ICICI Bank Q1FY20 result: Profit at Rs 1,908 crore, net interest income grows to Rs 7,737.43 crore; Check highlights

India`s second-largest private lender, ICICI Bank Ltd, today posted a profit of Rs 1,908 crore in June quarter (Q1) on lower provisioning and healthy NII (net interest income) growth. The profit was against the loss of Rs 119.55 crore reported in the year-ago period and profit of Rs 969.06 crore in the previous quarter, according to the bank's regulatory filing with the BSE. 

ICICI Bank's consolidated profit after tax was Rs 2,514 crore (US$ 364 million) in Q1-2020 compared to Rs 1,170 crore (US$ 170 million) in Q4-2019 and Rs 5 crore (US$ 1 million) in Q1-2019, said the statement, adding that consolidated assets grew by 14% year-on-year to Rs 1,250,472 crore (US$181.2 billion) at June 30, 2019 from Rs 1,098,790 crore (US$ 159.2 billion) at June 30, 2018.

"The year-on-year growth in domestic advances was 18 per cent at June 2019. We continued to leverage strong retail franchise, resulting in a 22 percent year-on-year growth in the retail loan portfolio in Q1. Excluding non-performing and restructured loans, the growth in domestic corporate loans was about 13 percent YoY," ICICI Bank said in its BSE filing.

According to ICICI Bank's statement, key highlights of the Q1 results are: 

1. Core operating profit (profit before provisions and tax, excluding treasury income) grew by 21% year-on-year to Rs6,110 crore (US$ 885 million) in the quarter ended June 30, 2019 (Q1-2020).
2. The core operating profit excluding dividend income from subsidiaries grew by 25% year-on-year to Rs 5,919 crore (US$858 million) in Q1-2020.
3. 21% year-on-year growth in total deposits at June 30, 2019 
4. Average current and savings account (CASA) ratio of 43.4% for the quarter
5. Domestic loan growth at 18% year-on-year at June 30, 2019 driven by retail 
6. Retail loans grew by 22% year-on-year; including non-fund outstanding, retail was 48.5% of the total portfolio at June
30, 2019
7. Net non-performing assets (NPA) decreased by 51% from Rs 24,170 crore (US$ 3.5 billion) at June 30, 2018 to Rs 11,857 crore (US$ 1.7 billion) at June 30, 2019
8. Net NPA ratio decreased from 4.19% at June 30, 2018 to 1.77% at June 30, 2019 - the lowest in the last 14 quarters

9. Gross NPA additions in Q1-2020 were Rs 2,779 crore (US$403 million) compared to ` 3,547 crore (US$ 514 million) in the quarter ended March 31, 2019 (Q4-2019)
10. Total capital adequacy ratio of 16.19% and Tier-1 capital adequacy ratio of 14.60% on standalone basis at June 30, 2019,
including profits for Q1-2020