ICICI Bank Q1 results: Net profit rises 78% to Rs 4,616 cr as provisions fall


NEW DELHI: Private lender on Saturday reported a 78 per cent year-on-year (YoY) rise in standalone net profit at Rs 4,616 crore for June quarter compared with Rs 2,599 crore in the same quarter last year.

Net interest income (NII) for the quarter rose 18 per cent year-on-year to Rs 10,936 crore from Rs 9,280 crore YoY.

Non interest income for the quarter, excluding treasury income, rose 56 per cent to Rs 3,706 crore compared with Rs 2,380 crore in the same quarter last year, the bank said in a BSE filing.

Provisions (excluding provision for tax) fell to Rs 2,852 crore in June quarter from Rs 7,594 crore in the year-ago quarter.

ICICI Bank said it has changed its policy on non-performing loans during the June quarter to make it more conservative.

“The change in policy resulted in higher provision on non-performing advances amounting to Rs 1,127 crore (US$ 152 million) for aligning provisions on outstanding loans to the revised policy,” it said.

Gross non-performing assets came in at 5.15 per cent, which was higher than 4.96 per cent in March quarter, but lower than year-ago’s 5.46 per cent.

The bank said it held Covid-19 related provisions worth Rs 6,425 crore as of June 30. Based on its current assessment of the portfolio, ICICI Bank wrote back Covid-19 provisions amounting to Rs 1,050 crore made in earlier periods, the lender said.

Fee income climbed 53 per cent YoY to Rs 3,219 crore from Rs 2,104 crore YoY. Fees from retail, business banking and SME customers rose 65 per cent year-on-year and accounted for 76 per cent of total fees.

Treasury income nosedived to Rs 290 crore compared with Rs 3,763 crore in the year-ago quarter. This is because treasury gain in the year-ago quarter included Rs 3,036 crore gains made from selling stake in subsidiaries.

Net interest margin (NIM) for the quarter stood at 3.89 per cent against 3.84 per cent in March quarter and 3.69 per cent in the year-ago quarter.

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