ICICI Bank Q1 revenue zooms 50% to Rs 6,905 cr

ICICI Bank on Saturday reported a 50 per cent soar in standalone web revenue to Rs 6,905 crore within the first quarter of the present fiscal aided by a decline in dangerous loans.
The second largest non-public sector financial institution had posted a web revenue of Rs 4,616 crore in the identical quarter of the earlier monetary 12 months.

Total revenue in the course of the April-June quarter of 2022-23 improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in the identical quarter in FY22, ICICI Bank stated in a regulatory submitting.

Interest revenue too elevated to Rs 23,671.54 crore in the course of the reported quarter from Rs 20,383.41 crore within the year-ago interval.

On the asset high quality entrance, gross non-performing belongings (NPAs) declined to three.41 per cent of the gross advances as of June 30, 2022, from 5.15 per cent on June 30, 2021. Net NPAs or dangerous loans too slipped to 0.70 per cent from 1.16 per cent.

As a outcome, provisions for dangerous loans and contingencies greater than halved to Rs 1,143.82 crore within the quarter, as towards Rs 2,851 .69 crore earmarked within the year-ago quarter.

On a consolidated foundation, ICICI Bank reported a 55 per cent soar in web revenue to Rs 7,385 crore for the reporting quarter as towards Rs 4,616 crore in the identical quarter of the earlier fiscal.