ICICI Bank’s Net Profit Grows 14.6% YoY In Q1FY25
The Net interest income (NII) increased by 7.3 per cent year-on-year to Rs 19,553 crore in Q1 FY25 from Rs 18,227 crore in Q1 FY24
Witnessing an improvement in performance from last year, ICICI Bank has posted a 14.6 per cent year-on-year growth in its net profit in the first quarter of the current financial year (Q1FY25). As per the standalone and consolidated financial statements of the bank, the net profit has increased to Rs 11,059.11 crore in Q1FY25 as compared to Rs 9,648.20 crore in Q1FY24. The consolidated profit after tax (Pat) increased to Rs 11,696 crore in Q1FY25 from Rs 10,636 crore in Q1FY24.
The bank added 64 branches during the recently concluded quarter and took the total to 6,587 branches and 17,102 ATMs and cash recycling machines as of 30 June 2024.
Bank’s profit before tax excluding treasury grew by 11.8 per cent year-on-year to Rs 14,080 crore in Q1 FY25 from Rs 12,595 crore in the quarter ended June 30, 2023.
The Net interest income (NII) increased by 7.3 per cent year-on-year to Rs 19,553 crore in Q1 FY25 from Rs 18,227 crore in Q1 FY24. The net interest margin was 4.36 per cent in Q1 FY25 compared to 4.40 per cent in Q4 FY24 and 4.78 per cent in Q1 FY24.
The gross non-performing assets (NPA) ratio was 2.15 per cent as of 30 June 2024 as compared with 2.16 per cent at 31 March 2024. The net NPA ratio was 0.43 per cent on 30 June 2024 compared to 0.42 per cent on 31 March 2024. The gross NPA additions were Rs 5,916 crore in Q1FY25 compared to Rs 5,139 crore in Q4 FY24.
The total period-end deposits saw an increase by 15.1 per cent on a YoY basis and 0.9 per cent sequentially to Rs 14,26,150 crore on 30 June 2024 The average deposits grew by 17.8 per cent on a YoY basis to Rs 13,78,658 crore in Q1FY25. The average current account and savings account (Casa) ratio was 39.6 per cent in Q1 FY25.
As far as the credit growth is concerned, the net domestic advances grew by 15.9 per cent YoY and 3.3 per cent sequentially on 30 June 2024. The retail loan portfolio grew by 17.1 per YoY and 2.4 per cent sequentially and comprised 54.4 per cent of the total loan portfolio on 30 June 2024.
The value of the Bank’s merchant acquiring transactions through unified payments interface (UPI) grew by 51.6 per cent year-on-year in Q1 FY25. The Bank had a market share of about 32.1 per cent by value in electronic toll collections through FASTag in Q1 FY25, with a 16.9 per cent year-on-year growth in collections in Q1 FY25.
