ICICI Bank Q3 Results: Profit after tax grows 35%, lower lending rate

Private sector ICICI Bank on Saturday reported that its profit after tax grew 34.2 percent year-on-year to Rs 8,312 crore in the December quarter. It was reported that his net NPA rate fell to 0.55 percent on December 31, 2022, from 0.61 percent on September 30, 2022.

The bank, in its filing, said its net interest income (NII) rose 34.6 percent YoY to Rs 16,465 crore in Q3. ICICI Bank’s interest rate rose to 4.65 percent in the December quarter compared to 3.96 percent in the year-ago quarter. It was 4.31 percent in Q2 of this fiscal year.

The bank said its deposits grew by 10.3 percent YoY to Rs 11,22,049 crore and loans recorded a growth of 19.7 percent YoY. Provisions (excluding provision for taxes) rose 12.5 percent year-on-year to Rs 2,257 crore in Q3.

Other important things

1. Operating profit (profit before provisions and taxes, excluding Treasury revenue) grew by 31.6% year-on-year to Rs. 13,235 crore (US$ 1.6 billion) in the December quarter.

2. Total final deposits grew by 10.3 percent year-on-year to Rs 11,22,049 crore as of December 31, 2022

3. The current account operating and savings (CASA) ratio was 44.6 percent in Q3-2023
4. Total loans increased by 19.7 percent year-on-year
5. National loans grew by 21.4 percent year-on-year
6. Equity ratio in non-performing assets was 82.0 percent as of December 31, 2022
7. Including net profit for the nine months ended December 31, 2022 (9M-2023), the total net profit margin is 18.33 percent and Tier- 1 margin was 17.58 percent on a standalone basis for Q3.

Profit and loss statement

> Core operating profit (profit before provisions and taxes, excluding revenue) rose 31.6 percent year-on-year to Rs 13,235 crore (US$ 1.6 billion ) in Q3 from Rs 10,060 crore in Q3 2021-22.

> Interest income (NII) increased by 34.6 percent year-on-year to Rs 16,465 crore in Q3-2023 from `12,236 crore in Q3 2022.
> Non-interest income, excluding interest income, rose 1.8 percent year-on-year to Rs 4,987 crore in Q3-2023 from Rs 4,899 crore in Q3-2022.
> Billing revenue rose 3.7 percent year-on-year to Rs 4,448 crore (US$ 538 million) in Q3-2023 from Rs 4,291 crore in Q3-2022.

> Fees from retail, rural, business banking and SME customers accounted for 78 percent of total fees in Q3-2023
> Had a revenue of Rs 36 crore in Q3-2023 compared to Rs 88 crore (US$ 11 million) in Q3-2022

On Friday, Business Today reported that ICICI Bank could record 30 percent growth in its profits. Sharekhan analysts said ICICI Bank may report a 29.2 percent YoY rise in net profit at Rs 8,002 crore for the December quarter compared to Rs 6,194 crore in the year-ago quarter. Advances are likely to grow at 20 percent YoY, supported by broad-based growth in all segments, analysts said, adding that NIM could remain QoQ and neutral. good on. Growth in savings and spending will be key factors to watch, it said.

Elara Securities said ICICI Bank’s net profit at Rs 8,148 crore, up 31.6 percent. NII has seen a growth of 31.4 percent year-on-year to Rs 16,080 crore. Provisions are seen rising 14 percent YoY sequentially to Rs 1,877 crore from Rs 1,644 crore but will decline from Rs 2007 crore, analysts said. Non-performing assets are seen at 3.2 percent.

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