ICICI Q1 profit zooms 40% to Rs 9,648 crore, Kotak jumps 67%

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MUMBAI: ICICI Financial institution has reported a document internet revenue of Rs 9,648 crore in Q1-2024—a 39.7% enhance from Rs 6,905 crore in Q1-2023.

In the meantime, Kotak Mahindra Financial institution exceeded analyst estimates to report a 67% soar in standalone internet revenue at Rs 3,452 crore for the June quarter. On a consolidated degree, the revenue grew 51% to Rs 4,150 crore. One other non-public lender, Sure Financial institution, stated its internet revenue rose 10.3% to Rs 342 crore.
ICICI Financial institution’s soar in earnings adopted an 18.1% year-on-year development in complete advances to Rs 10,57,583 crore on June 30, 2023. Regardless of the primary quarter being sluggish for mortgage development, the financial institution’s advances e-book has grown 4% sequentially.

The financial institution’s deposits grew 17.9% year-on-year and 4.9% sequentially to Rs 12,38,737 crore. The share of mounted deposits elevated, rising 25.8% year-on-year and 9.8% sequentially to Rs 7,02,511 crore.
“We count on the repricing of deposits to proceed within the subsequent few quarters and general decline in internet curiosity margin was anticipated due to the rise in deposit charges,” stated Sandeep Batra, govt director, ICICI Financial institution.
Attributable to enterprise development and lending fee will increase, ICICI Financial institution’s internet curiosity revenue (NII) rose by 38% YoY to Rs 18,227 crore in Q1-2024 from Rs 13,210 crore in Q1-2023. The online curiosity margin was 4.78% in Q1-2024 in comparison with 4.01% in Q1-2023 and 4.9% in This fall-2023.
Batra stated the financial institution’s unsecured mortgage portfolio consisted largely of non-public loans and bank cards and was round 12% of its mortgage e-book. “The core precept on which we’ve constructed our unsecured e-book has been on the return of capital. About 85% of the e-book includes salaried prospects, and most work with massive corporates, MNCs and authorities, and we’re comfy with the standard,” he stated. Batra stated the financial institution held Rs 13,100 crore of contingency provision, 1.2% of complete advances.
ICICI Financial institution’s gross NPA ratio improved by 2.76% on June 30, 2023, in comparison with 2.81% on March 31, 2023. The online NPA ratio was regular at 0.48% on June 30, 2023, in comparison with 0.48% on March 31, 2023, and 0.7% on June 30, 2022. The online addition to gross NPAs, excluding write-offs and gross sales, was Rs 1,807 crore in Q1-2024 in comparison with Rs 14 crore in This fall-2023. The gross NPA additions had been Rs 5,318 crore in Q1-2024 in comparison with Rs 4,297 crore in This fall-2023.

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