ICICI Bank Q1 Results: Profit jumps 16% YoY to Rs 14,805 crore; NII rises 13% as margins expand

Private sector lender ICICI Bank on Saturday reported a 15.9% year-on-year (YoY) increase in standalone net profit to Rs 14,805 crore for the June quarter, compared with Rs 12,768 crore in the corresponding period last year. Its net interest income (NII) increased 12.7% to Rs 24,384 crore from Rs 21,635 crore a year earlier.

Net interest margin expanded marginally to 4.36% from 4.34% in the year-ago quarter and 4.32% in the preceding March quarter.

Core operating profit increased 15.6% year-on-year to Rs 20,235 crore from Rs 17,505 crore. Excluding dividends received from subsidiaries, core operating profit grew at a faster 18.3% to Rs 19,125 crore.


Non-interest income, excluding treasury operations, rose 16% to Rs 8,425 crore. Fee income surged 23.5% to Rs 7,286 crore, with retail, rural and business-banking customers contributing about 72% of total fees.

The bank reported a treasury gain of Rs 151 crore, significantly below the Rs 1,241-crore gain recorded in the year-ago quarter. Provisions, excluding tax, declined to Rs 1,260 crore from Rs 1,815 crore.

ICICI Bank’s advances expanded 19.6% year-on-year and 5% sequentially to Rs 16.31 lakh crore at the end of June. Business-banking loans grew 28.2%, the rural portfolio expanded 35.4%, domestic corporate loans rose 18.5%, and retail loans increased 12%.

Period-end deposits grew 14% year-on-year and 2.2% sequentially to Rs 18.34 lakh crore. Average deposits also rose 14% to Rs 17.48 lakh crore, while the average current and savings account ratio stood at 38.1%.

Asset quality strengthened on a year-on-year basis. The gross non-performing assets ratio declined to 1.38% from 1.67% a year earlier and 1.40% in the March quarter. The net NPA ratio improved to 0.35% from 0.41% a year ago, although it increased marginally from 0.33% in the preceding quarter.

Gross NPA additions declined to Rs 5,552 crore from Rs 6,245 crore in the year-ago quarter. Recoveries and upgrades, excluding write-offs and asset sales, stood at Rs 2,845 crore, while the bank wrote off gross NPAs worth Rs 1,673 crore.

On a consolidated basis, profit after tax increased to Rs 15,440 crore from Rs 13,558 crore a year earlier. The bank’s total capital adequacy ratio stood at 16.84% at the end of June, while its common equity Tier-1 ratio was 16.19%.

With the addition of 97 branches during Q1, ICICI Bank had a network of 7,608 branches and 12,190 ATMs & cash recycling machines.

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