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ICICI Bank Q1 Results: Standalone profit of ICICI Bank has increased by 50% to Rs 6905 crore in the first quarter of the current financial year. According to the results, there has also been a decline in the bad loans figures of the company. The second largest private sector bank in the country had made a profit of Rs 4616 crore in the same period last year.
The company’s total income increased to Rs 28,336.74 crore during the April-June quarter in the financial year 2022-23. The company’s total income in the first quarter of the last financial year was Rs 24379.27 crore. This information has been given in the first quarter data released by ICICI Bank.
According to the data, ICICI Bank earned Rs 23671.54 crore from interest during the first quarter, while in the first quarter last year, the bank earned Rs 20383.41 crore from interest.
The financial condition of the private sector bank has improved as the bad loan figure of ICICI Bank has almost halved. The amount of bad loans of the company, which was Rs 2851.69 crore in the first quarter of last year, has come down to 1143.82 crore in the first quarter of this year. The reduction in the bad loan amount has helped the bank improve its profits.
On a consolidated basis, ICICI Bank has posted a net profit of 55 per cent this year as compared to the previous financial year. This year the bank has made a profit of Rs 7385 crore, in the first quarter last year, the bank had a profit of only Rs 4616 crore.