ICICI Bank Q1 Results: Earns Net Profit Of Rs 11,059 Crore, Up By 15% YoY; NII Up 7%

Second largest bank in India, ICICI Bank registered 14.6% growth in net profit to Rs 11,059 crore in the quarter ending June 30, 2024, period, compared to a profit of Rs 9,648 crore in the same quarter a year ago. While net interest income (NII) jumped by 7.3% to Rs 19,553 crore, compared to Rs 18,227 crore in Q1 of FY24.

Meanwhile, the bank posted net interest margin of 4.36% in Q1-2025, contracting from 4.40% in Q4-2024 and 4.78% in Q1-2024. Core operating profit surged by 11.0% year-on-year to Rs 15,412 crore in Q1FY25, from Rs 13,887 crore in Q1-2024.

In the quarter under review, provisions (excluding provision for tax) were Rs 1,332 crore in Q1-2025 compared to Rs 1,292 crore in Q1-2024.

During the first quarter of FY25, the lender's net domestic advances grew by 15.9% year-on-year and 3.3% sequentially. While its retail loan portfolio grew by 17.1% year-on-year and 2.4% sequentially, and comprised 54.4% of the total loan portfolio at June 30, 2024. Including non-fund outstanding, the retail portfolio was 46.3% of the total portfolio at June 30, 2024.

Further, the bank's business banking portfolio grew by 35.6% yearon-year and 8.9% sequentially at June 30, 2024. The SME business, comprising borrowers with a turnover of less than Rs 250 crore (US$ 31 million), grew by 23.5% year-on-year and 4.0% sequentially at June 30, 2024. The rural portfolio grew by 16.9% year-on-year and 3.4% sequentially at June 30, 2024.

Overall, total advances increased by 15.7% year-on-year and 3.3% sequentially to Rs 12,23,154 crore (US$ 146.7 billion) at June 30, 2024.

Coming to deposits, its deposits increased by 15.1% year-on-year and 0.9% sequentially to Rs 14,26,150 crore (US$ 171.0 billion) at June 30, 2024. Period-end term deposits increased by 19.9% year-on-year and 3.1% sequentially to Rs 8,42,479 crore (US$ 101.0 billion) at June 30, 2024.

As per the financial results statement, average deposits increased by 17.8% year-on-year and 3.3% sequentially to Rs 13,78,658 crore (US$ 165.3 billion) in Q1-2025. Average current account deposits increased by 13.3% yearon-year and 3.1% sequentially in Q1-2025. Average savings account deposits increased by 8.2% year-on-year and 6.0% sequentially in Q1-2025.

In terms of asset quality, the gross NPA ratio was 2.15% at June 30, 2024 compared to 2.16% at March 31, 2024. The net NPA ratio was 0.43% at June 30, 2024 compared to 0.42% at March 31, 2024.

With the addition of 64 branches during Q1-2025, the Bank had a network of 6,587 branches and 17,102 ATMs & cash recycling machines at June 30, 2024.

Moreover, the value of the Bank's merchant acquiring transactions through UPI grew by 51.6% year-on-year in Q1-2025. The Bank had a market share of about 32.1% by value in electronic toll collections through FASTag in Q1-2025, with a 16.9% year-on-year growth in collections in Q1-2025.

Also, including profits for Q1-2025, the Bank's total capital adequacy ratio at June 30, 2024 was 16.63% and CET-1 ratio was 15.92% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.

ICICI Bank share price will be in focus next week. By end of July 26th trading session, the stock price is at Rs 1207.70 apiece, with market cap of Rs 8,50,020.53 crore, The stock is near its 52-week high of Rs 1,257.65 apiece.