ICICI Bank on Saturday posted a 14.6% growth in its first-quarter profit amid a high-credit-cost environment for the entire banking industry.

What Happened: The country’s second-largest private lender earned ₹11,059.11 crore in the quarter ended June 30, compared with the ₹9,648.20 crore it made in the same quarter last year. The figure was slightly ahead of analyst estimates of ₹10,610 crore.

The bank’s net interest income, which is the difference between the interest it earns on loans and the interest it pays on deposits, came in at ₹19552.91 crore, a rise of 7.3% from the ₹18,226.64 crore it posted a year ago. The figure also narrowly beat street estimates of ₹19,520 crore.

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The bank’s non-performing asset (NPA) ratio stood at 0.43% at the end of the quarter, down from 0.48% at the end of the same quarter last year.

The bank’s net interest margin stood at 4.36% during the quarter, lower than the 4.40% it clocked in the March quarter and 4.78% in the same quarter last year.

Total period-end deposits grew 15.1% year-on-year to ₹14.26 lakh crore as at June 30, while total advances went up 15.7% year-on-year to ₹12.23 lakh crore. Net domestic advances grew 15.9% year on year to ₹11.88 lakh crore.

Price Action: Ahead of the results, ICICI Bank’s closed 1.6% higher at ₹1,217 on Friday. The stock has gained nearly 22% so far this year.

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