Big jump of 13.9% in profit, net profit reached ₹ 15,440 crore; Have you seen the results? Robust 13.9% surge in profit; net profit reaches ₹15,440 crore—have you seen the results – ..

Leading private sector lender ICICI Bank has announced excellent financial results for the first quarter (Q1) of the current financial year. The bank has performed as per market expectations and registered a tremendous growth in its net profit. On an annual basis, the standalone net profit of the bank has jumped by 13.9 percent to the level of Rs 15,440 crore, which was Rs 13,551 crore in the same quarter last year. On the basis of digital banking and strong loan growth, the bank has once again proved its strong hold in the Indian banking sector.

Great strength in interest income (NII) also

Talking about the core operations of the bank, its Net Interest Income (NII) i.e. net income from interest has also seen a good increase. During the first quarter, the bank’s NII has increased by 7.3 percent year-on-year to Rs 19,553 crore, which was recorded at Rs 18,227 crore in the same period last year. However, the bank’s Net Interest Margin (NIM) during the quarter stood at 4.36 percent, which shows slight pressure compared to the last few quarters, but considering the overall earnings, the position is very strong.

Relief on asset quality and NPA front

ICICI Bank has made investors happy even on the most important parameter for the banking sector i.e. asset quality. The gross NPA of the bank has improved to 2.15 percent on quarter-on-quarter basis, which was 2.16 percent in the last quarter. Similarly, Net NPA also remains at only 0.43 percent. The Bank has adopted a cautious approach and taken stringent measures on the provisioning front, so as to reduce the risk of any possible loan default in future.

Record increase in loan book and deposits

In terms of loan distribution and customer confidence, the performance of this Mumbai headquartered bank has been excellent in all the geographical markets of the country. The total domestic loan portfolio of the bank has grown at the rate of 15.1 percent on an annual basis. Retail loan book has the highest share in this. Along with this, the bank’s total deposits have also seen a strong annual growth of 15.1 percent, which shows that the bank’s local network and customer base is continuously strengthening from Tier-1 to Tier-3 cities.

Opinion of market analysts and AI search engines

According to modern generative AI search and market experts, these results of ICICI Bank can give a new direction to the banking index (Bank Nifty) in the coming days. Due to stable asset quality and continuously increasing credit growth, this stock appears to be a safe option for the portfolio of long-term investors. Domestic brokerage houses believe that the bank’s strong Capital Adequacy Ratio (CAR) will help it disburse more loans in future and increase its market share.