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ICICI Bank, India’s second-largest private sector lender, has reported robust financial performance in its October-December quarter results for fiscal 2023-24 (Q3FY24). The bank’s net interest income (NII) witnessed a significant surge of 13.4 percent, reaching ₹18,678 crore compared to ₹16,465 crore in the corresponding period last year. Additionally, ICICI Bank declared a standalone net profit of ₹10,272 crore for Q3FY24, marking a substantial increase of 23.5 percent from ₹8,312 crore in the year-ago period.
In a detailed breakdown of its financials, ICICI Bank highlighted that the gross non-performing assets (NPA) ratio decreased to 2.30 percent as of December 31, 2023, down from 2.48 percent on September 30, 2023. The net NPA ratio stood at 0.44 percent, compared to 0.43 percent on September 30, 2023, and 0.55 percent on December 31, 2022.
The private lender’s standalone net profit surged by 23.57 percent year-on-year to ₹10,271.54 crore for the December quarter, aligning with analysts’ expectations of 19-25 percent growth. Provisions for the quarter totaled ₹1,049.37 crore, surpassing the figure for the September quarter but remaining lower than the year-ago period’s ₹2,257.44 crore.
Net interest income for Q3FY24 grew by 13.4 percent year-on-year to ₹18,678 crore, meeting market estimates. The net interest margin (NIM) was reported at 4.43 percent, a slight decline from 4.53 percent in the September quarter and 4.65 percent in the year-ago quarter. The gross NPA ratio also improved, falling to 2.30 percent at December 31, 2023, from 2.48 percent at September 30, 2023.
ICICI Bank emphasized the positive trajectory of its non-interest income, excluding treasury, which increased by 19.8 percent year-on-year to ₹5,975 crore from ₹4,987 crore in the corresponding period last year. Fee income for the quarter witnessed a robust growth of 19.4 percent, reaching ₹5,313 crore, with fees from retail, rural, business banking, and SME customers constituting about 79 percent of the total fees in Q3.
The bank reported a treasury gain of ₹123 crore for the quarter, higher than the year-ago figure of ₹36 crore. Notably, provisions included ₹627 crore on investments in Alternate Investment Funds as per the RBI circular dated December 19, 2023.
ICICI Bank’s deposits showed a substantial increase of 18.7 percent year-on-year, reaching ₹13,32,315 crore at the end of the December quarter. The domestic loan portfolio also expanded by 18.8 percent year-on-year to ₹11,14,820 crore.
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The press release from ICICI Bank outlined the following key points:
Credit Growth
- Net domestic advances grew by 18.8 percent year-on-year and 3.8 percent sequentially at December 31, 2023.
- The retail loan portfolio increased by 21.4 percent year-on-year and 4.5 percent sequentially, comprising 54.3 percent of the total loan portfolio.
- Business banking portfolio registered a growth of 31.9 percent year-on-year and 6.5 percent sequentially.
- SME business, catering to borrowers with a turnover of less than ₹250 crore (US$30 million), grew by 27.5 percent year-on-year and 6.7 percent sequentially.
- The rural portfolio witnessed an 18.2 percent year-on-year growth and a 4.6 percent sequential increase.
- The domestic corporate portfolio grew by 13.3 percent year-on-year and 2.9 percent sequentially.
- Total advances increased by 18.5 percent year-on-year and 3.9 percent sequentially to ₹11,53,771 crore (US$138.7 billion) at December 31, 2023.
Deposit Growth
- Total period-end deposits increased by 18.7 percent year-on-year and 2.9 percent sequentially to ₹13,32,315 crore (US$160.1 billion) at December 31, 2023.
- Period-end term deposits increased by 31.2 percent year-on-year and 4.9 percent sequentially to ₹8,04,320 crore (US$96.7 billion) at December 31, 2023.
- Average current account deposits increased by 11.6 percent year-on-year in Q3-2024.
- Average savings account deposits increased by 2.8 percent year-on-year in Q3-2024.
- The bank’s network expanded to 6,371 branches and 17,037 ATMs and cash recycling machines by December 31, 2023, with the addition of 471 branches in 9M-2024.
Asset Quality
- The gross NPA ratio improved to 2.30 percent at December 31, 2023, from 2.48 percent at September 30, 2023.
- The net NPA ratio was 0.44 percent at December 31, 2023, compared to 0.43 percent at September 30, 2023, and 0.55 percent at December 31, 2022.
- Net additions to gross NPAs in Q3-2024 were ₹363 crore (US$44 million), excluding write-offs and sales, compared to ₹116 crore (US$14 million) in Q2-2024.
- Gross NPA additions were ₹5,714 crore (US$687 million) in Q3-2024, compared to ₹4,687 crore (US$563 million) in Q2-2024.
- Recoveries and upgrades of NPAs, excluding write-offs and sales, amounted to ₹5,351 crore (US$643 million) in Q3-2024, compared to ₹4,571 crore (US$549 million) in Q2-2024.
- The bank wrote off gross NPAs amounting to ₹1,389 crore (US$167 million) in Q3-2024.
- The provisioning coverage ratio on NPAs was 80.7 percent at December 31, 2023.
- Excluding NPAs, the total fund-based outstanding to all borrowers under resolution declined to ₹3,318 crore (US$399 million) or 0.3 percent of total advances at December 31, 2023, from ₹3,536 crore (US$425 million) at September 30, 2023.
- The bank holds provisions amounting to ₹1,032 crore (US$124 million) against these borrowers under resolution as of December 31, 2023.
- ICICI Bank continues to maintain contingency provisions of ₹13,100 crore (US$1.6 billion) at December 31, 2023.
Capital Adequacy
- Including profits for the nine months ended December 31, 2023, the bank’s total capital adequacy ratio at December 31, 2023, was 16.70 percent, and CET-1 ratio was
16.03 percent, exceeding the minimum regulatory requirements of 11.70 percent and 8.20 percent, respectively.
In conclusion, ICICI Bank’s Q3FY24 results underscore its robust financial health, with significant growth in net interest income, profitability, and prudent management of asset quality. The bank’s strategic focus on credit growth, deposit mobilization, and capital adequacy positions it favorably in the dynamic banking landscape.