ICICI Bank Q1 results, delivering a 44% increase in PAT!

ICICI Bank Ltd reported unaudited robust financial results for the quarter that ended on June 2023 or Q1FY24. Talking about the financials for Q1FY24 in comparison to the same quarter last year, the bank’s net profit for the first quarter which ended on June 30, 2023 increased by 44.03% to Rs 10636.12 crore from Rs 7384.53 crore. In Q1FY24, the bank’s interest earned increased by 46.79% from Rs 18453.74 crore to Rs 27087.69 crore in a similar quarter the year prior. In Q1FY24, the bank’s income on investment increased by 44.15% from Rs 6126.29 crore to Rs 8831.05 crore in a similar quarter the year prior. In Q1FY24, the bank’s total net revenue increased by 32.80% from Rs 39218.33 crore to Rs 52084 crore in a similar quarter the year prior.        

Sequentially the bank’s net profit for the quarter which ended on June 30, 2023, increased by 7.95% from Rs 9852.70 crore. In Q1FY24, the bank’s total net revenue decline by 3.41% from Rs 53922.75 crore in the similar quarter the year prior.  

Period-end total deposits grew by 17.9% YOY and 4.9% QOQ at June 30, 2023. Period-end term deposits grew by 25.8% YOY and 9.8% QOQ at June 30, 2023. For Q1FY24 Net NPA ratio remained same as last quarter at 0.48%.  

Talking about the loan book, Domestic loans grew by 20.6% YOY and 4.0% QOQ, Retail loans grew by 21.9% YOY and 4.5% QOQ, Business banking portfolio grew by 30.4% YOY and 3.8% QOQ, SME portfolio grew by 28.5% YOY and 5.0% QOQ and Domestic corporate portfolio grew by 19.3% YOY and 2.8% QOQ. 

In the last trading session, the scrip closed at Rs 996.70. Today it opened at Rs 1008 and touched a new 52-week high at Rs 1008.70. It was closed at Rs 991.85, down by 0.49%. The bank has a market cap of around Rs 6,94,000 crore. Over the past one year, it has generated a return of around 23.85%.  

ICICI Bank is a second largest private sector bank in India offering a diversified portfolio of financial products and services to retail, SME and corporate customers. 

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