ICICI Bank Q1 net profit rises 12% to Rs 2,976 cr; scrip jumps 6%

New Delhi: Private sector lender ICICI Bank today reported a 12.08 percent growth in net profit at Rs 2,976.16 crore, its record quarterly profit, for the quarter ended June despite increase in stress on asset quality. The bank had a standalone net profit of Rs 2,655.30 crore in the corresponding quarter of the last fiscal.[caption id=“attachment_1050411” align=“alignleft” width=“380”]  Rising profits. AFP[/caption] Stock markets gave a thumps up to the result as it was better-than-expected. Shares of the bank surged over 6 percent following the announcement of quarterly numbers. Shares of ICICI Bank were trading at Rs 305.90, up 5.14 percent on BSE during the afternoon trade. The gross non-performing assets (NPAs) as a percentage of total advances of the bank rose to 3.68 percent during the quarter under review from 3.05 percent in the same quarter last fiscal, ICICI Bank said in a filing to BSE. Net NPA of the bank also rose to 1.58 percent against 0.99 percent in the same period a year ago. In absolute terms, the GNPA rose to Rs 15,137.61 crore as against Rs 10,843.30 crore in the first quarter of the previous fiscal. Total provisions rose to Rs 956 crore in the first quarter compared with Rs 726 crore in the same period a year ago. However, the asset quality improved compared with March quarter when the gross NPA was 3.78 percent. Total income of the bank rose to Rs 15,802.45 crore in the first quarter of 2015-16, from Rs 14,616.71 crore in the three month period of last fiscal. During the quarter net interest income increased by 14 percent to Rs 5,115 crore as against Rs 4,492 crore in the same period a year ago. Non-interest income or fee income rose by 5 percent to Rs 2,990 crore from Rs 2,850 crore. On a consolidated basis, ICICI Bank registered a 14 percent increase in profit after tax to Rs 3,232 crore for the quarter ended June 30, from Rs 2,832 crore for the quarter ended 30 June 2014. During the quarter, the bank saw 14 per cent year-on-year growth in savings account deposits, and 25 percent growth in retail advances. Net interest margin improved to 3.54 percent from 3.40 percent in the first quarter of last fiscal. The bank’s capital adequacy at 30 June as per RBI guidelines on Basel III norms was 16.37 percent and tier 1 capital adequacy was 12.26 percent, well above regulatory requirements. Its subsidiary ICICI Prudential Life Insurance achieved a profit of Rs 397 crore compared with Rs 382 crore in the same period a year ago. General insurance subsidiary ICICI Lombard recorded profit growth of 61 per cent to Rs 116 crore as against Rs 72 crore during the first quarter of last fiscal. PTI