A view of the ICICI financial institution head workplace in Mumbai. File
| Photo Credit: Reuters
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 dangerous loans and an enchancment in curiosity earnings.
The Mumbai-based personal sector lender had posted a net profit of ₹6,905 crore on a standalone foundation in the year-ago interval.
Its complete earnings in the primary quarter of the present fiscal rose to ₹38,763 crore from ₹28,337 crore a yr in the past, ICICI Bank stated in a regulatory submitting.
Interest earned by the financial institution improved to ₹33,328 crore over ₹23,672 crore in June 2022.
The financial institution’s net curiosity earnings (NII) elevated by 38% year-on-year to ₹18,227 crore in Q1 FY24 from ₹13,210 crore in the year-ago interval.
At the identical time, the net curiosity margin improved to 4.7% in contrast to 4.01% a yr earlier.
The financial institution’s asset high quality confirmed enchancment as gross non-performing property (NPAs) declined to 2.7% of gross advances on the finish of the June quarter from 3.4% a yr in the past.
Similarly, net NPAs or dangerous loans declined to 0.4 per cent towards 0.7 per cent in the identical interval of the previous fiscal.
Its capital adequacy ratio fell to 16.71 per cent from 18.04 per cent on the finish of June 2022.
