ICICI Bank Q1: Profit and NII rise, better than expected, asset quality stable:

News Topical, Digital Desk : The country's leading bank ICICI Bank has presented its June quarter results. Both the bank's profit and net interest income have increased on a year-on-year basis and both figures have been better than the estimates found in the CNBC TV18 poll. Profit has increased by about 16 percent compared to last year. At the same time, net interest income has increased by 11 percent on a year-on-year basis. At the same time, the asset quality of the bank has remained stable compared to the March quarter. The bank's net interest margin stood at 4.34 percent in the quarter, which was at 4.41 percent in the March quarter. In the same quarter last year, the margin was at 4.36 percent. The bank's core operating profit has increased by 13.6 percent on a year-on-year basis to Rs 17505 crore.

Asset quality of the bank remained stable on a quarter-on-quarter basis. Gross NPAs remained stable at 1.67 per cent. Net NPAs remained at 0.41 per cent as against 0.39 per cent in the March quarter. During the quarter, the bank's provisions saw an increase as compared to the March quarter and rose from Rs 890 crore to Rs 1814 crore.

How was the business performance? The average deposit in the June quarter stood at Rs 15,33,241 crore, an increase of 11.2 per cent over last year. The average current account savings account ratio stood at 38.7 per cent during the quarter. According to the bank, the domestic loan portfolio grew 12 per cent year-on-year to Rs 13,31,196 crore.