision for tax) declined by 60 per cent y-o-y to Rs 1,144 crore in Q1 from Rs 2,852 crore a year ago. Provisions for Q1 include contingency provision of Rs 1,050 crore made on a prudent basis.

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The gross NPA additions were Rs 5,825 crore as compared to Rs 4,204 crore in Q4 of last fiscal. Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 5,443 crore as compared to Rs 4,693 crore in Q4FY22. The gross NPAs written-off in Q1FY23 were Rs 1,126 crore. The provisioning coverage ratio on NPAs was 79.6 as of June.

Net profit up 26.1% for Kotak Mahindra Bank

Mumbai: Kotak Mahindra Bank on Saturday posted a net profit of Rs 2,071.10 crore in the June quarter of FY2023, which is around 26.10 per cent higher from its net profit of Rs 1,641.90 crore a year ago.

The bank’s net interest income in the June 2022 quarter has also surged around 19.20 per cent as it shot from Rs 3,941.70 crore in Q1FY22 to Rs 4,697 crore in the June 2022 quarter. Total income was at Rs 8,582 crore against Rs 7,831 crore in Q1FY22.