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ICICI Bank's Board has approved strong Q1 financial results. Consolidated Net Profit after Tax jumped 15.9% year-on-year to ₹13,558 Cr. The bank's consolidated assets grew 10.9% to ₹26,68,636 Cr.
On the strategic front, the Bank will acquire 100% of ICICI Prudential Pension Funds Management Company Limited (ICICI PFM) for ₹203.50 Cr, making it a wholly-owned subsidiary. This move aims to leverage synergies and enhance the Customer 360 focus. Gross NPA ratio improved to 1.67%. The bank also issued ₹1,000 Cr in Tier 2 bonds, boosting capital.