ICICI Bank reports 40% rise in standalone net profit to ₹9,648 crore
The Hindu
ICICI Bank reported 40% rise in Q1 FY24 net profit to ₹9,648 crore, driven by decline in bad loans and improvement in interest income. Total income rose to ₹38,763 crore and NII to ₹18,227 crore. Gross and net NPAs declined to 2.7% and 0.4% respectively.
Private lender ICICI Bank on July 22 reported a 40% rise in standalone net profit to ₹9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income.
The Mumbai-based private sector lender had posted a net profit of ₹6,905 crore on a standalone basis in the year-ago period.
Its total income in the first quarter of the current fiscal rose to ₹38,763 crore from ₹28,337 crore a year ago, ICICI Bank said in a regulatory filing.
Interest earned by the bank improved to ₹33,328 crore over ₹23,672 crore in June 2022.
The bank's net interest income (NII) increased by 38 per cent year-on-year to ₹18,227 crore in Q1 FY24 from ₹13,210 crore in the year-ago period.
At the same time, the net interest margin improved to 4.7% compared to 4.01% a year earlier.
The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.7% of gross advances at the end of the June quarter from 3.4% a year ago.
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