ICICI Bank reports 50% rise in Q1 net profit
Live MintICICI Bank on Saturday reported a standalone net profit of ₹6,905 crore in the June quarter of FY23, up 50% from ₹4,616 crore in the same period last year, owing to higher net interest income and lower provisions. ICICI Bank’s provision coverage ratio, a measure of the funds set aside to cover bad loans, stood at 79.6% as on 30 June, up from 79.2% as on 31 March. On a net basis, though, the bank added bad loans of ₹382 crore, as against a net decline of ₹489 crore in the sequential quarter. According to Anindya Banerjee, chief financial officer of the bank, during the first and third quarter of every financial year, bad loan additions are a little bit higher because that is when the Kisan Credit Card non-performing assets get recognized based on the billing and repayment cycle.