ICICI Bank Q1 net profit surges 50 per cent to Rs 6,905 crore

Mumbai (Maharashtra) [India], July 23 (ANI): ICICI Bank, India’s second-largest private sector lender, on Saturday reported a standalone net profit of Rs 6,905 crore for the first quarter of the financial year 2022-23 as compared to Rs 4,616 crore posted in the corresponding period of the previous year, registering a year-on-year growth of 50 per cent.
The bank’s core operating profit (profit before provisions and tax, excluding treasury income) grew by 19 per cent year-on-year to Rs 10,273 crore ($1.3 billion) in the quarter ended June 30, 2022. The bank’s net interest income grew by 21 per cent year-on-year in the first quarter of the current financial year.
ICICI Bank’s net interest margin rose to 4.01 per cent in Q1 of 2022-23 as compared to 3.89 per cent recorded in Q1 of 2021-22 and 4.00 per cent in the quarter ended March 31, 2022.
The Board of Directors of ICICI Bank Limited at its meeting held in Mumbai on Saturday approved the standalone and consolidated accounts of the Bank for the quarter ended June 30, 2022.
The statutory auditors have conducted a limited review and have issued an unmodified report on the standalone and consolidated financial statements for the quarter ended June 30, 2022, ICICI Bank said in the earnings release.
Non-interest income, excluding treasury income, increased by 25 per cent year-on-year to Rs 4,629 crore ($586 million) in Q1 2022-23 from Rs 3,706 crore ($469 million) recorded in the first quarter of 2021-22.
Fee income grew by 32 per cent year-on-year to Rs 4,243 crore ($537 million) in Q1 FY23 from Rs 3,219 crore ($408 million) in Q1 FY22. Fees from retail, rural, business banking and SME customers constituted about 79 per cent of total fees in Q1 FY23.
At the consolidated level, the bank’s profit before tax grew by 52 per cent year-on-year to Rs 9,165 crore ($1.2 billion) in the first quarter of 2022-23 from Rs 6,043 crore ($765 million) in the first quarter of 2021-22.
The retail loan portfolio of ICICI Bank grew by 24 per cent year-on-year and 5 per cent sequentially, and comprised 53.1 per cent of the total loan portfolio at June 30, 2022. Including non-fund outstanding, the retail portfolio was 44.0 per cent of the total portfolio at June 30, 2022.
The rural portfolio grew by 8 per cent year-on-year and was flat sequentially at June 30, 2022. The business banking portfolio grew by 45 per cent year-on-year and 7 per cent sequentially at June 30, 2022.
The SME business, comprising borrowers with a turnover of less than Rs 250 crore ($32 million), grew by 32 per cent year-on-year and declined by 3 per cent sequentially at June 30, 2022.
The domestic wholesale banking portfolio grew by 14 per cent year-on-year and 4 per cent sequentially at June 30, 2022. The domestic advances grew by 22 per cent year-on-year and 4 per cent sequentially at June 30, 2022.
Total advances increased by 21 per cent year-on-year and 4 per cent sequentially to Rs 895,625 crore ($113.4 billion) at June 30, 2022. (ANI)