ICICI Bank Quarterly Result net rises 25% QoQ to Rs 2,605 cr

ICICI Bank, the country’s largest private sector lender, on Thursday reported a higher-than-expected 25 per cent quarter-on-quarter growth in its consolidated net profit at Rs 2,605 crore for the first quarter ended June 30, 2017. “The bank had reported consolidated net profit of Rs 2,083 crore in January-March period,” said ICICI Bank in a filing to the Bombay Stock Exchange.

On the standalone basis, the bank has posted net profit of Rs 2,049 crore compared to Rs 2,232 crore in the same period a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 8 per cent at Rs 5,590 crore versus Rs 5,159 crore in the year ago period. Non-interest income rose by 25.30 per cent to Rs 3,388 crore versus Rs 3,429 crore in June 16. Fee income increased by 10 per cent on a year-on-year basis to Rs 2,377 crore in Q1-2018 from Rs 2,156 crore in Q1-2017.

The bank reported 19 per cent year-on-year growth in retail portfolio, which constituted 53 per cent of the total portfolio at June 30, 2017. Total advances increased by 3 per cent year-on-year to Rs 464,075 crore at June 30, 2017 from Rs 449,427 crore at June 30, 2016. CASA deposits increased by 24 per cent year-on-year to Rs 238,024 crore at June 30, 2017.

On the asset side, Net non-performing assets (NPAs) decreased from Rs 25,451 crore at March 31, 2017 to Rs 25,306 crore at June 30, 2017. The Bank’s net non-performing asset ratio declined from 4.89 per cent at March 31, 2017 to 4.86 per cent at June 30, 2017. During the quarter, the Bank launched a new website and mobile application for Money2India (M2I), its online money transfer service for NRIs.

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