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Private lender ICICI Bank in its Q1 results has reported a 50% YoY growth in profits as profit for the quarter ending in June 2022 reached Rs 6,905 crores against Rs 4,616 crores reported in the corresponding quarter last year. 

Net Interest Margin of the bank improved to 4.01% as Net Interest Income of the bank grew 21% to Rs 13,210 crores during the quarter. The bank witnessed a 21% growth in its advances and a 13% growth in deposits, as deposits reached Rs 10.5 lakh crores. 

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Its loan book grew 21% YoY to Rs 8.95 lakh crores with the domestic book growing 22% and the retail loan portfolio improving 23%. Corporate loans registered a jump of 14.4%.

Other income of the bank, excluding treasury operations, grew 16.75% to 4,665 crores as fee income jumped 32%. However, treasury income declined 88% due to a Rs 400 crores Mark-to-Market hit. Operating profit grew 16% to Rs 10,309 crores as higher core interest income and a surge in other income assisted the bank in having a double-digit operating profit growth. 

Gross NPAs of the bank fell to 3.41% while the Net NPAs contracted to 0.7%. The bank's slippages doubled to Rs 5,285 crores but the bank said that the rise isn't worrisome since these may be upgraded in the next quarter. On account of asset quality improvement, provisions declined 60% YoY, but up 7% QoQ, to Rs 1,144 crores. 

The stock of the ICICI bank after its Q1 results was up 1.79% to Rs 800.05 per share on Friday. Today, the stock opened at Rs 787 per share.

Article by Aman Agarwal. 

This news piece is brought to you in association with jobaaj.com  

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