ICICI Bank reported a 50% year-on-year (YoY) increase in profit after tax (PAT) to Rs 6,905 crore, up from Rs 4,616 crore in the same quarter last year.
The bank reported that its net interest income (NII) increased by 21% year on year to Rs 13,210 crore, up from Rs 10,936 crore in the same quarter last year. The quarterly Net Interest Margin (NIM) was 4.92 percent.
The net interest margin (NIM) for the quarter was 4.01 percent, compared to 4% in the March quarter and 3.89 percent the previous year.
Non-interest income excluding treasury income increased by 25% year on year to Rs 4,629 crore, up from Rs 3,706 crore. Fee income increased by 32% year on year to Rs 4,243 crore from Rs 3,219 crore. Fees from retail, rural, business banking, and SME customers accounted for approximately 79% of total fees, according to a press release from the lender.
Provisions, excluding tax, fell 60% year on year to Rs 1,144 crore from Rs 2,852 crore. Provisions for the June quarter included a prudent contingency provision of Rs 1,050 crore.
The bank reported a treasury gain of Rs 36 crore for the quarter, compared to a gain of Rs 290 crore the previous year.
The gross NPA ratio fell to 3.41 percent in the June quarter from 3.60 percent in March and 5.15 percent in the previous quarter.
There were net additions of Rs 382 crore to gross NPAs in the June quarter, compared to net deletions of Rs 489 crore in the March quarter.
Gross NPA additions totaled Rs 5,825 crore in value. Recoveries and upgrades of NPAs, excluding write-offs and sales, totaled Rs 5,443 crore in the March quarter, up from Rs 4,693 crore in the previous quarter.
The gross NPA write-off was Rs 1,126 crore, and the provisioning coverage ratio on NPAs was 79.6 percent.
Meanwhile, the bank reported a 55% increase in PAT to Rs 7,385 crore from Rs 4,763 crore year on year.
Consolidated assets increased 13% year on year to Rs 1,742,777 crore, up from Rs 1,536,731 crore in the previous quarter. ICICI Prudential Life Insurance’s PAT was Rs 156 crore, compared to a loss of Rs 186 crore year on year. ICICI Lomard increased by 79.5 percent year on year to Rs 349 crore from Rs 194 crore. ICICI Securities reported a PAT of Rs 274 crore, down from Rs 311 crore the previous quarter. ICICI Prudential Asset Management Company’s profit was Rs 305 crore, down from Rs 380 crore year on year.