ICICI Bank, the country’s second largest bank, reported a bigger-than-estimated net profit of Rs 1,815 crore, up 36 percent year on year.
A CNBC- TV18 poll had estimated a net profit of Rs 1,704 crore.
Shares of the bank were up 2.7 percent at Rs 932.
The bank’s net interest income rose to Rs 3,193 crore, higher than the estimates of Rs 3,025 crore.
The bank also witnessed an improvement of 40 basis points in net interest margin to 3.01 percent during the quarter from 2.61 percent a year ago, a press release from the bank said.
Net non-performing asset ratio as on June 30 was at 0.61 percent, almost steady on quarter but down from 0.91 percent a year ago.
The bank’s non-interest income increased by 14 percent to Rs 1,880 crore from Rs 1,643 crore a year ago.
Cost-to-income ratio reduced to 41.8 percent from 44.7 percent in the year-ago quarter, the release said.
Provisions were at Rs 466 crore compared with Rs 454 crore a year earlier.
“Provisions in Q1-2013 include general provisions of Rs 76 crore on standard assets, reflecting the growth in the loan portfolio,” the release said.
The bank’s CASA (current account savings account) ratio was at 40.6 percent at June 30.
Net restructured assets as of June 30 were Rs 4,172 crore compared with Rs 4,256 crore as of March 31.