The Bank's Q1 FY24 Results Show Significant Increase in Profit, Improved NPA Ratios, and Growing Loan Portfolio
ICICI Bank, in its Q1 results, reported a standalone profit after tax of Rs 9,648 crore for the June quarter, a significant increase of 39.7% compared to the same period last year. The bank's core operating profit grew by 35.2% YoY to Rs 13,887 crore, and fee income saw a growth of 14.1% YoY, reaching Rs 4,843 crore.
The net interest income (NII) rose by 38% YoY to Rs 18,227 crore during the April-June quarter. The net interest margin (NIM) stood at 4.78% in Q1, showing an improvement compared to the previous quarters.
The gross NPA customer assets for Q1 FY24 were Rs 31,822.39 crore, slightly higher than the previous quarter. However, the gross NPA ratio improved to 2.76% at the end of the June quarter. The net NPA ratio also remained stable at 0.48% in June.
During the quarter, the bank managed to reduce gross NPAs by Rs 1,169 crore. The retail loan portfolio expanded by 21.9% YoY, making up 54.3% of the total loan portfolio. Additionally, the business banking portfolio and domestic corporate portfolio also witnessed growth.
The bank's deposits increased by 17.9% to reach Rs 12,38,737 crore, while the domestic loan portfolio grew by 20.6% to Rs 10,25,310 crore in the June quarter.
The current account and savings account (CASA) ratio was recorded at 42.6% for the quarter. Average current account deposits saw a growth of 9.2% YoY, and average savings account deposits increased by 5.6% YoY.
Overall, ICICI Bank's Q1 results indicate positive financial performance and growth in various sectors of its business.
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