ICICI Bank reported a 40% year-on-year (YoY) rise in net profit to Rs 9,648 crore in the first quarter (Q1) of the current financial year (FY23), beating analysts’ estimates of Rs 8,982 crore.
The bank’s net interest income (NII) increased by 38% YoY to Rs 18,227 crore in Q1 FY23. The core operating profit grew by 35.2% YoY to Rs 13,887 crore in Q1.
The bank’s asset quality remained healthy, with the net non-performing asset (NPA) ratio declining to 0.48% at the end of June 2023 from 0.51% at the end of March 2023. The gross NPA ratio also declined to 2.38% from 2.47% in the previous quarter.
The bank’s capital adequacy ratio (CAR) stood at 17.47% at the end of June 2023, with the tier-1 capital adequacy ratio at 16.76%.
Commenting on the results, ICICI Bank’s Managing Director and CEO Chanda Kochhar said, “We are pleased to report our strong Q1 results, which reflect the resilience of our business and the continued traction in our growth momentum.”
She added, “We remain focused on delivering sustainable growth and profitability, while maintaining our strong asset quality and capital position.”
The bank’s stock price closed at Rs 1,000.45 on the National Stock Exchange on July 21, 2023, up 0.5%.