ICICI Bank Q4: Private Lender's Consolidated Net Profit Jumps 27 Per Cent To Rs 9,852.7 Crore

Private lender ICICI Bank on Saturday reported a 27.64 per cent jump in consolidated net profit to Rs 9,852.70 crore for the January-March quarter of 2022-23 compared to the year ago period.

ICICI Bank, the country's second-largest private lender, has reported a 27.64 per cent rise in its consolidated net profit for the January-March quarter of the financial year 2022-23 at Rs 9,852.70 crore compared to the year-ago period. On a standalone basis, the bank's net profit for the March quarter also rose nearly 30 per cent to Rs 9,121.87 crore.

The bank's total income for the reporting quarter rose to Rs 36,108.88 crore, compared to Rs 27,412.32 crore in the year-ago period, while overall expenses increased to Rs 22,282.50 crore from Rs 17,119.38 crore in the same period last year.

In terms of asset quality, the share of gross non-performing assets (NPAs) in the bank's overall loans improved to 2.81 per cent as of March 31, 2023, compared to 3.60 per cent in the year-ago period and 3.07 per cent in the previous quarter.

The bank's provisions increased to Rs 1,619.80 crore from Rs 1,068.95 crore in the year-ago period. However, it is lower compared to the provisions of Rs 2,257.44 crore in the December quarter.

The bank's core operating profit (profit before provisions and tax, excluding treasury income) showed a robust year-on-year growth of 36.4 per cent to Rs 13,866 crore in Q4 of FY23. Meanwhile, the core operating profit, excluding provisions, grew by 34.7 per cent to Rs 12,247 crore in the same quarter.

Net interest income (NII) increased by 40.2 per cent year-on-year to Rs 17,667 crore in Q4 of FY23 from Rs12,605 crore in the same period a year ago. The net interest margin was 4.90 per cent in Q4 per cent 2023 compared to 4.00 per cent in Q4 of FY22 and 4.65 per cent in Q3 of FY23. 

Non-interest income, excluding treasury income, increased by 11.3 per cent year-on-year to Rs 5,127 crore in Q4 of FY23 from Rs 4,608 crore in Q4 of FY22.

The Board of ICICI Bank has recommended a dividend of Rs 8 per share. 

For the full financial year 2022-23, the bank's core operating profit grew by 28.1 per cent to Rs 49,139 crore, while core operating profit, excluding provisions, grew by 43.0 per cent to Rs 42,473 crore. The bank's profit after tax for the full year also showed substantial growth of 36.7 per cent to Rs 31,896 crore.

In terms of key financial indicators, ICICI Bank reported a 10.9 per cent year-on-year growth in total deposits, which reached Rs 1,180,841 crore as of March 31, 2023. The bank's average CASA (Current Account Savings Account) ratio was 43.6 per cent in Q4 of FY23, reflecting a healthy mix of low-cost deposits.

On the capital adequacy front, ICICI Bank remained well-capitalised with a total capital adequacy ratio of 18.34 per cent and a Tier-1 capital adequacy ratio of 17.60 per cent on a standalone basis as of March 31, 2023.