ICICI
ICICI official Logo , ICICI headoffice Suited in Mumbai
| July 22, 2023, 2:02 p.m.
ICICI Bank Q1FY24 Net Profit Surges 40%, Beats Market Expectations
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.
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