ICICI Bank on Friday reported a 12 per cent rise in its net profit at Rs.2,976 crore for the quarter ended June 30, 2015, against Rs.2,655 crore in the corresponding quarter ended June 30, 2014.
However, consolidated net profit has increased by 14 per cent to Rs.3,232 crore from Rs.2,832 crore. in the first quarter of last financial year.
Net interest income increased by 14 per cent to Rs.5,115 crore from Rs.4,492 crore. Non-interest income has increased by 5 per cent to Rs.2,990 crore from Rs.2,850 crore. Provisions were at Rs.956 crore against Rs.1,344 crore in the fourth quarter of last financial year ended March 31, 2015, and Rs.726 crore in the first quarter of last financial year.
Total advances increased by 15 per cent year-on-year to Rs.3,99,738 crore at June 30, 2015, from Rs. 3,47,067 crore at June 30, 2014. The year-on-year growth in domestic advances was 17 per cent.
“Asset quality of the bank depends on how the economy moves,” said Chandha Kochhar, Managing Director and CEO. She said that mining activity has increased; commercial vehicles growth is good and activity is improving in railways and defence sectors. “If all these things will materialise we could achieve good asset quality.”
“We focussed very hard on recoveries,” she added. However, she said there was a slippage of Rs.292 crore in the restructured assets. Ms. Kochhar said most of the advances presently given partly for working capital and to highly rated corporates and Public Sector Enterprises (PSEs).
“The bank has continued to see robust growth in its retail disbursements resulting in a year-on-year growth of 25 per cent in the retail portfolio at June 30, 2015. The retail portfolio constituted about 43 per cent of the loan portfolio of the bank at June 30, 2015,” said ICICI Bank.
The bank’s savings account deposits grew by 14 per cent year-on-year at June 30, 2015. During the first quarter of current fiscal, savings account deposits increased by Rs.1,905 crore. The bank’s CASA ratio was at 44.1 per cent at June 30, 2015, compared to 45.5 per cent at March 31, 2015, and 43 per cent at June 30, 2014.
The bank said that the average CASA ratio improved to 41.1 per cent in first quarter of current fiscal from 39.5 per cent in first quarter of last fiscal and 39.9 per cent in the fourth quarter of last fiscal.
Total deposits increased by 10 per cent year-on-year to Rs. 3,67,877 crore at June 30, 2015. Total CASA deposits have increased by 12 per cent year-on-year to Rs.1,62,314 crore at June 30, 2015.
Net non-performing assets at June 30, 2015, were Rs.6,402 crore compared to Rs.6,325 crore at March 31, 2015. The net non-performing asset ratio was 1.40 per cent at June 30, 2015, the same level as at March 31, 2015. Net loans to companies whose facilities have been restructured were Rs.12,604 crore at June 30, 2015, compared to Rs 11,017 crore at March 31, 2015.
