ICICI Bank's net profit declines by 8% to Rs 2049 crore in Q1FY18
ICICI Bank's net interest income increased by 8% on a year-on-year basis to Rs 5,590 crore in Q1FY18 from Rs 5,159 crore in Q1FY18.
ICICI Bank on Thursday announced its financial result for the quarter ended on June 30. The bank reported a net profit of Rs 2049 crore, a decline of 8.2% as against Rs 2232.35 crore during the same period last year.
However, on quarter-on-quarter basis, the bank's net profit rose marginally as it had posted Rs 2024.64 crore in the fourth quarter of last financial year.
Consolidated profit after tax was Rs 2,605 crore in Q1-2018 compared to Rs 2,083 crore in Q4-2017 and Rs 2,516 crore in Q1-2017.
Net interest income increased by 8% on a year-on-year basis to Rs 5,590 crore in Q1FY18 from Rs 5,159 crore in Q1FY18.
Non-interest income was Rs 3,388 crore (US$ 525 million) in Q1-2018 compared to Rs 3,429 crore (US$ 531 million) in Q1-2017. Non-interest income in Q1-2017 included exchange rate gain related to overseas operations of Rs 206 crore, which is no longer permitted to be accounted as income following the Reserve Bank of India (RBI) guideline issued in April 2017, and quarterly dividend of Rs 204 crore from ICICI Prudential Life Insurance Company (ICICI Life), which has moved to dividend payments on a half-yearly basis following its initial public offering in September 2016.
Net non-performing assets (NPAs) decreased from Rs 25,451 crore (US$ 3.9 billion) at March 31, 2017 to Rs 25,306 crore (US$ 3.9 billion) at June 30, 2017. The Bank’s net non-performing asset ratio declined from 4.89% at March 31, 2017 to 4.86% at June 30, 2017.
Net loans to companies whose facilities have been restructured were Rs 2,370 crore (US$ 367 million) at June 30, 2017 compared to Rs 4,265 crore (US$ 660 million) at March 31, 2017.
CASA deposits increased by 24% year-on-year to Rs 238,024 crore (US$ 36.9 billion) at June 30, 2017. The Bank’s CASA ratio was 49.0% at June 30, 2017 compared to 50.4% at March 31, 2017 and 45.1% at June 30, 2016. The average CASA ratio was 45.4% in Q1-2018.
Total deposits increased by 15% year-on-year to Rs 486,254 crore (US$ 75.3 billion) at June 30, 2017. The Bank had a network of 4,852 branches and 13,780 ATMs at June 30, 2017.
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