ICICI Bank Reports 14.6% YoY Profit Surge in Q1FY25
ICICI Bank has announced a 14.6% year-on-year growth in net profit for Q1FY25, reaching Rs 11,059 crore. The net interest income rose by 7.3% to Rs 19,553 crore. The bank's total advances surged by 15.7%, while deposits increased 15.1% YoY.
- Country:
- India
ICICI Bank, a major player in the private sector banking industry, has reported a 14.6% year-on-year growth in net profit for the first quarter of the financial year 2025 (Q1FY25), reaching Rs 11,059 crore. The net interest income (NII) saw a 7.3% increase, amounting to Rs 19,553 crore.
The NII, which represents the difference between the revenue generated from interest-bearing assets and the expenses on interest-bearing liabilities, stood at Rs 18,226.5 crore in the same period last year. Core operating profit also rose by 11% to Rs 15,412 crore from Rs 13,887 crore in Q1FY24. Provisions (excluding tax provisions) increased by 3.1% to Rs 1,332 crore, up from Rs 1,292 crore last year, according to the bank's financial statement.
ICICI Bank's net non-performing assets (NPAs) ratio saw a slight uptick to 0.43% from 0.42% in the previous quarter, with net NPAs rising to Rs 5,684.8 crore. Gross NPAs increased to Rs 28,718.6 crore, up from Rs 27,961.7 crore in the March 2024 quarter. Despite this, the gross NPA ratio marginally decreased to 2.15% in Q1FY25 from 2.16% in Q4FY24. Total advances surged by 15.7% year-on-year to Rs 12,23,154 crore, and the total period-end deposits saw a 15.1% increase, reaching Rs 14,26,150 crore. The bank's stock rose by 1.59% on July 26.
(With inputs from agencies.)
ALSO READ
Modi Pushes For PRAGATI Advances: Metro Projects Under Lens
Mohan Bhagwat Highlights the Timeless Role of Teachers Despite AI Advances
Kerala Advances to Pre-Quarterfinals in Senior Men's National Handball Championship
IAEA Advances Human Resource Development for Sustainable Nuclear Power Expansion
Dr. Jitendra Singh Highlights Transformative Advances in Public Grievance Redressal During Year-End Review