Highlights of ICICI Bank Q1 results

ICICI bank released its Q1 results for FY23. The numbers shared by the company are showing the bank’s progress in the year so far. The bank’s YoY net profit has increased by 50 percent. 

Industrial Credit and Investment Corporation of India (ICICI) bank, shared its results for the first quarter (Q1) of the current financial year (FY23) which ended on 30 June 2022.

One of the largest private banks in the country has generated double-digit profits in this quarter. Apart from higher profit numbers, the bank has managed to improve other aspects and maintain the balance. Overall the bank’s performance is much appreciated by the board, investors, and other stakeholders. 

Here are a few highlights of ICICI’s performance in Q1 for FY23. 

Net Profit

The company generated a total gross profit of ₹10,273 crores which is greater by 9 percent compared to last year’s Q1. The net profit of the company or profit after tax amounted to ₹6,905 crores which were last year recorded at ₹4,616 crores. Showing a total Year on Year (YoY) growth of 50 percent.

In the last quarter of FY22, the bank had shown a profit of ₹7,019 crores which is a decline of 1.6 percent. 

Net Interest Income 

A bank’s Net Interest Income (NII) is calculated as; the difference between the interest it earns from the lending activities and the interest it has to pay to its depositors.

In Q1 of this financial year, ICICI generated a net interest income of ₹13,210 crores. Which has increased from ₹10,936 crores last year showing a growth percentage of 21 percent. The net interest margin was reported at 4.01 percent. 

Income generated

The non-interest income for the company resulted in ₹4,629 crores which shows a growth of 25 percent YoY. The operating profits of the company have shown a YoY increase of 19 percent resulting in the amount of ₹10,273 crores. The total income adding operating and non-operating incomes amounted to ₹39,218.33 crores. 

Advances In ICICI

The company’s retail loan portfolio showed a rise of 24 percent YoY and a subsequent growth of 5 percent and this was nearly 53 percent of the total loan portfolio. The rural portfolio has shown an increase of 8 percent and the domestic advances rose by 22 percent YoY. The total advances were recorded at ₹8,95,625 crores showing a total increase of 21 percent from last year. 

Deposits in ICICI

The total deposits for the quarter resulted in ₹10,50,349 crores which is a year-on-year increase of 13 percent. The Current Account and Savings Account (CASA) deposits were recorded at 45.8 percent. The current account deposits increased by 23 percent and the savings account deposit by 19 percent. The bifurcation was not shared. 

Others of ICICI

The bank’s provision declined by almost 60 percent, this was the provision excluding tax. This amounted to ₹1,144 crores which were earlier recorded at ₹2,852 crores last year. Apart from this, the bank’s asset quality was also hampered. The gross NPA (non-performing assets) fell by 3.41 percent from 3.60 percent.

The bank has shown great growth in digital banking and has assisted its customers in the best possible ways. Their initiatives for digitalized banking were successful. The bank has also expanded its offline presence with 5,534 branches and 13,379 ATMs. 

This was a brief overview of ICICI bank’s performance for the first quarter of this financial year. The bank has plans for expansion for this year and will be investing in other sectors like insurance. One of the largest private banks in the country has left investors and stakeholders impressed with its performance. The numbers have done justice to the service provided by the bank.