Earnings Review
ICICI Bank PAT up 14.5% on steady loan growth, drop in NPAs
This story was originally published at 17:42 IST on 26 October 2024
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--Net profit INR 117.46 bln
--Analysts saw ICICI Bank Jul-Sept net profit INR 109.77 bln
--Net profit INR 117.46 bln vs INR 102.61 bln yr ago
--Apr-Sept net profit INR 228.05 bln vs INR 199.09 bln year ago
--Total income INR 477.14 bln vs INR 406.97 bln year ago
--Apr-Sept total income INR 937.12 bln vs INR 794.60 bln year ago
--Gross NPA ratio 1.97% as on Sept 30 vs 2.15% qtr ago
--Net NPA ratio 0.42% as on Sept 30 vs 0.43% qtr ago
--Basel III capital adequacy ratio 15.35% as on Sept 30
--Provision coverage ratio 78.5% as on Sept 30
--Provisions INR 12.33 bln vs INR 5.83 bln year ago
--Hold contingency provision of INR 131.0 bln as on Sept 30
--Net interest income INR 200.48 bln, up 9.5% on year
--Total advances INR 12.77 tln as on Sept. 30, up 15% on yr
--Total deposits INR 14.98 tln as on Sept. 30, up 15.7% on yr
--Gross NPA additions INR 50.73 bln vs 59.16 bln qtr ago
--Recoveries, upgrades INR 33.19 bln
--Added 90 branches in Apr-Sept
By Kshipra Petkar
MUMBAI – ICICI Bank reported a net profit of INR 117.46 billion for the quarter ended September, up 14.5% on year and higher than analysts' estimates. Steady loan growth and a drop in non-performing assets supported the bottom line, but a sharp rise in provisions limited its growth.
Analysts had pegged the bank's net profit for Jul-Sept at INR 109.77 billion, as per the average of estimates from 15 brokerage firms. Sequentially, the net profit rose 6.2%.
The bank's total income rose 17.2% on year to INR 477.14 billion, and the net interest income increased 9.5% on year to INR 200.48 billion. The net interest margin moderated to 4.27% in Jul-Sept from 4.36% a quarter ago and 4.53% a year ago.
In terms of asset quality, the gross NPA ratio fell to 1.97% as on Sept.30 from 2.15% a quarter ago, and the net NPA ratio stood at 0.42%, marginally lower than 0.43% a quarter ago. In Jul-Sept, gross NPA additions were at INR 50.73 billion, lower than the INR 59.16 billion reported a quarter ago. The bank made recoveries and upgrades worth INR 33.19 billion during the reporting quarter.
ICICI Bank's provisions increased sharply to INR 12.33 billion from INR 5.83 billion a year ago. Sequentially, the provisions fell 7.4%. The provision coverage ratio was at 78.5% as on Sept. 30. The bank holds contingency provision of INR 131 billion.
The bank's total advances were up 15% on year at 12.77 trillion, and total deposits were up 15.7% at 14.98 trillion as on Sept. 30.
Within total advances, net domestic advances rose 15.7% on year and 4.6% sequentially as of Sept. 30. The retail loan portfolio grew 14.2% on year and 2.9% on quarter. The retail book accounted for 53.0% of the total loan portfolio as on Sept. 30, the bank said in a press release. The overseas book fell 6% on year to INR 341.50 billion as on Sept. 30, as per the bank's investor presentation. This book formed 2.6% of the overall loan book.
Within retail loans, the mortgage loan book increased 13.2% on year to INR 4.19 trillion and the vehicle finance book grew 8.4% on year to INR 943.19 billion. The two-wheeler vehicle finance book fell over 30% on year to INR 14.98 billion.
The business banking book expanded 30% on year and the rural portfolio was up 16.5%, according to the release. The domestic corporate portfolio was up 11.8% on year and 4.9% sequentially as on Sept. 30.
"About 72% of trade transactions were done digitally in Q2-2025. The volume of transactions done through trade online platform grew by 20.0% year-on-year in Q2-2025. The value of the bank's merchant acquiring transactions through UPI grew by 27.9% year-on-year in Q2- 2025," the release said.
Within deposits, term deposits were up 15.9% on year at INR 8.9 trillion as on Sept. 30. Current account, savings account deposits rose 15.4% on year to INR 6.09 trillion. In Jul-Sept, the cost of deposits increased to 4.88% from 4.84% a quarter ago.
"With the addition of 90 branches during H1-2025, the bank had a network of 6,613 branches and 16,120 ATMs and cash recycling machines at Sept. 30," the release said. As per the bank's exchange filing, its Basel-III capital adequacy ratio was at 15.35% as on Sept. 30. The common equity tier-I ratio stood at 14.65%.
On the National Stock Exchange, shares of ICICI Bank closed 0.2% higher at INR 1,255.45 on Friday. End
Edited by Avishek Dutta
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