ICICI Bank Q1 net spurts 25.3%

The country's largest private sector lender, ICICI Bank on Wednesday reported a 25.3 per cent growth in its net profit for the quarter ended June 30, 2013 to Rs 2,274 crore -- ascribing it to higher treasury gains, improved margin and growth in interest income -- as compared with Rs 1,820 crore in the year-ago period.

 ICICI Bank Managing Director & CEO Chanda Kochhar said: "For this quarter, we have reported 32 per cent year-on-year growth in our consolidated profit after tax. This has translated into consolidated return on equity of 15.6 per cent, which is highest in last several quarters."

 Net interest income (NII) expanded 20 per cent YoY to Rs 3,820 crore in the first quarter of this financial year. Net interest margin (NIM) improved 26 basis points to 3.27 per cent.

 Other income was up 32 per cent driven by growth in the bank's treasury earnings, which stood at Rs 403 crore compared to a loss of Rs 21 crore in the corresponding period of last year. 

 Provisioning for loans and (non-tax) contingencies increased to Rs 593 crore in the quarter under review compared to Rs 466 crore a year ago as asset quality deteriorated. The net non-performing assets (NPAs) as a percentage of total advances was 0.82 per cent as on June 30, 2013.