ICICI Bank Q1 net profit up 25% to Rs2,274 crore on robust NII
Moneylife Digital Team 31 July 2013
On a consolidated basis, ICICI Bank reported a 32% growth in net profit at Rs2,747 crore in the June 2013 quarter against a net profit of Rs2,077 crore in the first quarter of the 2012-13 fiscal
 
Private sector lender ICICI Bank on Wednesday reported a 25% growth in standalone net profit at Rs2,274.21 crore for the June quarter, driven by higher net interest income (NII), increased disbursement of mortgage and auto loans. 
 
The country’s largest private sector bank’s standalone net profit stood at Rs1,815.05 crore in the April-June quarter of 2012-13 fiscal.
 
While the NII of the bank rose 20% to Rs 3,820 crore during the June quarter, its total income increased by 13% to Rs 12,905 crore.
 
ICICI Bank has continued to see healthy growth in its retail disbursements, with mortgage and auto loan disbursements during the quarter increasing by about 36% and 17% respectively. As a result, the outstanding mortgages and auto loan portfolios for the Bank have grown by 20% and 21% respectively.
 
The net non-performing assets of the bank increased to 0.69% at the end of the first quarter compared to 0.64% in the same period a year ago.
 
Provisioning against bad loans during the quarter also rose to Rs593 crore, as against Rs466 crore in the year-ago period.
 
However, the net interest margin improved to 3.27% at the end of the first quarter, as compared to 3.01% in the year ago period.
 
Total advances increased by 12% to Rs3.01 lakh crore at the end of the June quarter.
 
The Bank’s current account-savings account (CASA) ratio improved to 43.2% at June 30, 2013 compared to 41.9% at March 31, 2013.
 
On a consolidated basis, ICICI Bank reported a 32% growth in net profit at Rs2,747 crore. It had a net profit of Rs2,077 crore in the first quarter of the 2012-13 fiscal.
 
Capital adequacy of the bank according to Basel III norms was 17.04% at the end of the June quarter.
 
ICICI Bank closed Wednesday closed 1.7% down at Rs909 on the BSE, while the benchmarke Sensex index remained flat at 19,345.
 
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