ICICI Bank's Q1 results show positive trends in NPA, income, and profitability

ICICI Bank, one of the largest private banks in India, has recently declared its financial results for the quarter ending June 2024. The bank has received a 'Strong Buy' stock call from MarketsMOJO, indicating positive prospects for the company.

In the last three months, ICICI Bank's financial score has improved from 22 to 12, showcasing a positive trend. The bank's gross non-performing assets (NPA) have decreased to 2.15%, with a consistent decline in the last five quarters. This indicates that the proportion of stressed loans given by the bank is also decreasing.

The bank's net interest income for the quarter was at its highest at Rs 19,552.91 crore, with a consistent growth in the last five quarters. This shows that the bank's core business is performing well and generating higher income. The interest earned for the quarter was also at its highest at Rs 38,995.78 crore, with a positive trend in the last five quarters.

ICICI Bank's profit after tax (PAT) for the quarter was at its highest at Rs 11,059.11 crore, with a consistent growth in the last five quarters. This indicates a positive trend in the bank's profitability and its ability to generate higher earnings for its shareholders. The earnings per share (EPS) for the quarter was also at its highest at Rs 15.71, showcasing an increase in profitability.

The bank's cash and cash equivalents for the last six half-yearly periods were at its highest at Rs 89,711.70 crore, indicating an improvement in short-term liquidity.

However, the non-operating income for the quarter was at 47.66% of the profit before tax (PBT), which may not be a sustainable business model. The non-operating income for the quarter was also at its highest at Rs 7,001.92 crore, which may not be sustainable in the long run.

Overall, ICICI Bank's financial performance for the quarter ending June 2024 has been positive, with improvements in key areas such as NPA, net interest income, and profitability. Investors can consider this as a good opportunity to invest in the company's stock, as indicated by MarketsMOJO's 'Strong Buy' call.