ICICI Bank's Treasury Gains Propel 10% Profit Upturn in Q1 FY24

ICICI Bank reported a nearly 10% rise in its consolidated net profit for the April-June quarter to Rs 11,696 crore, driven by strong treasury gains. The bank's core net interest income growth slowed, but non-interest income increased by 23%. Fresh slippages mainly in retail, rural, and business banking contributed to an uptick in bad loans.

ICICI Bank has achieved a substantial gain in its consolidated net profit, recording a 10% increase to Rs 11,696 crore for the April-June quarter, attributed significantly to the bank's robust treasury operations.

The second largest private sector lender in India struggled with slowing core income growth but managed a 14.62% rise in standalone post-tax profit, reaching Rs 11,059 crore, largely due to treasury gains which surged to Rs 613 crore from last year’s Rs 252 crore.

Despite a multi-quarter low core net interest income (NII) growth of 7.3%, the bank’s non-interest income grew by 23% excluding treasury operations. Fresh slippages increased mainly in retail, rural, and business banking sectors. The bank's gross non-performing assets ratio remained stable at 2.36%, while its capital adequacy ratio stood at 16.63%.