ICICI Bank on Saturday posted fiscal first quarter profit at Rs 10,636.12 crore, up 44 per cent in comparison to Rs 7,384.53 crore during the same period last year, surpassing estimates. The bank earned a total interest of Rs 37,105.89 crore during the quarter in review, up 41.8 per cent from Rs 26,158.60 crore during Q1FY23. Net interest income (NII) increased by 38.0 per cent on-year to Rs 18,227 crore in Q1FY24 from Rs 13,210 crore in Q1FY23. According to CNBC TV18 estimates, ICICI Bank was expected to post Q1 profit at Rs 9,217 crore and NII at Rs 17,932 crore.
ICICI Bank recorded a total income during Q1FY24 at Rs 52,084.00 crore, up 32.8 per cent in comparison to Rs 39,218.33 crore during the same quarter last year. However, total expenditure during the quarter stood at Rs 36,424.33, up 29.6 per cent as against Rs 28,095.75 crore during the corresponding quarter of last year. The net interest margin was 4.78 per cent in Q1FY24 compared to 4.01 per cent in Q1FY23.
ICICI Bank’s asset quality and balance sheet during Q1FY24
Consolidated assets grew by 17.0 per cent year-on-year to Rs 2,039,897 crore during the quarter ended June 30, 2023 from Rs 1,742,777 crore a year earlier. The core operating profit grew by 35.2 per cent YoY to Rs 13,887 crore during the first quarter from Rs 10,273 crore last year. ICICI Bank stated that fee income grew by 14.1 per cent on-year to Rs 4,843 crore. Fees from retail, rural, business banking and SME customers constituted about 78 per cent of total fees in Q1FY24.
The bank’s asset quality improved with the gross non-performing assets (GNPAs) at 2.76 per cent as against 3.4 per cent a year ago. The net non-performing assets (NNPA) fell to 0.48 per cent from 0.70 per cent during the first quarter of last year. Provisions during the quarter stood at Rs 1,292 crore compared to Rs 1,144 crore in Q1FY23.
The net domestic advances grew by 20.6 per cent year-on-year. The retail loan portfolio grew by 21.9 per cent year-on-year. The business banking portfolio grew by 30.4 per cent YoY. The SME business, comprising borrowers with a turnover of less than Rs 250 crore, grew by 28.5 per cent year-on-year. The rural portfolio grew by 17.6 per cent on-year. The domestic corporate portfolio grew by 19.3 per cent on-year. Total advances increased by 18.1 per cent YoY to Rs 10,57,583 crore during the June quarter. Meanwhile, total period-end deposits increased by 17.9 per cent year-on-year to Rs 12,38,737 crore.
ICICI Bank added 174 branches during Q1FY2024. As on June 30, 2023, it has a network of 6,074 branches, 16,731 ATMs and cash recycling machines.