ICICI Financial institution Revenue Rises 78% To Rs 4,616 Crore In June Quarter, Provisions Fall

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ICICI Financial institution Q1 Earnings: Internet revenue rose 78 per cent to Rs 4,616 crore

ICICI Financial institution Q1 FY22 Outcomes: ICICI Financial institution reported a 78 per cent rise in internet revenue to ₹ 4,616 crore on a standalone foundation for the April-June quarter within the monetary 12 months 2021-22, in comparison with ₹ 2,599 crore within the year-ago interval. The nation’s main personal sector lender’s provisions – excluding provision for tax, declined sharply because it has modified its coverage on nonperforming loans within the quarter to make it extra conservative.

ICICI Financial institution Q1 Outcomes: This is All You Want To Know

  1. ICICI Financial institution’s core working revenue – the revenue earlier than provisions and taxes, elevated 23 per cent year-on-year to ₹ 8,605 crore within the first quarter of the monetary 12 months 2021-22, in comparison with Rs 7,014 crore within the year-ago interval. (Additionally Learn: ICICI Financial institution Revenue Jumps 260% To ₹ 4,403 Crore In March Quarter )

  2. The personal sector financial institution’s internet curiosity earnings (NII) – or the distinction between curiosity earned and curiosity paid, within the June quarter elevated 18 per cent year-on-year to Rs 10,936 crore, in comparison with Rs 9,280 crore in the identical quarter final 12 months.

  3. The financial institution’s internet non-performing property (NPAs) have been Rs 9,306 crore within the June quarter, in comparison with Rs 9,180 crore within the previous January-March quarter. The online NPA ratio was 1.16 per cent by the tip of June 2021, in comparison with 1.14 per cent by March 2021.

  4. The overall earnings stood at Rs 24,379.27 crore within the June quarter, in comparison with Rs 26,066.95 crore within the year-ago interval. The online curiosity margin was 3.89 per cent within the quarter, in comparison with 3.84 per cent within the previous March quarter.

  5. ICICI Financial institution’s provisions (excluding provision for tax) declined sharply to Rs 2,852 crore within the June quarter, in comparison with Rs 7,594 crore within the year-ago interval. The financial institution modified its coverage on nonperforming loans which resulted within the larger provision on non-performing advances amounting to Rs 1,127 crore for aligning provisions to the revised coverage.

  6. Through the quarter, ICICI Financial institution held pandemic-related provisions of Rs 6,425 crore. The financial institution wrote again COVID-19provisions amounting to Rs 1,050 crore made in earlier durations, based mostly on its present evaluation of the portfolio.

  7. ICICI Financial institution’s complete deposits elevated 16 per cent year-on-year to Rs 926,224 crore. The home mortgage, in addition to retail mortgage portfolio, grew by 20 per cent year-on-year, in keeping with its assertion.

  8. Through the June quarter, Amazon Pay bank card turned the quickest co-branded bank card in India to cross the milestone of issuing two million playing cards. The Financial institution additionally launched a co-branded bank card with Hindustan Petroleum Company Restricted (HPCL) referred to as – ‘ICICI Financial institution HPCL Tremendous Saver Credit score Card’.

  9. ICICI Financial institution is a market chief in digital toll collections by way of FASTag, because it had a market share of 36 per cent by worth within the toll collections by way of FASTag within the June quarter, with a 146 per cent year-on-year progress in collections.

  10. On Friday, July 23, shares of ICICI Financial institution settled 3.18 per cent at Rs 676.65 apiece on the BSE.

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