In a significant financial achievement, ICICI Bank, the private lender based in Mumbai, announced a remarkable 40% surge in standalone net profit, reaching an impressive Rs.9,648 crore during the quarter ending June 2023. This impressive growth was attributed to the decline in bad loans and a substantial improvement in interest income.

Notably, during the same period last year, the bank had posted a net profit of Rs.6,905 crore on a standalone basis.

The financial prowess of ICICI Bank was further evident as its total income for the first quarter of the current fiscal soared to Rs.38,763 crore, a substantial increase from the Rs.28,337 crore recorded a year ago, as stated in the regulatory filing.

The interest earned by the bank also witnessed remarkable growth, reaching Rs.33,328 crore compared to Rs.23,672 crore in June 2022.

An impressive highlight was the bank's net interest income (NII), which registered an outstanding 38% increase year-on-year, amounting to Rs.18,227 crore in Q1 FY24, significantly surpassing the Rs.13,210 crore recorded in the year-ago period.

Furthermore, the net interest margin showed remarkable improvement, standing at 4.7% compared to the 4.01% recorded a year earlier.

In a demonstration of strengthened asset quality, ICICI Bank showcased a decline in gross non-performing assets (NPAs), which reduced to 2.7% of gross advances by the end of the June quarter, significantly lower than the 3.4% reported a year ago.

Similarly, the net NPAs or bad loans also witnessed a substantial decrease, amounting to 0.4%, as opposed to the 0.7% reported in the same period of the preceding fiscal year.

While achieving remarkable financial growth, the bank's capital adequacy ratio experienced a slight decline, resting at 16.71% compared to 18.04% at the end of June 2022.

 ICICI Bank's astounding performance during the June 2023 quarter showcases its financial strength and resilience in a dynamic market. The substantial surge in net profit, decline in bad loans, and improved interest income position the bank for a promising future.

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