ICICI Bank, Q1 Profit Zooms 50% To Rs 6,905 Cr

ICICI Bank on Saturday reported a 50 per cent jump in standalone net profit to Rs 6,905 crore in the first quarter of the current fiscal aided by a decline in bad loans. The second biggest private sector bank had posted a net profit of Rs 4,616 crore in the same quarter of the previous financial year.

Total income during the April-June quarter of 2022-23 improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in the same quarter in FY22, ICICI Bank said in a regulatory filing. Interest income too increased to Rs 23,671.54 crore during the reported quarter from Rs 20,383.41 crore in the year-ago period. On the asset quality front, gross non-performing assets (NPAs) declined to 3.41 per cent of the gross advances as of June 30, 2022, from 5.15 per cent on June 30, 2021.

Net NPAs or bad loans too slipped to 0.70 per cent from 1.16 per cent. As a result, provisions for bad loans and contingencies more than halved to Rs 1,143.82 crore in the quarter, as against Rs 2,851 .69 crore earmarked in the year-ago quarter. On a consolidated basis, ICICI Bank reported a 55 per cent jump in net profit to Rs 7,385 crore for the reporting quarter as against Rs 4,616 crore in the same quarter of the previous fiscal.

(PTI)