ICICI Bank announced Q1FY24 results:
- Consolidated profit after tax increased by 44.0% YoY to Rs 10,636 crore (USD 1.3 billion) in Q1FY24 from Rs 7,385 crore (USD 900 million) in Q1FY23.
- Consolidated assets grew by 17.0% YoY to Rs 20,39,897 crore (USD 248.6 billion) on June 30, 2023, from Rs 17,42,777 crore (USD 212.4 billion) on June 30, 2022.
- Core operating profit less provisions (profit before tax excluding treasury gains) grew by 38.0% YoY to Rs 12,595 crore (USD 1.5 billion) in Q1FY24.
- Core operating profit grew by 35.2% YoY to Rs 13,887 crore (USD 1.7 billion) in Q1FY24.
- Profit after tax grew by 39.7% YoY to Rs 9,648 crore (USD 1.2 billion) in Q1FY24.
- Total period-end deposits grew by 17.9% YoY to Rs 12,38,737 crore (USD 151.0 billion) on June 30, 2023
- Average CASA ratio was 42.6% in Q1FY24.
- Domestic loan portfolio grew by 20.6% YoY to Rs 10,25,310 crore (USD 125.0 billion) on June 30, 2023.
- Net NPA ratio was 0.48% on June 30, 2023.
- Provision coverage ratio on non-performing assets was 82.4% at June 30, 2023.
- Including profits for Q1FY24, the total capital adequacy ratio was 17.47% and the Tier-1 capital adequacy ratio was 16.76% on a standalone basis on June 30, 2023.
- Net interest income (NII) increased by 38.0% YoY to Rs 18,227 crore (USD 2.2 billion) in Q1FY24 from Rs 13,210 crore (USD 1.6 billion) in Q1FY23.
- The net interest margin was 4.78% in Q1FY24 compared to 4.01% in Q1FY23 and 4.90% in Q4FY23.
- Non-interest income, excluding treasury gains, increased by 12.0% YoY to Rs 5,183 crore (USD 632 million) in Q1FY24 from Rs 4,629 crore (USD 564 million) in Q1FY23.
- Fee income grew by 14.1% YoY to Rs 4,843 crore (USD 590 million) in Q1FY24 from Rs 4,243 crore (USD 517 million) in Q1FY23. Fees from retail, rural, business banking, and SME customers constituted about 78% of total fees in Q1FY24.