ICICI Bank Q1 Net Profit Up 15% on Broad-Based Income Growth; To Acquire Pension Subsidiary
In a separate development, ICICI Bank's board approved the acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Ltd (ICICI PFM) from ICICI Prudential Life Insurance Company Ltd. The deal, valued at Rs 203.5 crore, will make ICICI PFM a wholly owned subsidiary of the bank, subject to approvals from the RBI, PFRDA, and other regulators. The acquisition is intended to enhance synergies and expand the bank's presence in the pension fund management business.
Total income for the quarter rose 11.8% year-on-year to Rs 51,452 crore. Interest income grew 10.1% to Rs 42,947 crore, led by an 8.1% increase in income from advances and a 73.3% jump in earnings from balances with the RBI and inter-bank funds. Other income climbed 21.5% to Rs 8,505 crore, supported by higher fees and treasury-related gains.
On the expenditure side, interest costs rose 9.6% to Rs 21,312 crore, while operating expenses increased 8.2% to Rs 11,394 crore.
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Within this, employee expenses were up 8.5%, and other operating costs rose 8%.
Despite the increase in total expenditure, operating profit before provisions grew 17% to Rs 18,746 crore. Provisions and contingencies rose sharply by 36.2% to Rs 1,815 crore. However, profit before tax still increased 15.2% to Rs 16,931 crore.
The bank's capital adequacy ratio under Basel III stood at 16.31%, slightly higher than the 15.96% recorded a year earlier. Gross NPA ratio improved to 1.67% from 2.15%, while net NPA declined to 0.41% from 0.43%.
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