ICICI Bank’s Q1 PAT seen up 30%, provisions likely elevated

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ICC BankNet profit in Q1 FY24 is expected to rise by around 30 percent year-on-year to Rs.8,900-9,200 crore, according to analyst estimates. Sequentially, after-tax profit declined by 4-5 per cent on the back of higher provisions.

The bank had posted PAT of Rs.9,122 crore for the fourth quarter of FY23 and Rs.6,905 crore in the last year period.

The private sector bank is scheduled to announce its results on Saturday evening. Shares of the bank closed up 0.5 percent at INR 1,000.45 on Friday, before earnings.

The bank’s provisions are expected to rise by 5-15 percent in the quarter and 50-65 percent year-on-year to Rs 1,900 crore, the brokerage estimates.

Net Interest Income (NII) for the quarter also saw a rise of more than 30 per cent to around INR 17,700 crore. The net interest margin (NIM) is seen moderated slightly to 4.8% from 4.9% in the previous quarter.

Advances to the bank are expected to rise by 18 percent year-on-year, driven by growth in loans to individuals and small and medium-sized businesses. Deposits are expected to rise by about 16 percent as of June 30.