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Rediff.com  » Business » ICICI Bank Q1 Net up 25% to Rs 2,274 cr

ICICI Bank Q1 Net up 25% to Rs 2,274 cr

July 31, 2013 15:21 IST

Private sector ICICI Bank on Wednesday reported 25 per cent growth in standalone net profit at Rs 2,274.21 crore (Rs 22.74 billion) for the first quarter ended June 30, driven by higher net interest income (NII).

The country's largest private sector bank's standalone net profit stood at Rs 1,815.05 crore (Rs 18.15 billion) in the April-June quarter of 2012-13 fiscal.

While NII of the bank rose 20 per cent to Rs 3,820 crore (Rs 38.2 billion) during the June quarter of the current fiscal, total income increased by 13 per cent to Rs 12,905 crore (Rs 129.05 billion).

The net non-performing assets of the bank increased to 0.69 per cent at the end of first quarter compared to 0.64 per cent in the same period a year ago.

Provisioning against bad loans during the quarter also rose to Rs 593 crore (Rs 5.93 billion), as against Rs 466 crore (Rs 4.66 billion) in the year-ago period.

However, net interest margin improved to 3.27 per cent at the end of first quarter, as compared to 3.01 per cent in the year ago period.

Total advances increased by 12 per cent to Rs 301,370 crore (Rs 3,013 billion) at the end of June quarter.

On a consolidated basis, ICICI Bank reported a 32 per cent growth in net profit at Rs 2,747 crore (Rs 27.47 billion). It had a net profit of Rs 2,077 crore (Rs 20.77 billion) in the first quarter of 2012-13 fiscal.

Capital adequacy of the bank as per Basel III norms was 17.04 per cent at the end of June quarter.

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