ICICI Bank Q1FY23 result: Net profit increases 49.59% to Rs 6,905 crore

ICICI Bank PAT declined from Rs 7,018.71 crore recorded in the preceding quarter

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 year-on-year (y-o-y) 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.

The consolidated PAT increased by 55 per cent y-o-y to Rs 7,385 crore in Q1FY23 from Rs 4,763 crore in Q1FY22.

The retail loan portfolio grew by 24 per cent y-o-y and 5 per cent sequentially, and comprised 53.1 per cent of the total loan portfolio at June 30, 2022. 

In December 2020, the bank had expanded its mobile app, iMobile, to iMobile Pay which offers payment and banking services to customers of any bank. There have been 7.3 million activations of iMobile Pay from non-ICICI Bank account holders as of June 30, 2022.

The value of credit card spends in Q1 grew by 13 per cent sequentially and was two times the value of spends in Q1FY22 driven by improvement in discretionary spending, higher activation rate through digital onboarding of customers.

The value of the bank’s merchant acquiring transactions through UPI in Q1FY23 grew by 27 per cent over Q4FY22 and was 2.3 times the value of transactions during the same quarter last year.

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.