ICICI Bank Q1 results: Net profit rises 78% to Rs 4,616 cr as provisions fall

NEW DELHI: Private lender on Saturday reported a 78 per cent year-on-year (YoY) rise in standalone net profit at Rs 4,616 crore for June quarter in contrast with Rs 2,599 crore in the identical quarter final 12 months.

Net curiosity earnings (NII) for the quarter rose 18 per cent year-on-year to Rs 10,936 crore from Rs 9,280 crore YoY.

Non interest income for the quarter, excluding treasury earnings, rose 56 per cent to Rs 3,706 crore in contrast with Rs 2,380 crore in the identical quarter final 12 months, the financial institution mentioned in a BSE submitting.

Provisions (excluding provision for tax) fell to Rs 2,852 crore in June quarter from Rs 7,594 crore within the year-ago quarter.

ICICI Bank mentioned it has modified its coverage on non-performing loans in the course of the June quarter to make it extra conservative.

“The change in policy resulted in higher provision on non-performing advances amounting to Rs 1,127 crore (US$ 152 million) for aligning provisions on outstanding loans to the revised policy,” it mentioned.

Gross non-performing belongings got here in at 5.15 per cent, which was increased than 4.96 per cent in March quarter, however decrease than year-ago’s 5.46 per cent.

The financial institution mentioned it held Covid-19 associated provisions price Rs 6,425 crore as of June 30. Based on its present evaluation of the portfolio, ICICI Bank wrote again Covid-19 provisions amounting to Rs 1,050 crore made in earlier durations, the lender mentioned.

Fee earnings climbed 53 per cent YoY to Rs 3,219 crore from Rs 2,104 crore YoY. Fees from retail, enterprise banking and SME prospects rose 65 per cent year-on-year and accounted for 76 per cent of whole charges.

Treasury earnings nosedived to Rs 290 crore in contrast with Rs 3,763 crore within the year-ago quarter. This is as a result of treasury achieve within the year-ago quarter included Rs 3,036 crore beneficial properties produced from promoting stake in subsidiaries.

Net curiosity margin (NIM) for the quarter stood at 3.89 per cent towards 3.84 per cent in March quarter and three.69 per cent within the year-ago quarter.

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