ICICI Bank Q1 Profits: Net profit increased 78 per cent to Rs 4,616 croreICICI Bank Q1 FY22 Results: ICICI Bank reported a 78 percent increase in net revenue to 4,616 crore on a standalone basis for the April-June quarter in the fiscal year 2021-22, compared to 2,599 crore in the year-ago duration.
The country's leading private sector lending institution's arrangements - leaving out provision for tax, decreased dramatically as it has changed its policy on nonperforming loans in the quarter to make it more conservative.
ICICI Bank's core operating profit - the profit prior to provisions and taxes, increased 23 per cent year-on-year to 8,605 crore in the very first quarter of the fiscal year 2021-22, compared to Rs 7,014 crore in the year-ago period.
(Also Read: ICICI Bank Earnings Jumps 260% To 4,403 Crore In March Quarter )The economic sector bank's net interest earnings (NII) - or the distinction between interest made and interest paid, in the June quarter increased 18 percent year-on-year to Rs 10,936 crore, compared to Rs 9,280 crore in the very same quarter last year.The bank's net non-performing properties (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 percent by the end of June 2021, compared to 1.14 percent by March 2021.
The overall earnings stood at Rs 24,379.27 crore in the June quarter, compared to Rs 26,066.95 crore in the year-ago duration.
The net interest margin was 3.89 percent in the quarter, compared to 3.84 per cent in the preceding March quarter.ICICI Bank's provisions (excluding arrangement 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 arrangement on non-performing advances amounting to Rs 1,127 crore for lining up arrangements to the revised policy.During the quarter, ICICI Bank held pandemic-related arrangements of Rs 6,425 crore.
The bank wrote back COVID-19 arrangements amounting to Rs 1,050 crore made in earlier periods, based upon its existing evaluation of the portfolio.ICICI Bank's overall deposits increased 16 percent year-on-year to Rs 926,224 crore.
The domestic loan, along with retail loan portfolio, grew by 20 percent year-on-year, according to its statement.During the June quarter, Amazon Pay credit card became the fastest co-branded charge card in India to cross the milestone of releasing two million cards.
The Bank also released 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 percent by value in the toll collections through FASTag in the June quarter, with a 146 percent year-on-year development in collections.On Friday, July 23, shares of ICICI Bank settled 3.18 percent higher at Rs 676.65 apiece on the BSE.