ICICI Bank Q1 profit increased by 50%

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ICICI Bank Q1 profit increased by 50%
25 Jul 2022
6 min read

News Synopsis

In the first quarter of the current fiscal year, ICICI Bank's net profit increased by 50% to Rs 6,905 crore, helped by a drop in bad loans, according to a report released on Saturday. In the same quarter of the prior fiscal year, the second largest private sector bank reported a net profit of Rs. 4,616 crore.

According to an ICICI Bank regulatory filing, total revenue for the April–June 2022–23 quarter increased to Rs 28,336.74 crore from Rs 24,379.27 crore during the same quarter in FY22. In comparison to the same quarter of the previous fiscal year, the reporting quarter's net profit for ICICI Bank increased by 55% to Rs 7,385 crore from Rs 4,616 crore.

The bank's interest income increased during the quarter, going from Rs 20,383.41 crore to Rs 23,671.54 crore.

Gross non-performing assets (NPAs) as a percentage of gross advances decreased from 5.15 percent on June 30, 2021, to 3.41 percent as of June 30, 2022, reflecting improvements in asset quality. Net NPAs, or bad loans, also decreased from 1.16 to 0.70 percent.

Therefore, compared to the same quarter last year, provisions for bad loans and contingencies more than halved to Rs 1,143.82 crore from Rs 2,851.69 crore. There were net additions to gross NPAs of Rs 382 crore during the quarter as opposed to net additions of Rs 3,604 crore in Q1-2022. In the first quarter, NPA recoveries and upgrades totaled Rs 5,443 crore, excluding write-offs and sales.

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