ICICI Bank Net Profit Up By 16.8% Y-o-Y For Q1FY15

India's second largest bank, ICICI Bank on standalone basis posted net profit of Rs 2655.3 crore for the April-June 2014 quarter. This is a jump of 16.8% from the last year same quarter. This was positively impacted by the better net interest income and other income growth. Nonetheless, higher provisions and tax expenses limited the net profit growth.

The bank recorded met interest income (NII) growth of 17.6% on yearly basis and stood at Rs 4491.89 crore. This was aided by strong 26% growth in the retail advances. Bank witnessed total advance growth of 15% on yearly basis. Net interest margin too improved 13 basis points on yearly basis and stood at 3.4% for Q1FY15. Other income of the bank grew by 14.7% on yearly basis to Rs 2850 crore on the back of better performance of the fee income. Provisions and contingencies of the bank have increased by 22.4% on yearly basis to Rs 726 crore. Tax expenses of the bank increased by 20% on yearly basis to Rs 1135.34 crore. 

The asset quality of the bank deteriorated on both sequential as well on yearly basis. In absolute terms gross non-performing assets (NPA) and net NPA of the bank has increased by 3.2% and 4% on quarterly basis to Rs 10843 crore and 3428 crore respectively for Q1FY15. As proportion to advances gross NPA and net NPA stood at 3.05% and 0.99% for Q1FY15 respectively up by two basis points each sequentially. 

Shares of the bank closed at Rs 1473 in today's trade down by 1.11% from the previous close.