ICICI Bank released its first quarter results. Below are the key highlights.
- Core operating profits (profits before provisions, tax excluding treasury income) is at ₹5,042 cr, a 17%increase from June 30, 2017.
- Net interest income stood at ₹6,102 cr on June 30, 2018 from ₹5,590 cr on June 30, 2017.
- Credit growth increased to 15% YoY basis with more growth from the Retail sector.
- CASA ( Current And Savings Account) increased 16% YoY to ₹276,294 cr.
- Capital Adequacy was above the stated RBI guidelines. Basel III norms stood at 18.35% and Tier 1 capital adequacy stood at 15.84%, an increase from 11.03% and 9.03% respectively.
Setbacks
- Assets reduced to ₹845,128 cr in Q1 FY 2018-19 when compared to ₹879189 cr the previous quarter.
- Operating expenses increased at 9% YoY.
- The gross additions to NPA stood at ₹4,036 cr, the lowest in the last 11 quarters. Additional provisions on existing NPAs as per Reserve Bank of India (RBI) guidelines (ageing-based provisions and provisions for cases directed by RBI to be referred to the National Company Law Tribunal) resulted in total provisions of ₹5,971 cr and a net loss of ₹120 crore in Q1-2019
- A subsidiary of ICICI Bank, ICICI Asset Management Company (AMC) recorded a fall in profit from ₹141 cr to ₹80 cr YoY.
Other subsidiaries such as ICICI Prudential Life Insurance presented its results on July 24, ICICI Lombard on July 17 and ICICI Securities on July 23.