On Saturday, ICICI Bank reported a net profit of Rs 1,908 crore for the June-ended quarter. In the same period a year ago, it posted a loss of Rs 120 crore.
The private lender's net interest income (NII) rose by 26.8 percent for the first quarter of the financial year 2019-20 to Rs 7,737 crore. The NII number includes Rs 184 crore of interest on income tax refund as against Rs 8 crore in the first quarter of the previous year. The bank saw a healthy loan growth of 15 percent and domestic advances rose by 18 percent.
"We continued to leverage strong retail franchise, resulting in a 22 percent year-on-year growth in the retail loan portfolio in Q1. Excluding non-performing and restructured loans, the growth in domestic corporate loans was about 13 percent YoY," ICICI Bank said.
Its non-interest income rose to Rs 3,247 crore from Rs 3,085 crore in June 2018.
Provisions were lower at Rs 3,496 crore in the quarter under review, 41.5 percent lower when compared to Rs 5,971 crore, a year ago.
Deposits received increased by 21 percent on a year-on-year basis to Rs 6.6 lakh crore with average CASA deposits growth of 12.3 percent and term deposits growth of 34 percent YoY in June quarter.
ICICI Bank's asset quality improved in the first quarter. Gross additions made to to non-performing assets (NPA) were at Rs 2,779 crore as against Rs 4,036 crore in the year-ago quarter and Rs 3,547 crore in March-ended quarter. Gross NPAs as a percentage of gross advances fell by 21 bps from the previous quarter to 6.49 percent and net NPA as a percentage of net advances declined by 29 bps to 1.77 percent.
Recoveries and upgrades of non-performing loans were at Rs 931 crore for the June-ended quarter.
The net interest margin (NIM) for the June-ended quarter rose to 3.61 percent from 3.19 percent on a YoY basis. The lender's fee income rose 10 percent to Rs 3,039 crore with retail fees accounting for 72 percent of the total fees.
Shares of ICICI Bank closed 2.48 percent higher at Rs 419.15 on Friday on NSE.