ICICI Bank Net Profit went up by 40% to Rs 9648 Cr beats analyst estimates

Last Updated on July 23, 2023 by Brajesh

Private Sector lender ICICI Bank Ltd reported its QI report on 22.07.2023

On July 21, ICICI Bank closed at Rs 1,000.45 in NSE , up 0.5 percent.

Net Profit went up by 40% to Rs. 9648 Cr for QI of FY 2023-24 surpassing all the targets of the analyst for the said period. Year on year profit for QI of FY 23 was 6905 Cr.

Main contributories to Net Profit :-

Net Interest Income (NII) of the lender increased to Rs. 18227/- Cr in June Qtr. against 13210 Cr in YOY, resulting in growth of 38 percent.

Net Interest Margin of the bank stood at 4.78 percent against 4.01 percent last year same Qtr.

Non Interest Income of the lender (gross) is Rs. 14978 Cr against 13059 Cr LY , down by 14.70 percent.

Operating Profit of the company for QI rose to 15659/- Cr from 11122/- Cr , up by 40.79 percent.

Asset Quality :-

There is a significant improvement in asset quality of the bank as at 30.06.2023. Gross non performing asset (GNPA) declined to 2.76 percent which around 3.4 percent a year ago. Net non performing asset reduced to .48 percent against .7 percent in same period LY

Status of Business :-

Deposit :- YOY 18 percent increase in deposit is noted for QI for June Qtr of FY 23-24. Deposit rose to 12.38 lakh crore. CASA Deposit of the bank stood at 42.6 percent in for Qi of FY 23-24.

Credit Growth :- Total advances increased to 10.57 lakh crore which is 18% growth y-o-y basis

It is expected that the bank will show a good performance on Monday in share market, riding on good result announced on weekend.

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