ICICI Bank reports 14.6 per cent YoY profit growth in Q1 FY25, NII up 7.3 per cent | Market News

New Delhi: Leading private sector bank ICICI Bank reported a 14.6 per cent year-on-year (YoY) rise in net profit in the first quarter of fiscal 2025 (Q1FY25) to Rs 11,059 crore.

The bank’s net interest income (NII) rose 7.3 per cent year-on-year to Rs 19,553 crore, slightly above the estimated growth of 7 per cent. During the same period last year, the bank had reported net interest income (NII) of Rs 18,226.5 crore.

Net income represents the difference between the income generated from the bank’s interest-bearing assets and the costs associated with settling its interest-bearing liabilities.

The bank’s core operating profit rose 11 per cent year-on-year to Rs 15,412 crore in Q1 FY25 from Rs 13,887 crore in Q1 FY24. Provisions (excluding tax provisions) also rose 3.1 per cent to Rs 1,332 crore, compared with Rs 1,292 crore in the same period last year, the bank said in its financial report.

The bank’s net non-performing assets (NPA) ratio rose marginally to 0.43 per cent from 0.42 per cent in the previous quarter, according to financial data. Net NPA during the quarter rose to Rs 5,684.8 crore from Rs 5,377.8 crore in Q4FY24, it said.

Meanwhile, gross NPA rose to Rs 28,718.6 crore during the quarter, as against Rs 27,961.7 crore in the March FY24 quarter. However, the gross NPA ratio declined marginally to 2.15 per cent in Q1FY25 from 2.16 per cent in Q4FY24.

The bank said its total loans advanced grew by 15.7 per cent year-on-year to Rs 12,23,154 crore as of June 30, 2024. The bank’s retail loan portfolio grew by 17.1 per cent year-on-year and 2.4 per cent sequentially, accounting for 54.4 per cent of the bank’s total loan portfolio.

ICICI Bank’s total deposits at the end of the period rose by 15.1 per cent year-on-year to Rs 14,26,150 crore. Average deposits rose by 17.8 per cent year-on-year to Rs 13,78,658 crore. Average deposits in the bank’s current accounts rose by 13.3 per cent year-on-year, while average deposits in savings accounts rose by 8.2 per cent year-on-year.

The main bank’s shares were up 1.59 percent, or about 19 points, on July 26. Over the past six months, the bank’s shares have risen more than 200 points, or 19.74 percent.