ICICI Bank Q1 profit zooms 50% to ₹6,905 crore

Interest income too increased to ₹23,671.54 crore during the reported quarter from ₹20,383.41 crore in the year-ago period.

ICICI Bank on Saturday reported a 50 per cent jump in standalone net profit to ₹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 ₹4,616 crore in the same quarter of the previous financial year. The total income during the April-June quarter of 2022-23 improved to ₹28,336.74 crore, from ₹24,379.27 crore in the same quarter in FY22, ICICI Bank said in a regulatory filing. Interest income too increased to ₹23,671.54 crore during the reported quarter from ₹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 ₹1,143.82 crore in the quarter, as against ₹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 ₹7,385 crore for the reporting quarter as against ₹4,616 crore in the same quarter of the previous fiscal.

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