BUSINESS

ICICI Bank’s Q1 Net Surges 78% to Rs 4,616 Crore

ICICI Bank’s net profit rose 78 per cent YoY to Rs 4,616 crore for the quarter ended June 30, 2021 (Q1FY22) on improvement in interest margins and lower provisioning. Its net profit was Rs 2,599 crore in the same quarter last year (Q1FY21). Sequentially, the profit rose, albeit marginally, from Rs 4,402 crore in the fourth quarter ended March 31, 2021 (Q4FY21).

The lender’s net interest income (NII) surged 18 per cent to Rs 10,936 crore in the June quarter as against Rs 9,280 crore in the year-ago period. NII was Rs 10,431 crore in Q4FY21. The net interest margin (NIM) was 3.89 per cent in Q1FY22 compared to 3.84 per cent in the previous quarter (Q4FY21) and 3.69 per cent in Q1FY21.

Non-interest income, excluding treasury income, increased by 56 per cent year-on-year to Rs 3,706 crore in the June quarter from Rs 2,380 crore in the year-ago period. Sequentially, it fell sharply from Rs 4,137 crore in the March 2021 quarter.

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