Lower provisions lead ICICI Bank to post 52% jump in Q1 profit


ICICI Bank’s net profit in June rose 52% to $ 4,747.42 million, largely driven by lower commodity stocks, but reported a rise in consumer confidence.

Independently, the second-largest lending to private businesses by assets reported a net profit of 4.616.02 billion lei for the reported quarter, up 77 percent compared to the country’s April-June year period. of the financial year 21.

The policy line recorded several actions in the reporting quarter, including changing the accounting rules to be more prudent, which resulted in an additional impact of $ 1.127 billion and a reduction in accounting. 1,050 million is not from COVID’s provisions, as it makes the bank more secure. good assets came in from the quarter with a turnover of 6,425 crores.

Provisions for the world amounted to 2,852 crores, almost one-third of the $ 7,594 million set aside for the period from last year, despite the increase in the number of outstanding debts (NPA).

Gross NPAs rose 5.15 percent from 4.96 percent the previous quarter and 5.46 percent from a year ago. The landslide was about 7,231 million lei, the retail and investment businesses accounted for 6,773 million Euros, while the SME and group companies had 458 million Euros.

More than $ 961 million in customers was brought in by Kisan’s credit card portfolio, while the total credit card portfolio totaled $ 1,331 million. The bank said the fluctuation of decorative loans was caused by taboos due to forcible withholding and temporary suffering at the expense of borrowers.

The bank’s book sales grew by 20 percent, in line with the increase in debt in the country, and thus accounted for 61.4 percent of the book’s total.

Loans rose 11 percent, while loans to small businesses over $ 250 million rose 43 percent, and bank loans rose 50 percent.

After a quarter of the fall, foreign exchange rose 6.65 percent from the March quarter, due to loans ahead of India, according to Batra, with no change in its rule. to the outside book.

BB and its small organized portfolio grew more than 800 million rupees to 14,000 rupees in the quarter, but Batra explained that this size was the result of the revitalization of NPAs in the lower-class sector and was not disclosed a new accumulation of suffering.

As for credit cards, where the market has found no competition with HDFC Bank, Batra said, the Mastercard ban is likely to result in no harm to the bank because it still has connections. and Visa.

The principal bank’s revenue increased by 18%, to 10.936 billion lei, on the back of higher growth rates and an increase in net interest margin of 0.20%to 3.89%.

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