ICICI Bank Q1 Net up 25% due to high net interest income

New Delhi, July 31: Private sector ICICI Bank today reported 25 per cent growth in standalone net profit at Rs 2,274.21 crore for the first quarter ended June 30, driven by higher net interest income (NII).

The country's largest private sector bank's standalone net profit stood at Rs 1,815.05 crore in the April-June quarter of 2012-13 fiscal.

While NII of the bank rose 20 per cent to Rs 3,820 crore during the June quarter of the current fiscal, total income increased by 13 per cent to Rs 12,905 crore.

The net non-performing assets of the bank increased to 0.69 per cent at the end of first quarter compared to 0.64 per cent in the same period a year ago.

Provisioning against bad loans during the quarter also rose to Rs 593 crore, as against Rs 466 crore in the year-ago period.

However, net interest margin improved to 3.27 per cent at the end of first quarter, as compared to 3.01 per cent in the year ago period.

Total advances increased by 12 per cent to Rs 3,01,370 crore at the end of June quarter.

On a consolidated basis, ICICI Bank reported a 32 per cent growth in net profit at Rs 2,747 crore.

It had a net profit of Rs 2,077 crore in the first quarter of 2012-13 fiscal.

Capital adequacy of the bank as per Basel III norms was 17.04 per cent at the end of June quarter.

Shares of the bank tanked 3.73 per cent to Rs 892 in the afternoon trade on BSE.

PTI