Profit rises 50% YoY to Rs 6,905 crore; NII jumps 21%
Q1 PAT, however, declined from ₹7,018.71 crore recorded in the preceding quarter.
Due to stronger core revenue and fewer charges, private sector lender ICICI Bank Ltd. reported a 50% year-over-year increase in net profit for the quarter ended June 30.
In comparison to the same quarter previous year, ICICI Bank's profit after tax (PAT) increased by 50% year over year (YoY), reaching Rs 6,905 crore as opposed to Rs 4,616 crore.
According to the bank, its net interest income (NII) increased 21% YoY to Rs 13,210 crore from Rs 10,936 crore in the same period the previous year.
NIM was 4.01 percent for the quarter, down from 4% in the March quarter and 3.89 percent in the prior quarter. However, Q1 PAT decreased from the 7,018.71 crore figure reported in the previous quarter.
Treasury income was excluded from non-interest income, which saw a YoY increase of 25% to Rs 4,629 crore from Rs 3,706 crore. Revenue from fees increased by 32% YoY to Rs 4,243 crore from Rs 3,219 crore.
According to a press release from the institution, fees from retail, rural, business banking, and small and medium-sized enterprise (SME) clients made up around 79% of all costs.
In Q1 FY23, ICICI Bank reported non-interest income of Rs 4,629 crore, excluding treasury income, a 25% year-over-year rise from Rs 3,706 crore in Q1 FY22.
The net interest margin was 4.01 percent in the first quarter of FY23, 4.00 percent in the quarter that ended March 31, 2022, and 3.89 percent in the first quarter of FY22.
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