ICICI Bank reports 23% increase in core operating profit for Q1 FY2022

ICICI Bank has reported a core operating profit of INR 8,605 crores ($1.2 billion) for the first quarter of the fiscal year 2022 (Q1 FY2022) that ended 30 June 2021, an increase of 23% compared to INR 7,014 crores ($944 million) for the same quarter of the previous fiscal year.

The Indian private sector banking group said that its profit after tax increased by 78% year-on-year (YoY) to INR 4,616 crores ($621 million) in Q1 FY2022.

The total deposits of ICICI Bank moved up by 16% YoY to INR 926,224 crores ($124.6 billion) at the end of the first quarter of FY 2022.

ICICI Bank saw an increase of 18% in its net interest income (NII) to INR 10,936 crores ($1.5 billion) in Q1 FY2022 from INR 9,280 crores ($1.2 billion) in Q1 FY2021.

ICICI Bank reports 23% increase in core operating profit for Q1 FY2022. Photo courtesy of Sumedh/Wikipedia.org.

The bank’s fee income surged by 53% YoY to INR 3,219 crores ($433 million). Its fees from retail, business banking, and SME customers in the reported quarter moved up by 65% YoY and made up nearly 76% of total fees in Q1 FY2022.

Treasury income for ICICI Bank in Q1 FY2022 was INR 290 crores ($39 million) compared to INR 3,763 crores ($506 million) in Q1 FY2021.