Private lender ICICI Bank on Saturday reported a 40 per cent rise in standalone net profit to Rs 9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income.
The Mumbai-based private sector lender had posted a net profit of Rs 6,905 crore on a standalone basis in the year-ago period.
Its total income in the first quarter of the current fiscal rose to Rs 38,763 crore from Rs 28,337 crore a year ago, ICICI Bank said in a regulatory filing.
Interest earned by the bank improved to Rs 33,328 crore over Rs 23,672 crore in June 2022.
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The bank's net interest income (NII) increased by 38 per cent year-on-year to Rs 18,227 crore in Q1 FY24 from Rs 13,210 crore in the year-ago period.
At the same time, the net interest margin improved to 4.7 per cent compared to 4.01 per cent a year earlier.
The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.7 per cent of gross advances at the end of the June quarter from 3.4 per cent a year ago.
Similarly, net NPAs or bad loans declined to 0.4 per cent against 0.7 per cent in the same period of the preceding fiscal.
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Its capital adequacy ratio fell to 16.71 per cent from 18.04 per cent at the end of June 2022.
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