Mumbai, July 27
ICICI Bank on Saturday reported a 14.6 per cent increase in net profit to Rs 11,059 crore for the April-June quarter of the current financial year compared to the corresponding figure of Rs 9,648.2 crore in the same period last year.
According to the bank's executive director (ED) Sandeep Batra, "in Q1 FY25, we infused about Rs 500 crore" in ICICI Home Finance, the home finance subsidiary.
The bank's net interest income went up by 7.3 per cent to Rs 19,552.9 crore during the first quarter from Rs 18,227 crore in the year-ago period.
The gross non-performing asset of the lender came in at 2.15 per cent. The net non-performing assets (NNPA) stood at 0.43 per cent compared to 0.42 per cent last year.
ICICI Bank also disclosed that its provisions for Q1 have increased by 3.1 per cent year-on-year to Rs 1,332.2 crore, compared to Rs 1,292 crore in the same period last fiscal.
The period-end deposits grew by 15.1 per cent (year-on-year) to Rs 14,26,150 crore while average deposits grew by 17.8 per cent to Rs 13,78,658 crore in the quarter.
Domestic loan portfolio grew by 15.9 per cent year-on-year to Rs 11,88,587 crore.
According to the bank, average current account deposits increased by 13.3 per cent while average savings account deposits went up by 8.2 per cent.
With the addition of 64 branches during Q1-2025, the bank had a network of 6,587 branches and 17,102 ATMs and cash recycling machines.
"The gross NPA additions were Rs 5,916 crore in Q1 FY25 compared to Rs 5,139 crore in the same period last fiscal.
"The Bank has written off gross NPAs amounting to Rs 1,753 crore in Q1-2025. The provisioning coverage ratio on NPAs was 79.7 per cent at June 30," said the ICICI Bank.
In the quarter, the annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) increased by 34.4 per cent to Rs 1,963 crore, from Rs 1,461 crore in Q1 2024.