ICICI Bank Q1: Net Profit Surges 14.6 Per Cent, Lender’s Asset Quality Improves

The bank reported an improvement in its asset quality as its Gross Non-Performing Assets stood at 2.15 per cent in the first quarter in the current FY25, against 2.76 per cent logged a year earlier

The Net Interest Income (NII) of the bank climbed 7.3 per cent from Rs 18,227 crore in Q1FY24 to Rs 19,553 crore in Q1FY25. (Image Source: ICICI Bank)

Source : ICICI Bank

ICICI Bank reported a 14.6 per cent increase in its net profit after tax on a year-on-year (YoY) basis in its first quarter (Q1) earnings on Saturday. It logged a net profit of Rs 11,059.11 crore for the June quarter in the current financial year (2024-25) against a net profit of Rs 9,648.20 crore in the first quarter of the previous fiscal year (2023-24).

The bank reported an improvement in its asset quality as its Gross Non-Performing Assets (GNPAs) stood at 2.15 per cent in the April-June quarter in the current FY25, against 2.76 per cent logged in the same quarter a year earlier in FY24. The GNPA in the quarter under review touched Rs 28,718.63 crore, down from Rs 31,822.39 crore clocked in the first quarter of the preceding year.

The Net Non-Performing Assets (NNPAs) improved to Rs 5,684.79 crore in Q1FY25, against Rs 5,381.77 crore reported a year earlier, the lender said via a regulatory filing. In terms of ratios, the NNPAs of the lender stood at 0.43 per cent in the quarter under review, as compared to 0.48 per cent seen in the corresponding quarter last year. NPAs are loans or advances issued by the bank which are subject to late repayment or unlikely to be repaid by the borrower in full. 

The Net Interest Income (NII) of the bank climbed 7.3 per cent from Rs 18,227 crore in Q1FY24 to Rs 19,553 crore in Q1FY25. NII is a reflector of interest earned by the bank after measuring the difference between the interest borrowers pay to the bank and the interest paid by the bank to its depositors.

The company noted, "With the addition of 64 branches during Q1-2025, the Bank had a network of 6,587 branches and 17,102 ATMs & cash recycling machines at June 30, 2024."

The average deposits for the lender increased 17.8 per cent in the reviewing quarter on a year-on-year (YoY) basis. The domestic loan portfolio surged by 15.9 per cent on a YoY basis in the quarter ended June 30, 2024.