ICICI Bank on Saturday has reported a growth of 49.59 per cent in net profit to Rs 6,904.94 crore for the quarter ending June 30, 2022 (Q1FY23) period, compared to Rs 4,616.02 crore in the corresponding period last year.
The company’s profit after tax (PAT), however, declined from Rs 7,018.71 crore recorded in the preceding quarter. Its net interest income (NII) rose 21 per cent YoY to Rs 13,210 crore compared with Rs 10,936 crore in the same quarter last year.
Non-interest income, excluding treasury income, climbed 25 per cent year on year to Rs 4,629 crore from Rs 3,706
crore.
Four out of five brokerages, including JP Morgan, Edelweiss Securities, and Emkay Global, expect ICICI Bank’s Q1 net profit to soar between 40 per cent and 47 per cent on a year-on-year (YoY) basis, up to Rs 6,790 crore.
Deposits, meanwhile, were swelling to 17 per cent YoY to Rs 1.08 trillion. Against this backdrop, NII was expected to rise in the range of 18 per cent to 21 per cent YoY, between Rs 12,900 crore and Rs 13,276.4 crore. In Q4FY22, NII of the lender increased by 21 per cent year-on-year to Rs 12,605 crore.
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