ICICI Bank on Saturday announced a 49.58% increase in its net profit to Rs 6,905 crore for the June quarter of FY23 from Rs 4,616 crore in the same period last year. Its total revenue rose to Rs 28,330 crore in the first quarter from Rs 24,379 crore a year ago.

Gross non-performing assets (NPA) of the country’s second largest private bank fell to Rs 33,163 crore (3.41% of advances) in June 2022 from Rs 43,148 crore (5.15%) it a year ago.

Net interest income (NII) rose 21% year-on-year (year-on-year) to Rs 13,210 crore in the first quarter from Rs 10,936 crore last year. Net interest margin was 4.01% last quarter compared to 3.89% a year ago and 4.00% in the quarter ended March 2022.

Provisions (excluding tax provision) fell 60% year-on-year to 1,144 crore rupees in the first quarter from 2,852 crore rupees a year ago. Provisions for the first quarter include a contingency reserve of Rs 1,050 crore made on a prudent basis.

Gross additions to the NPA were Rs 5,825 crore compared to Rs 4,204 crore in the fourth quarter of last financial year. NPA recoveries and upgrades, excluding write-offs and sale, were Rs 5,443 crore compared to Rs 4,693 crore in Q4FY22. Gross NPAs written off in the first quarter of FY23 was Rs 1,126 crore. The NPA provisioning coverage ratio was 79.6 in June.

Net profit up 26.1% for Kotak Mahindra Bank

Mumbai: Kotak Mahindra Bank on Saturday posted a net profit of Rs 2,071.10 crore in the June quarter of fiscal 2023, about 26.10% higher than its net profit of Rs 1,641.90 crore it a year ago.

The bank’s net interest income in the June quarter 2022 also surged by around 19.20% from Rs 3,941.70 crore in the first quarter of FY22 to Rs 4,697 crore in the June 2022 quarter. Total revenue was Rs 8,582 crore compared to Rs 7,831 crore in Q1FY22.