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ICICI Bank Q1 net rises 50%; NPAs, provisions decline

ICICI Bank on Saturday posted a 49.58 per cent jump in net profit to Rs 6,905 crore in the June quarter of FY23, as against Rs 4,616 crore in the same period last year. Its total revenue rose to Rs 28,330 crore in Q1 from Rs 24,379 crore a year ago.

The country’s second largest private sector bank’s total non-performing assets (NPAs) fell to Rs 33,163 crore (3.41 per cent of advances) by June 2022 from Rs 43,148 crore (5.15 per cent) a year ago.

Net interest income (NII) rose 21 percent year-on-year (YoY) to Rs 13,210 crore in the first quarter from Rs 10,936 crore last year. Net interest margin in the latest quarter was 4.01 percent as against 3.89 percent a year ago and 4.00 percent in the quarter ended March 2022.

Provisions (excluding tax provisions) fell 60 percent yoy to Rs 1,144 crore in Q1 from Rs 2,852 crore a year ago. The provisions for Q1 include a contingency provision of Rs 1,050 crore made on a discretionary basis.

Total NPA accrual was Rs 5,825 crore compared to Rs 4,204 crore in Q4 last fiscal. Recovery and upgrade of NPAs, excluding write-offs and sales, was Rs 5,443 crore compared to Rs 4,693 crore in Q4FY22. Gross NPA write-offs in Q1FY23 were Rs 1,126 crore. Provisioning coverage ratio to NPAs stood at 79.6 as on June.

Kotak Mahindra Bank’s net profit rose 26.1%

MUMBAI: Kotak Mahindra Bank on Saturday posted a net profit of Rs 2,071.10 crore for the June quarter of FY2023, up nearly 26.10 percent from a net profit of Rs 1,641.90 crore a year ago.

The bank’s net interest income rose by around 19.20 percent in the June 2022 quarter as it reached Rs 4,697 crore in the June 2022 quarter from Rs 3,941.70 crore in Q1FY22. Total income was Rs 8,582 crore, against Rs 7,831 crore in Q1FY22.

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