July 29, 2024
New Delhi, India
Q1 Results
Private sector lender ICICI Bank announced its quarterly results for Q1 FY25, reporting a net profit of Rs 11,059.1 crore, a 14.6% increase compared to Rs 9,648.2 crore in Q1 FY24. This result exceeded the expectations of most brokerages. The bank’s net interest income stood at Rs 19,552.9 crore, marking a 7.3% year-on-year (YoY) growth and surpassing market expectations of Rs 19,515 crore.
The net interest margin (NIM) for Q1 was 4.36%, slightly down from 4.40% in Q4 FY24 and 4.78% in Q1 FY24.
On a standalone basis, ICICI Bank reported a consolidated net profit of Rs 11,695.84 crore for the June quarter, up 9.96% from Rs 10,636.12 crore in the same period of FY24.
Asset Quality:
- Gross NPA ratio: 2.15% as of June 30, 2024, down from 2.16% as of March 31, 2024.
- Net NPA ratio: 0.43% as of June 30, 2024, up from 0.42% as of March 31, 2024.
- Gross NPA additions: Rs 5,916 crore in Q1 FY25, compared to Rs 5,139 crore in the previous quarter.
- Written-off gross NPAs: Rs 1,753 crore in Q1.
- Provisioning coverage ratio on NPAs: 79.7% as of June-end.
Ola Electric IPO: Open for Subscription on August 2; Valuation Expected at $4.4 Billion
Growth in Advances and Deposits:
- Total advances: Rs 12,23,154 crore, up 15.7% YoY and 3.3% sequentially.
- Retail loan portfolio: Grew by 17.1% YoY and 2.4% sequentially, comprising 54.4% of the total loan portfolio.
- Business banking portfolio: Increased by 35.6% YoY and 8.9% quarter-on-quarter.
- Total deposits: Rs 14,26,150 crore, up 15.1% YoY and 0.9% sequentially as of June 30, 2024.
Capital Adequacy:
- Total capital adequacy ratio: 16.63% including profits for Q1 FY25.
- CET-1 ratio: 15.92% on a standalone basis as of June 30, 2024.
ICICI Bank’s strong financial performance in Q1 FY25 reflects its robust business strategy and focus on maintaining asset quality. The bank continues to show significant growth in its loan and deposit portfolios, reinforcing its position in the private banking sector.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
