ICICI Bank Limited Q1 FY24 Results

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Efficiency Assessment: Quarter ended June 30, 2023

• Core working revenue much less provisions (revenue earlier than tax excluding treasury positive aspects) grew by 38.0% year-on-year to ₹ 12,595 crore (US$ 1.5 billion) within the quarter ended June 30, 2023 (Q1-2024)
• Core working revenue grew by 2% year-on-year to ₹ 13,887 crore (US$1.7 billion) in Q1-2024
• Revenue after tax grew by 39.7% year-on-year to ₹ 9,648 crore (US$ 1.2 billion) in Q1-2024
• Complete period-end deposits grew by 9% year-on-year to ₹ 12,38,737 crore (US$ 151.0 billion) at June 30, 2023
• Common CASA ratio was 6% in Q1-2024
• Home mortgage portfolio grew by 20.6% year-on-year to ₹ 10,25,310 crore (US$ 0 billion) at June 30, 2023
• Web NPA ratio was 0.48% at June 30, 2023
• Provision protection ratio on non-performing property was 82.4% at June 30, 2023
• Together with earnings for Q1-2024, complete capital adequacy ratio was 17.47% and Tier-1 capital adequacy ratio was 16.76% on a standalone foundation at June 30, 2023

The Board of Administrators of ICICI Financial institution Restricted (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) at its assembly held at Mumbai in the present day, accepted the standalone and consolidated accounts of the Financial institution for the quarter ended June 30, 2023 (Ǫ1-2024). The statutory auditors have carried out a restricted and have issued an unmodified report on the standalone and consolidated monetary statements for the quarter ended June 30, 2023.

Revenue & loss account

• The core working revenue much less provisions (revenue earlier than tax excluding treasury positive aspects) grew by 0% year-on-year to ₹ 12,595 crore (US$ 1.5 billion) in Ǫ1- 2024 from ₹ 9,129 crore (US$ 1.1 billion) within the quarter ended June 30, 2022 (Ǫ1-2023)
• The core working revenue grew by 2% year-on-year to ₹ 13,887 crore (US$1.7 billion) in Ǫ1-2024 from ₹ 10,273 crore (US$ 1.3 billion) within the quarter ended June 30, 2022 (Ǫ1-2023); excluding dividend earnings from subsidiaries/associates, core working revenue grew by 37.0% year-on-year in Ǫ1-2024
• Web curiosity earnings (NII) elevated by 38.0% year-on-year to ₹ 18,227 crore (US$ 2 billion) in Ǫ1-2024 from ₹ 13,210 crore (US$ 1.6 billion) in Ǫ1-2023
• The online curiosity margin was 4.78% in Ǫ1-2024 in comparison with 4.01% in Ǫ1-2023 and 90% in Ǫ4-2023
• Non-interest earnings, excluding treasury positive aspects, elevated by 0% year-on- 12 months to ₹ 5,183 crore (US$ 632 million) in Ǫ1-2024 from ₹ 4,629 crore (US$ 564 million) in Ǫ1-2023
• Price earnings grew by 14.1% year-on-year to ₹ 4,843 crore (US$ 590 million) in Ǫ1-2024 from ₹ 4,243 crore (US$ 517 million) in Ǫ1-2023. Charges from retail, rural, enterprise banking and SME prospects constituted about 78% of complete charges in Ǫ1-2024
• Provisions (excluding provision for tax) have been ₹ 1,292 crore (US$ 157 million) in Ǫ1-2024 in comparison with ₹ 1,144 crore (US$ 139 million) in Ǫ1-2023
• There was a treasury acquire of ₹ 252 crore (US$ 31 million) in Ǫ1-2024 in comparison with a acquire of ₹ 36 crore (US$ 4 million) in Ǫ1-2023
• The revenue earlier than tax grew by 2% year-on-year to ₹ 12,847 crore (US$ 1.6 billion) in Ǫ1-2024 from ₹ 9,165 crore (US$ 1.1 billion) in Ǫ1-2023
• The revenue after tax grew by 39.7% year-on-year to ₹ 9,648 crore (US$ 1.2 billion) in Ǫ1-2024 from ₹ 6,905 crore (US$ 842 million) in Ǫ1-2023

Development in digital and funds platforms

There have been multiple crore activations on iMobile Pay by non-ICICI Checking account holders at end-June 2023. There have been about 2,30,000 registrations by non-ICICI Checking account holders on InstaBIZ until June 30, 2023. ICICI Financial institution’s Service provider STACK provides an array of banking and value-added providers to retailers, on-line companies and huge e-commerce corporations similar to digital present account opening, on the spot overdraft services primarily based on point-of-sale transactions, linked banking providers and digital retailer administration, amongst others. The worth of the Financial institution’s service provider buying transactions via UPI grew by 12% sequentially and 88% year-on-year in Ǫ1-2024. The Financial institution had a market share of 30% by worth in digital toll collections via FASTag in Ǫ1-2024, with a 16% year-on-year development in collections.

