ICICI Bank Q1 Results: PAT Jumps 40% YoY To Rs 9,648 Crore

The second largest private bank in India in terms of market share, ICICI Bank earned profit after tax (PAT) of Rs 9,648 crore in the quarter ending June 30, 2023 (Q1FY24) period, as against Rs 6,905 crore in the same quarter a year ago, registering a growth of 39.7% YoY. The lender also posted double-digit growth in net interest income (NII) while its net interest margin expanded. Asset quality continued to improve.

In Q1FY24, the NII stood at Rs 18,227 crore, rising by 38% from Rs 13,210 crore in the Q1 of FY23. The net interest margin was 4.78% in Q1FY24 compared to 4.01% in Q1FY23 and 4.90% in Q4FY23.

The bank's core operating profit less provisions stood at Rs 12,595 crore as of June 30, 2023, recording an upside of 38% YoY.

Meanwhile, the bank's provisions stood at Rs 1,292 crore ($ 157 million) in Q1FY24 compared to Rs 1,144 crore ($ 139 million) in Q1FY23. It needs to be noted that provision coverage ratio on non-performing assets was 82.4% at June 30, 2023.

In the case of asset quality, the bank's gross non-performing assets (NPA) stood at 2.76% in Q1FY24 contracting from 3.41% in Q1FY23, however, expanding from 2.81% in Q4FY23. Interestingly, net NPA remained unchanged at 0.48% for the second consecutive quarter. Earlier, in Q1FY23, the net NPA was at 0.70%.

Further, in the quarter, the lender's domestic loan portfolio jumped by 20.6% year-on-year to ₹ 10,25,310 crore ($ 125 billion) on June 30, 2023.

In terms of total deposits, it grew by 17.9% year-on-year to ₹ 12,38,737 crore ($ 151.0 billion) at June 30, 2023. Average CASA ratio was 42.6% in the quarter.

The bank also saw a treasury gain of Rs 252 crore in Q1FY24, compared to a gain of Rs 36 crore in Q1FY23.

Moreover, the value of the Bank's merchant acquiring transactions through UPI grew by 12% sequentially and 88% year-on-year in Q1-2024. The Bank had a market share of 30% by value in electronic toll collections through FASTag in Q1-2024, with a 16% year-on-year growth in collections.

On Friday, ICICI Bank's share price ended at Rs 996.70 apiece, marginally up by 0.13% on BSE.