ICICI Bank reported a 55% YoY increase in consolidated net profits to INR 73.9bn ($930mn) during the quarter ended June. The bank’s total income rose to INR 281.3bn ($3.5bn), up 11.3% YoY. Retail loans, Rural loans, and Business banking loan portfolios grew by 24.2%, 8.4%, and 44.7% respectively. Provisions (excluding tax provision) declined by 59.9% YoY to INR 11.4bn ($140mn) during the quarter. The bank’s net interest income (NII) grew by 20.1% to INR 150.7bn ($1.9bn) and non-interest income rose 2.5% to INR 130.6 ($1.6bn), while fee income declined by 11% YoY to INR 38.6bn ($480mn). Net interest margin (NIM) rose 12bp to 4.01% against the previous year. The Indian bank posted a treasury gain of INR 360mn ($5mn) during the quarter compared to a gain of INR 2.9bn ($37mn) one year ago. Net non-performing assets (NPAs) improved 46bp YoY to 0.7% while gross NPAs improved by 174bp YoY to 3.41%. ICICI’s Tier-1 capital adequacy ratio was at 17.25%, down 110bp QoQ from 18.35%.

ICICI’s USD 3.8% 2027swere up 0.36 points at 96.72, yielding 4.49%.

Yes Bank reported a 50.2% YoY increase in net profits to INR 3.11bn ($39mn) for the quarter that ended on June 2022. The total income of the bank grew 16% YoY to INR 26.3bn ($330mn). The lender’s net interest income rose 32% YoY to INR 18.50bn ($230mn). The retail loan portfolio contributed 62% while corporate was 38%. Total Provision Costs stood at INR 1.75bn ($2.2mn) declined 62% YoY aided by lower slippages. Net interest margin (NIM) improved 30bp YoY to 2.1%. Net non-performing assets (NPAs) ratio was down 160bp YoY to 4.2% and gross NPAs was at 13.4%, 220bps YoY. The bank’s CET-1 capital adequacy ratio was at 11.9%, up 30bp QoQ. During the quarter, Yes Bank had signed a binding term sheet to partner with US-based JC Flowers ARC for the sale of its identified stressed loans or NPAs.

Yes Bank’s USD 3.73% 2023s were up 0.08 points at 98.63, yielding 6.45%.

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