ICICI Bank Q1 Results FY22-23

India’s second-largest private sector bank ICICI Bank posted its Q1 FY23 results on July 23, 2022. The bank reported a 49.5% YoY (year-on-year) growth in its net profit which came in at Rs 6,904 crore from Rs 4,616 crore in the year ago period. The net profit, however, was down by nearly 37% to Rs 9,604 crore from Rs 7,018 crore in the previous quarter.

The bank reported that its net interest income increased by 21% YoY to Rs 13,210 crore in Q1 FY23 from Rs 10,936 crore in Q1 FY22. The Net Interest Margin (NIM) was 4.01% in Q1 FY23 compared to 3.89% in Q1 F22 and 4.00% in the quarter ended March 31, 2022.

ICICI Bank’s operating profit was up 19% YoY to Rs 10,273 crore from Rs 8,605 crore in the year ago period. However, the operating profit was largely flat on a sequential basis. The bank’s Gross NPA (Non-Performing Assets) came in at 3.41% from 3.60% in the previous quarter and 5.15% in the year ago period. Meanwhile, the Net NPA came in at 0.70% from 0.76% in the previous quarter and 1.16% in the year ago period.

Total deposits increased by 13% YoY to Rs 10.5 lakh crore. Average current account deposits increased by 23% YoY and 3% QoQ in Q1 FY23. Average savings account deposits increased by 19% YoY and 4% QoQ in Q1 FY23.

ICICI Bank’s scrip closed in the green at Rs 800.05 after rising by 1.79% at the end of the intraday trading session on July 22, 2022 ahead of the company’s quarterly results.

Hits of ICICI Q1 Results 2023

• Net profit up 49.5% YoY at Rs 6,904 crore from Rs 4,616 crore in the year ago period
• The core operating profit increased by 19% YoY to Rs 10,273 crore in Q1 FY23 from Rs 8,605 crore in the quarter ended June 30, 2021
• Net interest income (NII) increased by 21% YoY to Rs 13,210 crore in Q1 FY23 from Rs 10,936 crore in Q1 FY22
• The Net Interest Margin (NIM) was 4.01% in Q1 FY23 compared to 3.89% in Q1 F22 and 4.00% in the quarter ended March 31, 2022
• The rural portfolio grew by 8% YoY The business banking portfolio grew by 45% YoY and 7% QoQ
• The SME business, comprising borrowers with a turnover of less than Rs 250 crore, grew by 32% YoY
• The domestic wholesale banking portfolio grew by 14% YoY and 4% QoQ