ICICI Bank PAT rises 50% YoY in Q1

ICICI Bank's standalone net profit rose 49.6% to Rs 6,904.94 crore on 16.23% increase in total income to Rs 28,336.74 crore in Q1 FY23 over Q1 FY22.

The bank's profit before tax (PBT) jumped 51.67% year on year to Rs 9,165.07 crore in the quarter ended 30 June 2022.

Net interest income (NII) increased 21% year on year to Rs 13,210 crore in Q1 FY23 from Rs 10,936 crore posted in Q1 FY22. The net interest margin was 4.01% in Q1 FY23 compared to 3.89% in Q1 FY22 and 4% in Q4 FY22.

The bank's provisions and contingencies (excluding tax provisions) fell 60% to Rs 1,144 crore in Q1 FY23 over Q1 FY22. Provisions for Q1 FY23 included contingency provision of Rs 1,050 crore made on a prudent basis.

Provision coverage ratio on non-performing assets was 79.6% at 30 June 2022.

The bank's gross non-performing assets (NPAs) stood at Rs 33,163.15 crore as on 30 June 2022 as against Rs 33,919.52 crore as on 31 March 2022 and Rs 43,148.28 crore as on 30 June 2021.

The ratio of gross NPAs to gross advances stood at 3.41% as on 30 June 2022 as against 3.60% as on 31 March 2022 and 5.15% as on 30 June 2021.

The ratio of net NPAs to net advances stood at 0.70% as on 30 June 2022 as against 0.76% as on 31 March 2022 and 1.16% as on 30 June 2021.

The retail loan portfolio grew by 24% year-on-year and 5% sequentially, and comprised 53.1% of the total loan portfolio at 30 June 2022. Including non-fund outstanding, the retail loan portfolio was 44% of the total portfolio at 30 June 2022.

Total period-end deposits grew by 13% year-on-year to Rs 1,050,349 crore at 30 June 2022. Average current account and savings account (CASA) ratio was 45.8% in Q1-2023.

The domestic advances grew by 22% year on year and 4% sequentially at 30 June 2022. Total advances increased by 21% year on year and 4% sequentially to Rs 895,625 at 30 June 2022.

The bank's total capital adequacy at 30 June 2022 was 18.74% and Tier-1 capital adequacy was 17.95% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.

ICICI Bank is a leading private sector bank in India. The bank had a network of 5,534 branches and 13,379 ATMs at 30 June 2022.

Shares of ICICI Bank rose 1.90% to Rs 815.20 on the BSE.

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