ICICI Bank Reports 14.62% Jump in Standalone Net Profit for Q1 FY 2024-25

Strategic Insights -

ICICI Bank, India's second-largest private sector lender, has announced a significant increase in its standalone net profit for the first quarter of the financial year 2024-25. The bank recorded a net profit of Rs.11,059.11 crore, a gain of 14.62% compared to the same quarter of the previous year. This jump is attributed to a 18.66% increase in total income to Rs.45,997.70 crore and a 7.3% rise in net interest income to Rs.19,553 crore.

Key Takeaways:

  • ICICI Bank's standalone net profit for Q1 FY 2024-25 increased by 14.62% to Rs.11,059.11 crore, compared to Rs.9,648.20 crore in the same quarter of the previous year.
  • The bank's total income grew by 18.66% to Rs.45,997.70 crore, while net interest income increased by 7.3% to Rs.19,553 crore.
  • Gross non-performing assets (NPAs) decreased by 9.75% to Rs.28,718.63 crore, while net NPAs increased to Rs.5,684.79 crore, a rise of 5.7% compared to the previous year.
  • The bank's debt-equity ratio decreased to 0.27, and total debts as a percentage of total assets reduced to 6.35%.
  • ICICI Bank's retail loan portfolio grew by 17.1% year-on-year, comprising 54.4% of the total loan portfolio, while the business banking portfolio grew by 35.6% year-on-year.

Statistics:

  • Rs.11,059.11 crore - ICICI Bank's standalone net profit for Q1 FY 2024-25
  • 14.62% - Increase in standalone net profit compared to the same quarter of the previous year
  • Rs.45,997.70 crore - Total income for Q1 FY 2024-25, an increase of 18.66% from the previous year
  • Rs.19,553 crore - Net interest income for Q1 FY 2024-25, a rise of 7.3% from the same quarter of the previous year
  • 9.75% - Decrease in gross non-performing assets (NPAs) to Rs.28,718.63 crore
  • 5.7% - Rise in net NPAs to Rs.5,684.79 crore
  • 0.27 - Debt-equity ratio for Q1 FY 2024-25
  • 6.35% - Total debts as a percentage of total assets for Q1 FY 2024-25

Sources:

  • Hindustan Times, "ICICI Bank reports 14.62% jump in standalone net profit for Q1 FY 2024-25"