ICICI Bank Net Profit Surges By 50%! Earned Rs 79 Crore/Day Profit In 90 Days For March Quarter

For the quarter ending June 30, 2022 (Q1FY23) period, ICICI Bank registers a growth of 49.59% in net profit to ?6,904.94 crore. The same was ?4,616.02 crore in the same period last year.

The Financials Of ICICI Bank

ICICI Bank registers a growth of 49.59% in net profit to ?6,904.94 crore for the quarter ending June 30, 2022 (Q1FY23) period compared to ?4,616.02 crore in the same period last year. 

However there has been a decline by 1.62% from ?7,018.71 crore recorded in the preceding quarter. A net interest income of ?13,210.02 crore was garnered by the bank in Q1FY23. 

This was an increase of 20.8% from ?10,935.76 crore in the corresponding period last year. Also, from ?12,604.56 crore in Q4FY22, it is an increase of 4.8%.

During the quarter, net interest margin stood at 4.01%. The same was 3.89% in Q1FY22 and 4% in the quarter ended March 31, 2022 (Q4-2022).

From ?2,852 crore in Q1FY22, there has been a decline in provisions (excluding provision for tax) to  ?1,144 crore, which is a drop of 60%.

Made on a prudent basis, the provisions in Q1 of FY23 also include a contingency provision of ?1,050 crore.

As of June 30, 2022, from 3.60% as of March 31, 2022, the gross NPA ratio declined to 3.41% as of June 30, 2022. The gross NPA ratio was 5.15% as of June 30, 2021.

The net NPA ratio declined to 0.70% in Q1FY23 from 0.76% in Q4FY22 and 1.16% in Q1FY22.

As of June 30, 2022, the provisioning coverage ratio on NPAs was 79.6% and the gross NPAs written-off in Q1FY23 was at ?1,126 crore during the quarter.

There has been an increase in total deposits by 13% yoy to ?1,050,349 crore. In Q1-2023, the average current account deposits increased by 23% YoY and 3% sequentially whereas the same for savings accounts has increased by 19% YoY and 4% sequentially in Q1FY23.

Lending Book, Advances, UPI & Presence

Lets peep into the lending book, the retail loan portfolio of ICICI bank grew by 24% year-on-year and 5% sequentially. The retail loan comprised of 53.1% of the total loan portfolio as of June 30, 2022. 

As of June 30, 2022, the total advances were up by 21% yoy and 4% qoq to ?895,625 crore.

Speaking of the Bank’s merchant acquiring transactions through UPI, then the same grew by 27% over Q4FY22 and was 2.3 times the value of transactions in Q1FY22. When it comes to the electronic toll collections through FASTag, the Bank is market leader in the same. With a 53% year-on-year growth in collections, the bank had a market share of about 32% by value in electronic toll collections through FASTag in Q1FY23. Speaking of the presence, then as of June 30, 2022, the bank had a network of 5,534 branches and 13,379 ATMs.

On BSE, ICICI Bank shares are at ?800 apiece up by 1.74%.