Private lender ICICI Bank on July 22 reported a 40% rise in standalone net profit to ₹9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income.
The Mumbai-based private sector lender had posted a net profit of ₹6,905 crore on a standalone basis in the year-ago period.
Its total income in the first quarter of the current fiscal rose to ₹38,763 crore from ₹28,337 crore a year ago, ICICI Bank said in a regulatory filing.
Interest earned by the bank improved to ₹33,328 crore over ₹23,672 crore in June 2022.
The bank’s net interest income (NII) increased by 38% year-on-year to ₹18,227 crore in Q1 FY24 from ₹13,210 crore in the year-ago period.
At the same time, the net interest margin improved to 4.7% compared to 4.01% a year earlier.
The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.7% of gross advances at the end of the June quarter from 3.4% a year ago.
Similarly, net NPAs or bad loans declined to 0.4 per cent against 0.7 per cent in the same period of the preceding fiscal.
Its capital adequacy ratio fell to 16.71 per cent from 18.04 per cent at the end of June 2022.