Mumbai (Maharashtra) [India], July 23 (ANI): India's second-largest private sector lender ICICI Bank on Saturday reported an improvement in its asset quality with gross non-performing asset (NPA) declining to 3.41 per cent as of June 30, 2022, as compared to 5.15 per cent recorded on the same date last year.

The bank's gross NPA stood at 3.60 per cent on March 31, 2022.

ICICI Bank's net NPA ratio declined to 0.70 per cent as on June 30, 2022 from 0.76 per cent on March 31, 2022 and 1.16 per cent on June 30, 2021.

During the first quarter of the current financial year, there were net additions of Rs 382 crore ($48 million) to gross NPAs compared to net deletions of Rs 489 crore ($62 million) in Q4 of 2021-22 and net additions of Rs 3,604 crore ($456 million) in Q1 of 2021-22.

The gross NPA additions were Rs 5,825 crore ($738 million) in Q1 2022-23 compared to Rs 4,204 crore ($532 million) in Q4 of 2021-22.

Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 5,443 crore ($689 million) in Q1 FY23 compared to Rs 4,693 crore ($594 million) in Q4 of 2021-22. The gross NPAs written-off in Q1 FY23 were Rs 1,126 crore ($143 million).

The provisioning coverage ratio on NPAs was 79.6 per cent on June 30, 2022, ICICI Bank said.

The Board of Directors of ICICI Bank Limited at its meeting held in Mumbai on Saturday approved the standalone and consolidated accounts of the Bank for the quarter ended June 30, 2022.

The statutory auditors have conducted a limited review and have issued an unmodified report on the standalone and consolidated financial statements for the quarter ended June 30, 2022, ICICI Bank said in the earnings release.

Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to Rs 7,376 crore ($934 billion) or 0.8 per cent of total advances at June 30, 2022, from Rs 8,267 crore ($1.0 billion) at March 31, 2022.

The Bank holds provisions amounting to Rs 2,290 crore ($290 million) against these borrowers under resolution, as of June 30, 2022. In addition, the Bank held contingency provisions of Rs 8,500 crore ($1.1 billion) as on June 30, 2022.

ICICI Bank reported a standalone net profit of Rs 6,905 crore for the first quarter of the financial year 2022-23 as compared to Rs 4,616 crore posted in the corresponding period of the previous year, registering a year-on-year growth of 50 per cent.

The bank's core operating profit (profit before provisions and tax, excluding treasury income) grew by 19 per cent year-on-year to Rs 10,273 crore ($1.3 billion) in the quarter ended June 30, 2022. The bank's net interest income grew by 21 per cent year-on-year in the first quarter of the current financial year.

ICICI Bank's net interest margin rose to 4.01 per cent in Q1 of 2022-23 as compared to 3.89 per cent recorded in Q1 of 2021-22 and 4.00 per cent in the quarter ended March 31, 2022. (ANI)