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ICICI Bank’s profit up 50% to Rs 6,905 crore in June quarter

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ICICI Bank’s Q1 profit up 50% to Rs 6,905 crore

New Delhi:

ICICI Bank on Saturday reported that its standalone net profit jumped 50 per cent to Rs 6,905 crore in the first quarter of the current financial year.

The second largest private sector bank had posted a net profit of Rs 4,616 crore in the same quarter last fiscal.

ICICI Bank said in a regulatory filing that total income during the April-June quarter of 2022-23 rose to Rs 28,336.74 crore as against Rs 24,379.27 crore in the corresponding quarter in FY22.

Interest income also increased to Rs 23,671.54 crore from Rs 20,383.41 crore in the year-ago period.

On the asset quality front, gross non-performing assets (NPAs) stood at 3.41 per cent of gross advances as on June 30, 2022, from 5.15 per cent as on June 30, 2021. Net NPAs or bad loans also slipped to 0.70 per cent. 1.16 percent to percent.

As a result, provisions for bad loans and contingencies fell by more than half to Rs 1,143.82 crore in the quarter, as against Rs 2,851.69 crore in the year-ago quarter.

On a consolidated basis, ICICI Bank reported 55 per cent growth in net profit at Rs 7,385 crore for the reporting quarter as compared to Rs 4,616 crore in the same quarter of the previous fiscal.

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