ICICI Bank Q1 net rises 50% to ₹6,905 crore on loan growth
The Hindu
Lender’s domestic loan portfolio grows by 22%, net NPA ratio declines to 0.70%
ICICI Bank Ltd. on Saturday reported first-quarter standalone net profit grew 50% from a year earlier to ₹6,905 crore, helped by strong loan growth and an improvement in asset quality.
The private lender’s consolidated net profit grew 55% year-on-year to ₹7,385 crore .
“Our core operating profit (profit before provisions and tax, excluding treasury income) grew by 19% year-on-year to ₹10,273 crore in a risk calibrated manner,” Sandeep Batra, executive director, ICICI Bank, said in a post-earnings conference call.
He said the bank’s net interest income grew by 21% to ₹13,210 crore and total period-end deposits grew by 13% to ₹1,050,349 crore.
During the quarter, the bank’s domestic loan portfolio grew by 22% and the net NPA ratio declined to 0.70% as on June 30, from 0.76% at the end of the preceding quarter on March 31, 2022.
“Net NPA is at a comfortable level. We are happy the way net NPA has reduced. We are getting some write-back at this time,” Mr. Batra said.
Net additions to gross NPAs amounted to ₹382 crore, compared with net additions of ₹3,604 crore a year earlier.
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