ICICI Bank Net Profit Rises 78% To Rs 4,616 Crore In June Quarter, Provisions Fall Sharply

ICICI Bank's core working revenue - the revenue earlier than provisions and taxes, elevated 23 per cent year-on-year to ₹ 8,605 crore within the first quarter of the monetary 12 months 2021-22, in comparison with Rs 7,014 crore within the year-ago interval. (Also Read: ICICI Bank Profit Jumps 260% To ₹ 4,403 Crore In March Quarter )

The non-public sector financial institution's internet curiosity earnings (NII) - or the distinction between curiosity earned and curiosity paid, within the June quarter elevated 18 per cent year-on-year to Rs 10,936 crore, in comparison with Rs 9,280 crore in the identical quarter final 12 months.

The financial institution's internet non-performing property (NPAs) had been Rs 9,306 crore within the June quarter, in comparison with Rs 9,180 crore within the previous January-March quarter. The internet NPA ratio was 1.16 per cent by the tip of June 2021, in comparison with 1.14 per cent by March 2021.

The whole earnings stood at Rs 24,379.27 crore within the June quarter, in comparison with Rs 26,066.95 crore within the year-ago interval. The internet curiosity margin was 3.89 per cent within the quarter, in comparison with 3.84 per cent within the previous March quarter.

ICICI Bank's provisions (excluding provision for tax) declined sharply to Rs 2,852 crore within the June quarter, in comparison with Rs 7,594 crore within the year-ago interval. The financial institution modified its coverage on nonperforming loans which resulted within the increased provision on non-performing advances amounting to Rs 1,127 crore for aligning provisions to the revised coverage.

During the quarter, ICICI Bank held pandemic-related provisions of Rs 6,425 crore. The financial institution wrote again COVID-19 provisions amounting to Rs 1,050 crore made in earlier intervals, based mostly on its present evaluation of the portfolio.

ICICI Bank's whole deposits elevated 16 per cent year-on-year to Rs 926,224 crore. The home mortgage, in addition to retail mortgage portfolio, grew by 20 per cent year-on-year, in response to its assertion.

During the June quarter, Amazon Pay bank card grew to become the quickest co-branded bank card in India to cross the milestone of issuing two million playing cards. The Bank additionally launched a co-branded bank card with Hindustan Petroleum Corporation Limited (HPCL) known as - ‘ICICI Bank HPCL Super Saver Credit Card'.

ICICI Bank is a market chief in digital toll collections by way of FASTag, because it had a market share of 36 per cent by worth within the toll collections by way of FASTag within the June quarter, with a 146 per cent year-on-year progress in collections.

On Friday, July 23, shares of ICICI Bank settled 3.18 per cent increased at Rs 676.65 apiece on the BSE.