ICICI Bank Q1 result: Net profit jumps 78% YoY to Rs 4,616 crore

ICICI Bank Q1 result: Provision declined 62.44% YoY to Rs 2,852 crore in Q1FY22 over Rs 7,594 crore in Q1FY22

  • Last Updated : May 17, 2024, 14:11 IST
As of June 30, ICICI Bank held Covid-19 related provision of Rs 6,425 crore.

Private sector lender ICICI Bank on Saturday posted 77.59% year-on-year growth in standalone net profit at Rs 4,616.02 crore for the quarter ended June 30. It had posted a profit of Rs 2599.15 crore in the same quarter last year. Net interest income (NII) increased by 18% YoY to Rs 10,936 crore.

Provision declined 62.44% YoY to Rs 2,852 crore in Q1FY22 over Rs 7,594 crore in Q1FY22. “During Q1FY2022, the bank has changed its policy on non-performing loans to make it more conservative. The change in policy resulted in the higher provision on non-performing advances amounting to Rs 1,127 crore for aligning provisions on outstanding loans to the revised policy,” ICICI Bank said in a regulatory filing.

Shares of the bank on Friday settled 3.18% up at Rs 676.65 ahead of its financial results. On the other hand, the benchmark BSE Sensex settled 138.59 points, or 0.26%, up at 52,975.80.

The net interest margin stood at 3.89% compared to 3.69% in the corresponding quarter last year. Based on its current assessment of the portfolio, the bank wrote back Covid-19 provisions amounting to Rs 1,050 crore made in earlier periods.

As of June 30, ICICI Bank held Covid-19 related provision of Rs 6,425 crore. The core operating profit (profit before provisions and tax, excluding treasury income) increased by 23% YoY to Rs 8,605 crore for the quarter that ended June 30.

ICICI Bank further highlighted that the retail loan portfolio grew by 20% YoY and comprised 61.4% of the total loan portfolio on June 30, 2021. Including non-fund outstanding, retail was 50.4% of the total portfolio on June 30, 2021. The business banking portfolio grew by 53% YoY and was 5.4% of total loans on June 30, 2021. Total advances increased by 17% YoY to Rs 7,38,598 crore from Rs 6,31,215 crore.

Published: July 24, 2021, 16:57 IST
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