Meanwhile, Kotak Mahindra Bank exceeded analysts estimates to experiences a 67% bounce in standalone web benefit at Rs 3,452 crore for the June quarter. On a consolidated degree, the benefit grew by way of 51% to Rs 4,150 crore. Another non-public lender, Yes Bank, stated its web benefit rose 10.3% to Rs 342 crore.
ICICI Bank’s bounce in income adopted an 18.1% year-on-year expansion in general advances to Rs 10,57,583 crore on June 30, 2023. Despite the primary quarter being gradual for mortgage expansion, the financial institution’s advances ebook has grown 4% sequentially.
The financial institution’s deposits grew 17.9% year-on-year and four.9% sequentially to Rs 12,38,737 crore. The percentage of mounted deposits higher, emerging 25.8% year-on-year and 9.8% sequentially to Rs 7,02,511 crore.
“We expect the repricing of deposits to continue in the next few quarters and overall decline in net interest margin was expected because of the increase in deposit rates,” stated Sandeep Batra, govt director, ICICI Bank.
Due to industry expansion and lending price will increase, ICICI Bank’s web passion source of revenue (NII) rose by way of 38% YoY to Rs 18,227 crore in Q1-2024 from Rs 13,210 crore in Q1-2023. The web passion margin was once 4.78% in Q1-2024 in comparison to 4.01% in Q1-2023 and four.9% in This fall-2023.
Batra stated the financial institution’s unsecured mortgage portfolio consisted in large part of private loans and bank cards and was once round 12% of its mortgage ebook. “The core principle on which we have built our unsecured book has been on the return of capital. About 85% of the book comprises salaried customers, and most work with large corporates, MNCs and government, and we are comfortable with the quality,” he stated. Batra stated the financial institution held Rs 13,100 crore of contingency provision, 1.2% of general advances.
ICICI Bank’s gross NPA ratio advanced by way of 2.76% on June 30, 2023, in comparison to 2.81% on March 31, 2023. NPAs, apart from write-offs and gross sales, was once Rs 1,807 crore in Q1-2024 in comparison to Rs 14 crore in This fall-2023. The gross NPA additions have been Rs 5,318 crore in Q1-2024 in comparison to Rs 4,297 crore in This fall-2023.