ICICI Bank hits all-time high after Q1 PAT climbs 78% YoY

The private bank's standalone net profit jumped 77.59% to Rs 4,616.02 crore on 6.47% fall in total income to Rs 24,379.27 crore in Q1 June 2021 over Q1 June 2020.

Standalone operating profit dropped 17.46% to Rs 8,894.40 crore in Q1 FY22 as against Rs 10,776.45 crore in Q1 FY21. Profit before tax soared 89.85% to Rs 6,043 crore in Q1 June 2021 as against Rs 3,183 crore in Q1 June 2020. The Q1 earnings was declared on Saturday, 24 July 2021.

The bank's gross non-performing assets (NPAs) grew 6.83% to Rs 43,148.28 crore as on 30 June 2021 as against Rs 40,386.24 crore as on 30 June 2020. The ratio of gross NPAs to gross advances stood at 5.15% as on 30 June 2021 as against 5.46% as on 30 June 2020. The ratio of net NPAs to net advances stood at 1.16% as on 30 June 2021 as against 1.23% as on 30 June 2020.

 

Provision and Contingencies tumbled 62.44% to Rs 2,851.69 crore in Q1 June 2021 over Rs 7,593.95 crore in Q1 June 2020. Provision coverage ratio was robust stood at 78.20% at 30 June 2021, higher than 77.70% at 31 March 2021.

At 30 June 2021, the bank held COVID-19 related provisions of Rs 6,425 crore (i.e. $ 864 million). The bank's total capital adequacy at 30 June 2021 was 19.27% and Tier-1 capital adequacy (including profits for Q1 FY2022) stood at 18.24% compared to the minimum regulatory requirements of 11.08% and 9.08% respectively.

The Net Interest Income (NII) surged 17.84% to Rs 10,936 crore as on 30 June 2021 as against Rs 9,280 crore as on 30 June 2020. The Net Interest Margin (NIM) stood at 3.89% as on 30 June 2021 as against 3.69% as on 30 June 2020.

Non Interest Income grew 55.71% to Rs 3,706 crore as on 30 June 2021 as against Rs 2,380 crore as on 30 June 2020.

Retail disbursements moderated in April 2021 and May 2021 due to the containment measures in place across various aparts of the country. With the gradual easing of restrictions, disbursements picked up in June 2021 and July 2021. Credit card spends declined in April 2021 and May 2021 and increased to March 2021 levels in June, driven by spends in categories like consumer durables, utilities, education and insurance. Credits received in the overdraft accounts of business banking and SME customers also picked up in June and July after declining in April 2021 and May 2021.

The retail loan portfolio grew by 20% year-on-year (Y-o-Y) and comprised 61.4% of the total loan portfolio at 30 June 2021. Including non-fund outstanding, retail was 50.4% of the total portfolio at 30 June 2021. The business banking portfolio grew by 53% year-on-year and was 5.4% of total loans at 30 June 2021. The SME business, comprising borrowers with a turnover of less than Rs 250 crore (i.e. $34 million), grew by 43% year-on-year and constituted 4% of total loans at 30 June 2021. Growth in the domestic corporate portfolio was about 11% year-on-year driven by disbursements to higher rated corporates and public sector undertakings across various sectors. The growth in performing domestic corporate portfolio, excluding the builder portfolio, was 15% year-on-year at 30 June 2021. The domestic advances grew by 20% year-on-year. Total advances increased by 17% year-on-year to Rs 7,38,598 crore (i.e. $ 99.4 billion) at 30 June 2021 from Rs 631,215 crore (i.e. $ 84.9 billion) at 30 June 2020.

Total deposits galloped 16% year-on-year to Rs 9,26,224 crore (i.e. $ 124.60 billion) at 30 June 2021. Average current account deposits increased by 32% year-on-year in Q1 FY2022. Average savings account deposits increased by 22% year-on-year in Q1 FY2022. Total term deposits increased by 9% year- on-year to Rs 5,01,122 crore (i.e. $ 67.4 billion) at 30 June 2021.

Total advances increased by 17% year-on-year to Rs 738,598 crore at 30 June 2021 from Rs 631,215 crore at 30 June 2020.

ICICI Bank is a private sector bank. The bank had a network of 5,268 branches and 14,141 ATMs at 30 June 2021.

Shares of ICICI Bank lost 0.07% to Rs 676.20 on BSE. It traded in the range of Rs 663.90 and Rs 681.40 during the day. The scrip hit a record high at Rs 681.40 during intraday trade.

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