ICICI Bank Q1 results: Net profit rises 78% to Rs 4,616 cr as provisions fall
Net interest income (NII) in the quarter rose 18% year-on-year to Rs 10,936 compared to Rs 9,280 year-on-year.
Non-interest income for quarter, not included Treasury earnings, rose 56% to Rs 3,706 crore from Rs 2,380 crore in the same quarter last year, the bank said in a BSE filing.
Rules (excluding tax allowance) fell to Rs 2,852 crore in the June quarter from Rs 7,594 in the previous quarter.
ICICI Bank said it changed its policy on bad loans in the 6th quarter to be more moderate.
“The change in policy resulted in a higher provision for non-performing advances of up to Rs 1,127 crore ($152 million) to adjust the outstanding balance provisions to align with the revised policy. “, it said.
Total bad assets reached 5.15%, higher than 4.96% in Q3, but lower than 5.46% in the previous year.
The bank said it holds Covid-19-related provisions worth Rs 6,425 as of June 30. Based on the current assessment of the portfolio, ICICI Bank has rewritten the provisions. Covid-19 up to Rs 1,050 crore taken in previous stages, the lender said.
Fee income increased 53% YoY to Rs 3,219 compared to Rs 2,104 year-on-year. Fees from retail customers, corporate banks and SME customers increased by 65% year-on-year and accounted for 76% of total fees.
Treasury earnings fell to Rs 290 crore from Rs 3,763 in the previous quarter. This is because the treasury gain in the previous quarter included a profit of Rs 3,036 obtained from the sale of shares in subsidiaries.
Net profit margin (NIM) for the quarter stood at 3.89% compared to 3.84% in the March quarter and 3.69% in the prior year quarter.
… More to come
https://economictimes.indiatimes.com/markets/stocks/earnings/icici-bank-q1-results-net-profit-rises-78-to-rs-4616-cr-as-provisions-fall/articleshow/84705823.cms | ICICI Bank Q1 results: Net profit rises 78% to Rs 4,616 cr as provisions fall