Private sector ICICI Bank today reported 25 per cent growth in standalone net profit at Rs 2,274.21 crore for the first quarter ended June 30,driven by higher net interest income (NII).
The country’s largest private sector bank’s standalone net profit stood at Rs 1,815.05 crore in the April-June quarter of 2012-13 fiscal.
While NII of the bank rose 20 per cent to Rs 3,820 crore during the June quarter of the current fiscal,total income increased by 13 per cent to Rs 12,905 crore.
The net non-performing assets of the bank increased to 0.69 per cent at the end of first quarter compared to 0.64 per cent in the same period a year ago.
Provisioning against bad loans during the quarter also rose to Rs 593 crore,as against Rs 466 crore in the year-ago period.
However,net interest margin improved to 3.27 per cent at the end of first quarter,as compared to 3.01 per cent in the year ago period.
Total advances increased by 12 per cent to Rs 3,01,370 crore at the end of June quarter.
On a consolidated basis,ICICI Bank reported a 32 per cent growth in net profit at Rs 2,747 crore. It had a net profit of Rs 2,077 crore in the first quarter of 2012-13 fiscal.
Capital adequacy of the bank as per Basel III norms was 17.04 per cent at the end of June quarter.
Shares of the bank tanked 3.73 per cent to Rs 892 in the afternoon trade on BSE.
ICICI Bank Q1 net up 25 pct,meets forecast
ICICI Bank Ltd,India’s second largest lender by assets,posted on Wednesday a 25.3 percent increase in first-quarter net profit,in line with estimates,led by higher loan growth and income from fees and commissions.
The bank posted a net profit of 22.7 billion Indian rupees ($376.7 million) for the April-June quarter,compared with 18.2 billion rupees a year earlier.
Net interest income rose 19.6 percent to nearly 38.2 billion rupees.
Analysts,on average,had estimated a net profit of 22.4 billion rupees,according to Thomson Reuters I/B/E/S.
Net interest margin,a key gauge of profitability for banks,stood at 3.27 percent for the quarter-ended June compared with 3.01 percent a year ago,ICICI said in a statement.
Asset quality at the bank worsened slightly,with net non-performing loans at 0.82 percent of its total assets compared with 0.71 percent a year earlier. Provisions for bad loans and contingencies rose 27 percent to 5.93 billion rupees.
Rival Axis Bank has already posted a better-than-expected 22.5 percent growth in net profit with a marginal increase in bad loans. Non-performing loans at No. 3 lender HDFC Bank also ticked up in the June quarter.