New Delhi: India’s mega private sector lender ICICI Bank on July 22 reported growth in its net profits, up by 40 per cent to Rs 9,648 crore for the June quarter of FY23 against Rs 6,905 crore in the corresponding period a year back.

Net Interest Income (NII) for the bank grew by 38 per cent year-on-year (YoY) to Rs 18,227 crores in the first quarter of the current financial year as compared to Rs 13,210 crore in the year-ago quarter.

ICICI reported its net interest margin (NIM) to be at 4.78 per cent in the quarter versus 4.01 per cent during the same quarter last year.

The bank’s asset quality got better as the gross non-performing assets (GNPAs) declined to 2.76 per cent from 3.4 per cent in the last year’s quarter. The net non-performing assets (NNPA) were knocked down to 0.48 per cent from 0.70 per cent in the same quarter of the previous financial year.

ICICI’s deposit growth

Total deposits for the April-June quarter hiked by 18 per cent year-on-year (YoY) rising to Rs 12.38 lakh crore as on June 30, 2023. Total term deposits escalated by 26 per cent YoY to Rs 7.02 lakh crore.

On the other hand, the average current account and savings account (CASA) ratio was 42.6 per cent in the first quarter of FY23.

Private entity’s average current deposits account deposits grew by 9.2 per cent YoY in the June quarter of FY23. On the other hand, average savings account deposits increased by 5.6 per cent YoY.

Credit growth

Total advances of the bank increased by 18 per cent YoY to Rs 10.57 lakh crore for the quarter ended June 30, 2023.

The net domestic advances hiked by 21 per cent YoY, whereas, the retail loan portfolio grew by 22 per cent year-on-year.

Bank’s banking business portfolio grew 30.4 per cent year-on-year. adding further, the small, medium enterprises (SME) business increased by 28.5 per cent YoY.

On the other hand, the rural portfolio hiked by 17.6 per cent and the domestic corporate portfolio saw growth by 19 per cent year-on-year.