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ICICI Bank Profit Rises 78% To Rs 4,616 Crore In June Quarter, Provisions Fall
24 Jul 2021, 05:43 PM IST 
ICICI Bank Q1 Earnings: Net profit rose 78 per cent to Rs 4,616 crore
- ICICI Bank's core operating profit - the profit before provisions and taxes, increased 23 per cent year-on-year to ₹ 8,605 crore in the first quarter of the financial year 2021-22, compared to Rs 7,014 crore in the year-ago period. (Also Read: ICICI Bank Profit Jumps 260% To ₹ 4,403 Crore In March Quarter )
- The private sector bank's net interest income (NII) - or the difference between interest earned and interest paid, in the June quarter increased 18 per cent year-on-year to Rs 10,936 crore, compared to Rs 9,280 crore in the same quarter last year.
- The bank's net non-performing assets (NPAs) were Rs 9,306 crore in the June quarter, compared to Rs 9,180 crore in the preceding January-March quarter. The net NPA ratio was 1.16 per cent by the end of June 2021, compared to 1.14 per cent by March 2021.
- The total income stood at Rs 24,379.27 crore in the June quarter, compared to Rs 26,066.95 crore in the year-ago period. The net interest margin was 3.89 per cent in the quarter, compared to 3.84 per cent in the preceding March quarter.
- ICICI Bank's provisions (excluding provision for tax) declined sharply to Rs 2,852 crore in the June quarter, compared to Rs 7,594 crore in the year-ago period. The bank changed its policy on nonperforming loans which resulted in the higher provision on non-performing advances amounting to Rs 1,127 crore for aligning provisions to the revised policy.
- During the quarter, ICICI Bank held pandemic-related provisions of Rs 6,425 crore. The bank wrote back COVID-19 provisions amounting to Rs 1,050 crore made in earlier periods, based on its current assessment of the portfolio.
- ICICI Bank's total deposits increased 16 per cent year-on-year to Rs 926,224 crore. The domestic loan, as well as retail loan portfolio, grew by 20 per cent year-on-year, according to its statement.
- During the June quarter, Amazon Pay credit card became the fastest co-branded credit card in India to cross the milestone of issuing two million cards. The Bank also launched a co-branded credit card with Hindustan Petroleum Corporation Limited (HPCL) called - ‘ICICI Bank HPCL Super Saver Credit Card'.
- ICICI Bank is a market leader in electronic toll collections through FASTag, as it had a market share of 36 per cent by value in the toll collections through FASTag in the June quarter, with a 146 per cent year-on-year growth in collections.
- On Friday, July 23, shares of ICICI Bank settled 3.18 per cent higher at Rs 676.65 apiece on the BSE.