ICICI Bank's Q1 profit jumps 15.95% YoY to ₹14,804cr
What's the story
ICICI Bank has reported a 15.95% year-on-year increase in its standalone net profit for the April-June quarter. The figure stood at ₹14,804.5 crore, beating market expectations. Analysts had predicted a net profit of ₹13,616 crore for the quarter under review, marking a 7% YoY growth from last year's ₹12,768 crore during the same period.
Financial performance
NII exceeds expectations, NIM at 4.36%
ICICI Bank's net interest income (NII) also exceeded expectations, growing by 12.7% YoY to ₹24,384.35 crore.
Analysts had anticipated an NII of ₹23,689 crore for the quarter under review, reflecting a 9% YoY increase.
The bank's net interest margin (NIM) stood at 4.36% for the June quarter, up from 4.32% in March and 4.34% in the same period last year.
Asset quality
Gross NPA ratio improves to 1.38%
ICICI Bank's asset quality also improved during the quarter.
The gross NPA ratio improved to 1.38% as of June 30, from 1.40% at the end of March and 1.67% a year ago.
The net NPA ratio stood at 0.35%, compared with 0.33% in the previous quarter and 0.41% a year ago.
The total loan portfolio grew by an impressive 19.6% YoY to ₹16,31,260 crore as of June-end this year.
Market standing
Period-end deposits grow by 14%
ICICI Bank's total period-end deposits also grew by 14% to ₹18,33,586 crore. Average deposits rose by the same margin to ₹17,48,028 crore. The average CASA ratio of the bank stood at 38.1%.