ICICI Bank Ltd. reported that its first quarter standalone net revenue grew 39.7% to ₹9,648 crore from ₹6,905 crore within the year-ago interval, primarily supported by a 38% rise in Net Interest Income (NII) in the course of the quarter ended June 30, 2023.
NII elevated to ₹18,227 crore from ₹13,210 crore a yr in the past. The net curiosity margin was 4.78% in Q1-2024 in contrast with 4.01% a yr in the past, the non-public sector lender mentioned in a submitting.
The financial institution made provisions (excluding provision for tax) of ₹1,292 crore for dangerous loans in contrast with ₹1,144 crore a yr in the past.
The net home advances in the course of the quarter grew by 20.6% year-on-year (YoY). The retail mortgage portfolio grew by 21.9% YoY, and comprised 54.3% of the full mortgage portfolio. Including non-fund excellent, the retail portfolio was 45.9% of the full portfolio at June 30, 2023, Sandeep Batra, Executive Director, ICICI Bank mentioned over a convention name.
He mentioned the enterprise banking portfolio grew by 30.4% YoY and the SME enterprise, comprising debtors with a turnover of lower than ₹250 crore grew by 28.5% YoY.
The rural portfolio grew by 17.6% YoY and the home company portfolio grew by 19.3% YoY, he mentioned.
“We would like to keep growing in a risk calibrated manner,” Mr. Batra mentioned.
The financial institution’s complete advances elevated by 18.1% YoY to ₹ 10,57,583 crore at June 30, 2023. The financial institution’s gross NPA ratio was decrease at 2.76% at June 30, 2023 in contrast with 3.41% a yr in the past. The net NPA ratio was down at 0.48% as in contrast with 0.70% a yr in the past.
The net addition to gross NPAs, excluding write-offs and sale, was ₹1,807 crore in Q1-2024 in contrast to ₹14 crore within the earlier quarter, the financial institution mentioned in a press launch.
The gross NPA addition was ₹5,318 crore within the newest quarter as in contrast with ₹4,297 crore within the earlier quarter.
Recoveries and upgrades of NPAs, excluding write-offs and sale, had been ₹3,511 crore in Q1-2024 in contrast to ₹4,283 crore in This autumn-2023, the financial institution mentioned.
Mr. Batra mentioned the financial institution has written off gross NPAs amounting to ₹1,169 crore in Q1. The provision protection ratio on NPAs was 82.4% at June 30, 2023, he mentioned.
Bulk of the NPAs for the quarter had been from company debtors and Kisan Credit Card holders.
Excluding NPAs, the full fund-based excellent to all debtors below decision as per the varied extant rules/tips declined to ₹3,946 crore or 0.4% of complete advances at June 30, 2023 from ₹4,508 crore at March 31, 2023.
The financial institution, he mentioned, holds provisions amounting to ₹1,224 crore towards these debtors below decision. In addition, the financial institution continues to maintain contingency provisions of ₹13,100 crore as of June 30, 2023.
The mortgage and non-fund primarily based excellent of ₹4,276 crore as of June 30, 2023 included ₹727 crore to debtors below decision.
Including earnings for Q1, the financial institution’s complete capital adequacy ratio at June 30, 2023 was 17.47% and Tier-1 capital adequacy was 16.76% as towards the minimal regulatory necessities of 11.70% and 9.70% respectively.
The financial institution reported consolidated revenue after tax of ₹10,636 crore, up 44% from the year-ago interval. Consolidated property grew by 17.0% YoY to ₹ 2,039,897 crore.
