ICICI Bank on Saturday reported a 14.6 per cent year-on-year (YoY) growth in net profit in the quarter ending June 2024 (Q1FY25), aided by treasury gains despite higher provisions. The private sector lender’s net profit stood at Rs 11,059 crore for the quarter, compared to Rs 9,648 crore in the corresponding period a year ago.
Its net interest income (NII) was up 7.3 per cent YoY to Rs 19,553 crore, led by healthy growth in advances. Additionally, its net interest margin (NIM) – a measure of profitability for banks – was nearly flat at 4.36 per cent in Q1FY25.
Its provisions were up at Rs 1,332 crore in Q1FY25 compared to Rs 1,292 crore in the corresponding period a year ago.
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The asset quality of the lender remained stable, with its gross non-performing assets (NPAs) ratio at 2.15 per cent at the end of Q1FY25 compared to 2.16 per cent in Q4FY24, and net NPA ratio at 0.43 per cent.
The gross NPA additions for the quarter stood at Rs 5,916 crore in Q1FY25 compared to Rs 5,139 crore in Q4FY24. Further, recoveries and upgrades of NPAs, excluding write-offs and sale, stood at Rs 3,292 crore in Q1FY25 compared to Rs 3,918 crore in Q4FY24.
The bank has reported a 15.7 per cent YoY and 3.3 per cent sequential growth in advances at Rs 12.23 trillion in Q1FY25, led by 17.1 per cent YoY growth in the retail portfolio, which is 54.4 per cent of the total loan portfolio, 35.6 per cent YoY growth in the business banking portfolio, 23.5 per cent YoY growth in the SME portfolio, and 16.9 per cent YoY growth in the rural banking portfolio.
Deposits of the bank grew by 15.1 per cent YoY and 0.9 per cent sequentially to Rs 14.26 trillion in Q1FY25. Period-end term deposits increased by 19.9 per cent YoY and 3.1 per cent sequentially to Rs 8.42 trillion during the quarter, and average deposits increased by 17.8 per cent YoY and 3.3 per cent sequentially to Rs 13.78 trillion.
