Private sector lender ICICI Bank on July 22 reported a net profit of Rs 9,648 crore for the first quarter of the current financial year, up 40 percent from the year-ago period and way ahead of market expectations of Rs 8,982 crore.
The bank reported a net profit of Rs 6,905 crore in the corresponding quarter of the previous financial year.
Net interest income (NII) of the lender increased by 38 percent year-on-year to Rs 18,227 crore in the April-June FY24 quarter from Rs 13,210 crore in the corresponding quarter last year.
The net interest margin (NIM) of the bank was at 4.78 percent in the quarter compared to 4.01 percent in the same quarter last year.
The bank’s asset quality improved as the gross non-performing assets (GNPAs) declined to 2.76 percent from 3.4 percent in the year-ago period. The net non-performing assets (NNPA) fell to 0.48 percent from 0.70 percent in the year-ago quarter.