Adversitement
ICICI Bank Q1FY24 Net Profit Surges 40%, Beats Market Expectations
Published On : 2023-07-22T19:34:03+0530 [ IST ] |
Author : Mayur_Tembhare
Home
ICICI official Logo , ICICI headoffice Suited in Mumbai
Maharashtra / Mumbai :
ICICI Bank, the country's second-largest private lender, reported a remarkable 40% year-on-year rise in net profit at Rs 9,648 crore for the first quarter of the current financial year, exceeding market expectations of Rs 8,982 crore.
Key Highlights from ICICI Bank's Q1FY24 Earnings Report:
- Strong Profit Growth: The bank's net profit surged to Rs 9,648 crore in Q1FY24 from Rs 6,905 crore in the same period last year, showcasing a substantial 40% growth, surpassing market estimates.
- Increased Net Interest Income: ICICI Bank's net interest income (NII) witnessed significant growth, increasing by 38% YoY to Rs 18,227 crore in Q1FY24 compared to Rs 13,210 crore in the corresponding quarter last year.
- Improved Net Interest Margin (NIM): The bank's net interest margin (NIM) stood at 4.78% for the quarter, reflecting a rise from 4.01% in the same quarter last year.
- Rising Total Deposits: ICICI Bank's total deposits grew by 18% YoY to Rs 12.38 lakh crore as of June 30, 2023.
- Strengthened CASA Ratio: The bank's current account and savings account (CASA) ratio for the quarter reached 42.6%, with average current account deposits increasing by 9.2% YoY and average savings account deposits rising by 5.6% YoY.
- Improved Asset Quality: The bank's asset quality showed improvement, with gross non-performing assets (GNPAs) declining to 2.76% from 3.4% in the year-ago period. The net non-performing assets (NNPA) also declined to 0.48% from 0.70% during the same period last year.
- Segment-Wise Growth: The retail loan portfolio witnessed a substantial growth of 22% YoY, constituting 54.3% of the total loan portfolio as of June 30, 2023. Business banking and SME segments also experienced growth, with 30.4% and 28.5% YoY growth, respectively. Additionally, the rural portfolio recorded a growth of 17.6% on a YoY basis, while the domestic corporate portfolio increased by 19%, and the international corporate portfolio rose by 19.3% from the previous year.
ICICI Bank's impressive performance in Q1FY24 showcases robust growth in profits, interest income, and strengthened asset quality. The bank's focus on various segments has contributed to its success and positive market sentiment.
NoneSource : ICICI
Tags : Q1 , Profit , Business , ICICI ,
Summary : ICICI Bank, the second-largest private lender in India, reported a substantial 40% year-on-year increase in net profit at Rs 9,648 crore for the first quarter of the financial year 2023-24. The bank's net interest income (NII) also surged by 38% YoY to Rs 18,227 crore during the same quarter. The bank's asset quality improved as gross non-performing assets (GNPAs) declined to 2.76% and net non-performing assets (NNPA) decreased to 0.48% from the previous year. ICICI Bank's retail loan portfolio experienced a significant 22% YoY growth and constituted 54.3% of the total loan portfolio. The bank's CASA ratio stood at 42.6%, reflecting strong current account and savings account deposits. The positive financial results indicate robust performance and business growth for ICICI Bank in Q1FY24.
Adversitement