The second largest private sector bank had posted a net profit of Rs 4,616 crore in the same quarter of the previous fiscal year.
Total income during the April-June quarter of 2022-23 improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in the same quarter in FY22, ICICI Bank said in a regulatory filing.
On a consolidated basis, ICICI Bank reported a 55 percent increase in net profit to Rs 7,385 crore for the reporting quarter, from Rs 4,616 crore in the same quarter of the previous fiscal year.
The bank’s interest income during the quarter rose to Rs 23,671.54 crore from Rs 20,383.41 crore in the same period a year ago.
In terms of asset quality, gross non-performing assets (NPAs) decreased to 3.41 percent of gross advances on June 30, 2022, from 5.15 percent on June 30, 2021. Net NPAs or bad loans also fell to 0 .70 a year. cents of 1.16 percent.
As a result, provisions for bad loans and contingencies have more than halved to Rs 1,143.82 crore in the quarter, compared to Rs 2,851.69 crore set aside in the same quarter of last year.
During the quarter, there were net additions of Rs 382 crore in gross NPAs as compared to net additions of Rs 3,604 crore in Q1-2022. NPA recoveries and upgrades, excluding depreciation and sales, amounted to Rs 5,443 crore in the first quarter.
The provision coverage ratio on non-performing assets was 79.6 percent on June 30, 2022. The total solvency ratio was 18.74 percent and the Tier-1 solvency ratio was 17.95 percent, on a standalone basis, on June 30, 2022.
The net interest margin rose to 4.01 percent, compared to 3.89 percent in the same quarter a year ago.
Total advances increased 21 percent year-on-year to Rs 8,95,625 crore, while term deposits rose 11 percent at the end of the period to Rs 5,58,235 crore on June 30.
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