ICICI Bank on Friday reported a 50 percent rise in profit after tax (PAT) to Rs 6,905 crore from Rs 4,616 crore in the same quarter last year.
The bank said its net income (NII) rose 21 percent to Rs 13,210 crore in the same quarter last year. The net income margin (NIM) for the three months was 4.92 percent.
Excluding excise duty, it fell 60 percent to Rs 1,144 crore from Rs 2,852 crore. Provisions for the June quarter include a contingency provision of Rs 1,050 crore made on a discretionary basis.
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The bank said it posted a profit of Rs 36 crore in the fund for the same quarter against Rs 290 crore a year ago.
The NPA ratio declined to 3.41 percent in the June quarter from 3.60 percent in March and 5.15 percent in the previous quarter.
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ICICI Bank reported a nearly 50 percent rise in annual revenue, driven by strong loan portfolio growth and increased spreads, and lower borrowing costs.
ICICI Bank Stocks: 2022-23 Shares of ICICI Bank, the index’s top weighted index, rose over 2% to Rs817.85 per share in intraday trade on the back of strong first quarter (Q1FY23) earnings. The deal was one of the top gainers in the Nifty 50 on Monday.
On the back of the strong numbers, brokers are also bullish on ACICI Bank shares, maintaining a Bui rating as the stock gains 35% from Friday’s close to Rs 800.
State-owned Nirmal Bang maintains a buy rating on ICICI Bank with a target price of Rs 1,079 per share, implying a 35% upside for the stock.
Similarly, Jefferies has given ICICI Bank a buy rating with a target of Rs 1,080 (up 35%). He said the bank remains a leader in core returns and the value is attractive even in a global environment.
CLSA and Morgan Stanley put a combined price of ICIC Bank at Rs 1,040 (+30%). While the former is given a buy rating, the latter carries more weight for an individual lender.
The bank currently offers industry-leading credit and is developing PPOP, CLSA said, adding that almost all P&L reserves are above potential. And Morgan Stanley said improvements to CASA’s operations and digital capabilities would lead to further reviews.
While Credit Suisse has given ICICI Bank a top rating with a target price of Rs 950 per share, implying an upside of 18%. The brokerage raised FY24/2 estimates by 4% after adjusting for margin improvement and asset quality. ICICI Bank is one of Credit Suisse’s top performers.
ICICI Bank reported a nearly 50 percent rise in annual revenue, driven by strong loan portfolio growth and increased spreads, and lower borrowing costs. The growth of bank loans increased by 20% compared to the same period last year, and loans to households increased by 24% compared to the same period last year.
Management appears optimistic about credit demand but is cautious about the inflationary environment and global challenges. Asset quality improved consistently in 1Q23.
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ICICI Bank Results in Q1 FY2023 PAT Rs 690.4 crore
On 23 July 2022, ICICI Bank announced its Q1 FY2023 results.
The first weekend to the fourth quarter of 2013;
- – ICICI’s (NII) quarterly profit rose 21% to Rs 13.21 billion in Q1 2023. 10.936 billion in Q1 2022. Q1 FY23 profit margin was 4.01%, compared to 3.89% in the fourth quarter of FY22.
- – Total deposits increased by 13% to Rs 10.5 crore in Q1 2013
- – The NPA ratio was 3.41% in the first quarter of FY23, compared to 5.15% in the first quarter of FY22.
- – Gross NPAs as on June 30, 2022, increased to 0.7% from 0.76% as on June 30, 2021.
- – The bank’s operating profit was 1,027.3 million, an increase between the years of 19%.
- – ICICI Bank increased PAT to Rs. 6904 crores with an annual growth of 49.5%.
Segment Revenue :
- – Just the bank’s revenue increased by 18.6% with revenue of Rs 2338.8 billion.
- – The bank had total revenue of $10,869 million, a decrease of 14.7% year-over-year.
- – Revenue Sector revenue reached 1835.8 billion rupees with an annual growth of 13.6%.
- – Revenue from the life insurance segment grew 2% YoY to Rs 899.7 billion.
- – Revenue from other banking segments was $625 million, down 11.3% year-over-year.
ICICI Securities Q1 FY23 Results || Translate to Rs. 795 million, 6% more than the previous year
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