Total Income

On a consolidates basis, the company’s total income stood at INR 39218.33 Cr for the Q1 ended 30 June 2022 as against INR 35351.97 Cr for a period one year ago, registering a growth of 10.94% Y-O-Y basis. However, the bank’s income de-grew by 8.44% Q-O-Q basis (INR 42834.06 Cr for the quarter ended 31 March 2022)

While comparing the segment-wise revenue, ‘Retail Banking’ has generated the highest income for the bank (INR 23,888 Cr for Q1 FY 2022-23) followed by Treasury income (INR 18,358 Cr) , Wholesale Banking (INR 10,869 Cr), and Life Insurance (INR 8997 Cr)

Total Expenses of the Bank are as follows –

INR 28,095.75 Cr as on 30 June 2022,

INR 25,938.65 Cr as on 30 June 2021,

INR 31,306.02 Cr as on 31 March 2022

>> Must Read: HOW THE NIFTY WILL BEHAVE IN JULY 2022

Net Profit

The bank’s has generated a net profit (on a consolidated basis) of INR 7384.53 Cr for the Q1 FY 2022-23 as against INR 4762.77 Cr for the period ended 30 June 2021, registering a growth of 55.05% year-on-year basis. However, on a Q-O-Q basis the banks profit de-grew by 4.33% (PAT of INR 7718.94 Cr for the period ended 31 March 2022)

EPS of the bank are as follows –

INR 10.62 as on 30 June 2022,

INR 6.88 as on 30 June 2021,

INR 11.11 as on 31 March 2022

Growth in ‘Digital and Payments Platforms’

In December 2020, the Bank had expanded its mobile banking app, iMobile, to iMobile Pay which offers banking and payment services to customers of any bank.

The value of credit card spends in Q1-2023 grew by 13% sequentially and was two times the value of spends in Q1-2022 largely driven by (1) improvement in discretionary spending, (2) higher activation rate through digital onboarding of customers (including Amazon Pay credit cards), and (3) diversification through commercial cards.

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Credit Growth

The retail loan portfolio grew by 24% year-on-year and 5% sequentially, and comprised 53.1% of the total loan portfolio at June 30, 2022.

Deposit Growth

Total period-end deposits increased by 13% Y-O-Y basis to INR 1,050,349 Cr at June 30, 2022.

Asset Quality

The gross NPA ratio declined to 3.41% at June 30, 2022 from 3.60% at March 31, 2022 and 5.15% at June 30, 2021. The net NPA ratio declined to 0.70% at June 30, 2022 from 0.76% at March 31, 2022 and 1.16% at June 30, 2021.

Capital Adequacy Ratio

Including profits for Q1-2023, ICICI Bank total capital adequacy ratio at June 30, 2022 was 18.74% and Tier-1 capital adequacy was 17.95% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.

Daily Chart –

icici bank share price is currently trading at INR 799.60, up 1.73% with a volume of 1,22,67,898 share on the NSE.

>> Also Read: Q1 Result of Atul Limited

Disclaimer: The contents and data presented here are just for your information & personal use only. While much effort is made to provide the information, I ( Vishal Dalwadi ) or “Fin Blab” do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

The post ICICI Bank Limited – Q1 FY 2022-23 appeared first on Upcoming ipos: Latest news on stocks, economy & finance.

The Company has posted a strong financial performance for the Q1 ended 30 June 2022, registering a 31.6% growth in its Value of New Business (VNB). The VNB of the Company stood at 4.71 billion with a VNB margin of 31%.

Annualised Premium Equivalent (APE) grew by 24.7% Y-O-Y to 15.20 billion in Q1 ended 30 June 2022. Within this, annuity APE showed a massive growth of 69% Y-O-Y to 0.98 billion in Q1 FY 2022-23.

The Company’s New Business Sum Assured grew by 24.9% Y-O-Y basis to 2.21 trillion in Q1 FY 2023.

Significantly, ICICI Prudential Life has achieved overall market leadership with the market share increasing from 14.7% in Q1 FY 2022 to 15.8% in Q1 FY 2023.

Persistency ratios have improved across all units. The 13th-month ratio (quality of business) stood at 85.5% for Q1 FY2023. While the Assets under Management (AUM) stood at 2,300.72 billion on June 30, 2022.

The solvency ratio of the company stood was 203.6% against the regulatory requirement of 150%.

Must Read: HOW THE NIFTY WILL BEHAVE IN JULY 2022

Words from MD & CEO:

The VNB for the quarter was 4.71 billion, strong Y-O-Y growth of 31.6%. This was primarily driven by a robust 24.7% growth in Annualised Premium Equivalent.

Guided by the elements of ICICI Prudential Life’s 4P strategy of Premium growth, Protection focus, Persistency improvement, and Productivity enhancement, we believe we are on track to achieve our aspiration of doubling the FY 2019 VNB in this fiscal.

Significantly, our efforts to reach out to the underserved customer segments and expansion in the distribution footprint have enabled us to maintain our position as market leader on New Business Sum Assured, which grew by 25% Y-O-Y basis in Q1 FY2023, taking the Company’s market share to 15.8% in Q1 FY2023. With a solvency ratio of 203.6%, which is well above the regulatory requirement, we are well positioned to capitalise on this opportunity.

With a moderating trend in COVID-19-related claims, we expect the country to be at the tail end of the pandemic. The pandemic was a trying time for all and it also nudged us closer to our very purpose of existence – providing financial security to our customers and their families. I can proudly say that we rose to the occasion and stood by our customers in their hour of need.

The path-breaking reforms introduced by the Regulator to increase penetration will usher in sustainable growth for the industry going forward.

Daily Chart –

The share price of ICICI Prudential Life Insurance Limited ended at INR 517.10 up by 0.73% today and is trading 28.60% below when compared to its 52-week high of INR 724.30 on the NSE.

Also Read: Q1 Result of L&T TECHNOLOGY SERVICES LTD

Disclaimer: The contents and data presented here are just for your information & personal use only. While much effort is made to provide the information, I (Vishal Dalwadi) or “FinBlab” do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

The post ICICI Prudential Life Insurance Ltd – Q1 FY 2022-23 appeared first on Upcoming ipos: Latest news on stocks, economy & finance.