Private lender ICICI Bank on Saturday reported a 40 per cent rise in standalone net profit to Rs 9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income.

The Mumbai-based private sector lender had posted a net profit of Rs 6,905 crore on a standalone basis in the year-ago period.

Its total income in the first quarter of the current fiscal rose to Rs 38,763 crore from Rs 28,337 crore a year ago, ICICI Bank said in a regulatory filing.

Interest earned by the bank improved to Rs 33,328 crore over Rs 23,672 crore in June 2022.

The bank's net interest income (NII) increased by 38 per cent year-on-year to Rs 18,227 crore in Q1 FY24 from Rs 13,210 crore in the year-ago period.

At the same time, the net interest margin improved to 4.7 per cent compared to 4.01 per cent a year earlier.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.7 per cent of gross advances at the end of the June quarter from 3.4 per cent a year ago.

Similarly, net NPAs or bad loans declined to 0.4 per cent against 0.7 per cent in the same period of the preceding fiscal.

Its capital adequacy ratio fell to 16.71 per cent from 18.04 per cent at the end of June 2022.

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