India’s second greatest personal sector lender ICICI Financial institution, on Saturday, reported that it has recorded a 50 per cent year-on-year (YoY) rise in revenue after tax (PAT) at Rs 6,905 crore as in opposition to Rs 4,616 crore in the identical quarter final yr.
The lender, in a public launch, additionally acknowledged that its web curiosity revenue (NII) rose 21 per cent YoY to Rs 13,210 crore and its web curiosity margin (NIM) for the April-June interval was at 4.92 per cent. As compared, the financial institution’s NII stood at Rs 10,936 crore in the identical quarter final yr.
The financial institution’s whole revenue throughout the Q1 FY23 additionally improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in Q1 FY22. Its curiosity revenue climbed to Rs 23,671.54 crore throughout the identical quarter in FY23 from Rs 20,383.41 crore within the year-ago interval.
ICICI Financial institution additionally revealed that its gross non-performing property (NPAs) dropped to three.41 per cent of the gross advances on the finish of Q1 FY23 from 5.15 per cent on the finish of Q1 FY22.
The financial institution’s web NPAs or dangerous loans slipped to 0.70 per cent from 1.16 per cent, whereas its provisions for dangerous loans and contingencies additionally halved to Rs 1,143.82 crore within the April-June interval of 2023, as in opposition to Rs 2,851 .69 crore within the year-ago quarter.
Provisions, excluding tax provision, plunged 60 per cent YoY to Rs 1,144 crore from Rs 2,852 crore. Provisions for Q1 FY23 included a contingency provision of Rs 1,050 crore made on a prudent foundation.
Furthermore, the financial institution additionally acknowledged that its non-interest revenue, excluding treasury revenue, rose 25 per cent YoY to Rs 4,629 crore from Rs 3,706 crore. The financial institution additionally reported a treasury achieve of Rs 36 crore for Q1 FY23 as in opposition to a achieve of Rs 290 crore in Q1 FY22.
ICICI Financial institution’s gross NPA additions stood at Rs 5,825 crore. Recoveries and upgrades of NPAs, excluding write-offs and sale, was at Rs 5,443 crore as in opposition to Rs 4,693 crore in This autumn FY22.
In the meantime, on a consolidated foundation, ICICI Financial institution noticed a 55 per cent bounce in PAT at Rs 7,385 crore from Rs 4,763 crore YoY.