Shares of ICICI Bank Ltd rose as much as 2.6% in intraday trade on Monday after the private sector lender reported a 14.6% year-on-year rise in profit at ₹11,059 crore for the quarter ended June.
The stock opened at ₹1,220 against its previous closing price of ₹1,207.70 on the BSE. It hit an intraday high of ₹1,239.95.
The lender’s net interest income (NII) increased 7.3% year-on-year to ₹19,553 crore ($2.3 billion) in Q1 FY25 from ₹18,227 crore in Q1 FY24.
ICICI Bank’s net interest margin was 4.36% in the first quarter compared to 4.4% in Q4 FY24 and 4.78% in Q1 FY24.
ICICI Bank’s total advances grew 15.7% year-on-year and 3.3% sequentially to ₹12,23,154 crore for the quarter ended June. The lender’s net domestic advances grew by 15.9% year-on-year and 3.3% sequentially in the June quarter. The retail loan portfolio grew by 17.1% year-on-year and 2.4% sequentially and comprised 54.4% of the total loan portfolio at the end of June 30, 2024. The SME business, comprising borrowers with a turnover of less than ₹250 crore, grew by 23.5% year-on-year and 4.0% sequentially in the first quarter. The rural portfolio grew by 16.9% year-on-year and 3.4% sequentially. The domestic corporate portfolio grew by 10.3% year-on-year and 3.1% sequentially.
Fee income grew by 13.4% year-on-year to ₹5,490 crore in the first quarter from ₹4,843 crore in Q1 FY24. Fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q1 FY25.
ICICI Bank has written off gross NPAs amounting to ₹1,753 crore in Q1 FY25. The provisioning coverage ratio on NPAs was 79.7% at June 30, 2024.
The gross NPA ratio was 2.15% as of June 30, 2024 compared to 2.16% at March 31, 2024. The net NPA ratio was 0.43% at June 30, 2024 compared to 0.42% at March 31, 2024. The gross NPA additions were ₹5,916 crore in the first quarter compared to ₹5,139 crore in Q4 FY24. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹3,292 crore in Q1 FY25 compared with ₹3,918 crore in Q4 FY24.
Including profits for Q1, the bank’s total capital adequacy ratio at June 30, 2024 was 16.63% and CET-1 ratio was 15.92% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.
Total period-end deposits increased by 15.1% year-on-year and 0.9% sequentially to ₹14,26,150 crore during the quarter ended June 30, 2024. Average current account deposits increased by 13.3% year-on-year and 3.1% sequentially in Q1. Average savings account deposits increased by 8.2% year-on-year and 6.0% sequentially in Q1.
With the addition of 64 branches during the quarter, the bank had a network of 6,587 branches and 17,102 ATMs and cash recycling machines. The value of the bank’s merchant acquiring transactions through UPI grew by 51.6% year-on-year in Q1 FY25. The bank had a market share of about 32.1% by value in electronic toll collections through FASTag.
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