HomeLifestyleICICI Bank's profit increased by 50% in the first quarter, asset quality...

ICICI Bank’s profit increased by 50% in the first quarter, asset quality also improved, see detail result

ICICI Bank Q1 results: ICICI Bank, one of the country’s largest private bank, has also released its result today. ICICI Bank’s net profit for the quarter ended June 30, 2022 (Q1FY23) grew 49.59% to ₹6,904.94 crore as against ₹4,616.02 crore in the same period last year.

However, it has come down by 1.62% from ₹ 7,018.71 crore recorded in the previous quarter. Meanwhile, the bank earned net interest income of ₹13,210.02 crore in Q1FY23. This figure was ₹ 10,935.76 crore in the same period a year ago, which is an increase of 20.8%. This is an increase of 4.80% from ₹12,604.56 crore as compared to the previous quarter.

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Net interest margin also increased
Net interest margin during the quarter stood at 4.01% as compared to 3.89% in Q1FY22. It was 4% in the quarter ended March 31, 2022 (Q4-2022). That is, there is a slight increase in it. The bank’s loan book has grown by 21 percent in the June quarter and has reached 8.95 lakh crore. The retail loan portfolio accounts for the largest share of the bank’s total loan book at about 53 per cent. It has registered an increase of 24 per cent on a yearly basis.

NPA reduced
The bank’s performance has also been good in terms of asset quality. Gross NPA Ratio reduced to 3.41% as on 30th June, 2022 from 3.60% as of 31st March, 2022 and 5.15% as of 30th June, 2021. Net NPA Ratio declined to 0.70% in Q1FY23 from 0.76% in Q4FY22 and 1.16% in Q1FY22.

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Share reached from Rs 700 to Rs 800 in a month
All the experts had already predicted to be better regarding the result of ICICI Bank. As per the estimates, the result has been good and the asset quality has improved. Its stock is already performing well regarding the results of the bank. For the past two weeks, the shares of the bank have shown a strong rally. In a month, the bank’s stock has reached the level of Rs 700 to Rs 800. On Friday, it closed at Rs 800.05 with a gain of 14 points on the NSE.

Tags: bank, Bank news, Bank NPA, ICICI bank, Share market

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