ICICI Bank net profit rises by 30% to ₹9,122 Cr

ICICI Bank net profit rises by 30% to ₹9,122 Cr

The net interest income rose by 40.2 per cent year-on-year to Rs 17,667 crore from Rs 12,605 crore last year. The net interest margin was 4.90 per cent compared to 4.00 per cent in Q4-2022.

FPJ News ServiceUpdated: Saturday, April 22, 2023, 11:51 PM IST
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ICICI Bank net profit rises by 30% to ₹9,122 Cr | Image: ICICI Bank (Representative)

Mumbai: Private lender ICICI Bank on Saturday reported a 27.64 per cent jump in consolidated net profit to Rs 9,852.70 crore for the January-March quarter of 2022-23 compared to the year ago period. 

On a standalone basis, the largest private sector lender reported a nearly 30 per cent jump in its net profit for the March quarter at Rs 9,121.87 crore. 

Net interest income up by 40.2 per cent

Its total income moved up to Rs 36,108.88 crore in the reporting quarter, as against Rs 27,412.32 crore in the year-ago period, while the overall expenses moved up to Rs 22,282.50 crore from Rs 17,119.38 crore in the year-ago period. 

The net interest income rose by 40.2 per cent year-on-year to Rs 17,667 crore from Rs 12,605 crore last year. The net interest margin was 4.90 per cent compared to 4.00 per cent in Q4-2022.

“Total capital adequacy ratio was 18.34% and Tier-1 capital adequacy ratio was 17.60% on a standalone basis at March 31, 2023,” said ICICI Bank in a stock exchange filing.

The share of gross non-performing assets in the overall loans was 2.81 per cent as of March 31, 2023, which is an improvement from 3.60 per cent in the year-ago period and 3.07 per cent in the quarter-ago period. 

The lender’s board recommended a dividend of Rs 8 per share, subject to requisite approvals.

Its overall provisions increased to Rs 1,619.80 crore from Rs 1,068.95 crore in the year-ago period, but were down when compared with the December quarter's Rs 2,257.44 crore. 

The bank’s deposits stood at Rs 11.8 lakh crore from Rs 10.6 lakh crore, a YoY growth of 10.9 per cent. The lender’s average current and savings account ratio was 43.6 per cent in the Q4-2023.

ICICI Bank’s gross NPA ratio declined to 2.81 per cent for the fourth quarter of the fiscal year 2022-23, from 3.60 per cent last year. The net NPA ratio declined to 0.48 per cent from 0.76 per cent last year. 

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