ICICI Bank Q1 profit zooms 50% to ₹6,905 crore

PTI | | Updated on: Jul 23, 2022
Net NPAs or bad loans slipped to 0.70 per cent from 1.16 per cent.

Net NPAs or bad loans slipped to 0.70 per cent from 1.16 per cent. | Photo Credit: RUPAK DE CHOWDHURI

ICICI Bank reports jump in profit aided by a decline in bad loans

ICICI Bank on Saturday reported a 50 per cent jump in standalone net profit to ₹6,905 crore in Q1 FY23 aided by a decline in bad loans.

The second biggest private sector bank had posted a net profit of ₹4,616 crore in Q1FY22.

The total income during Q1 FY23 improved to ₹28,336.74 crore from ₹24,379.27 crore in the same quarter in FY22, ICICI Bank said in a regulatory filing.

The interest income increased to ₹23,671.54 crore during the reported quarter from ₹20,383.41 crore in the year-ago period.

On the asset quality front, gross non-performing assets (NPAs) declined to 3.41 per cent of the gross advances as of June 30, 2022, from 5.15 per cent on June 30, 2021. Net NPAs or bad loans slipped to 0.70 per cent from 1.16 per cent.

As a result, provisions for bad loans and contingencies more than halved to ₹1,143.82 crore in the quarter, as against ₹2,851 .69 crore earmarked in the year-ago quarter.

On a consolidated basis, ICICI Bank reported a 55 per cent jump in net profit to ₹7,385 crore for Q1 as against ₹4,616 crore in Q1 FY22.

Published on July 23, 2022
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