ICICI Bank Posts Q1 Profit at Rs 1,908 cr With 17% NII Growth; Asset Quality Improves as NPA Falls (2024)

July 27, 2019

Net interest income grew by 26.8 percent year-on-year to Rs 7,737.43 crore for quarter ended June 2019, beating analyst expectations.

Country's largest private sector lender ICICI Bank posted a profit of Rs 1,908 crore in June quarter (Q1) over lower provisioning and healthy NII growth.

It was against the loss of Rs 119.55 crore reported in year-ago period and profit of Rs 969.06 crore in previous quarter. The profit was partly impacted by lower other income.

Net interest income grew by 26.8 percent year-on-year to Rs 7,737.43 crore for quarter ended June 2019 with healthy loan growth of 15 percent YoY, beating analyst expectations. NII was expected at Rs 7,427.1 crore, according to a poll of analysts conducted by CNBC-TV18.

The year-on-year growth in domestic advances was 18 percent at June 2019.

"We continued to leverage strong retail franchise, resulting in a 22 percent year-on-year growth in the retail loan portfolio in Q1. Excluding non-performing and restructured loans, the growth in domestic corporate loans was about 13 percent YoY," ICICI Bank said in its BSE filing.

Deposits increased by 21 percent year-on-year to Rs 6.6 lakh crore with average CASA deposits growth of 12.3 percent and term deposits growth of 34 percent YoY in Q1.

The net interest margin (NIM) remained strong at 3.61 percent in Q1FY20 compared to 3.19 percent in previous year, though it contracted 11bps sequentially.

The bank said the impact of interest on income tax refund and interest collection from NPLs on NIM was about 17 basis points in Q1FY20 compared to about 25 basis points in Q4FY19.

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