ICICI Bank Q1 Results: Here's All You Need To Know
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.