The Financial institution has created greater than 20 business particular STACKs which give bespoke and purpose-based digital options to company shoppers and their ecosystems. The Financial institution’s Commerce On-line and Commerce Emerge platforms permit prospects to carry out most of their commerce finance and international trade transactions digitally. The Financial institution’s digital options combine the export transaction lifecycle with bespoke options offering frictionless expertise to the shoppers and simplify buyer journeys. The most recent digital options embody Insta EPC for immediate disbursal of export finance, eDocs answer for regulatory compliance, vessel monitoring for real-time standing replace on cargo and doc monitoring for motion of export paperwork. About 70% of commerce transactions have been achieved digitally in Ǫ1-2024. The worth of transactions achieved via Commerce On-line and Commerce Emerge platforms in Ǫ1-2024 was 1.4 instances the worth in Ǫ1-2023.

Credit score development

The online home advances grew by 20.6% year-on-year and 4.0% sequentially at June 30, 2023. The retail mortgage portfolio grew by 21.9% year-on-year and 4.5% sequentially, and comprised 54.3% of the entire mortgage portfolio at June 30, 2023. Together with non-fund excellent, the retail portfolio was 45.9% of the entire portfolio at June 30, 2023. The enterprise banking portfolio grew by 30.4% year- on-year and three.8% sequentially at June 30, 2023. The SME enterprise, comprising debtors with a turnover of lower than ₹ 250 crore (US$ 31 million), grew by 28.5% year-on-year and 5.0% sequentially at June 30, 2023. The agricultural portfolio grew by 17.6% year-on-year and three.6% sequentially at June 30, 2023. The home company portfolio grew by 19.3% year-on-year and a pair of.8% sequentially at June 30, 2023. Complete advances elevated by 18.1% year-on-year and three.7% sequentially to ₹ 10,57,583 crore (US$ 128.9 billion) at June 30, 2023.

Deposit development

Complete period-end deposits elevated by 17.9% year-on-year and 4.9% sequentially to ₹ 12,38,737 crore (US$ 151.0 billion) at June 30, 2023. Complete time period deposits elevated by 25.8% year-on-year and 9.8% sequentially to ₹ 7,02,511 crore (US$ 85.6 billion) at June 30, 2023. Common present account deposits elevated by 9.2% year-on-year in Ǫ1-2024. Common financial savings account deposits elevated by 5.6% year-on-year in Ǫ1-2024.

With an addition of 174 branches throughout Ǫ1-2024, the Financial institution had a community of 6,074 branches, 16,731 ATMs and money recycling machines at June 30, 2023.

Asset high quality

The gross NPA ratio was 2.76% at June 30, 2023 in comparison with 2.81% at March 31, The online NPA ratio was 0.48% at June 30, 2023 in comparison with 0.48% at March 31, 2023 and 0.70% at June 30, 2022. The online addition to gross NPAs, excluding write-offs and sale, have been ₹ 1,807 crore (US$ 220 million) in Ǫ1-2024 in comparison with ₹ 14 crore (US$ 2 million) in Ǫ4-2023. The gross NPA additions have been ₹ 5,318 crore (US$ 648 million) in Ǫ1-2024 in comparison with ₹ 4,297 crore (US$ 524 million) in Ǫ4-2023. Recoveries and upgrades of NPAs, excluding write-offs and sale, have been ₹ 3,511 crore (US$ 428 million) in Ǫ1-2024 in comparison with ₹ 4,283 crore (US$ 522 million) in Ǫ4-2023. The Financial institution has written off gross NPAs amounting to ₹ 1,169 crore (US$ 142 million) in Ǫ1-2024. The supply protection ratio on NPAs was 82.4% at June 30, 2023.

Excluding NPAs, the entire fund primarily based excellent to all debtors below decision as per the varied extant laws/tips declined to ₹ 3,946 crore (US$ 481 million) or 0.4% of complete advances at June 30, 2023 from ₹ 4,508 crore (US$ 549 million) at March 31, 2023. The Financial institution holds provisions amounting to ₹ 1,224 crore (US$ 149 million) in opposition to these debtors below decision. As well as, the Financial institution continues to carry contingency provisions of ₹ 13,100 crore (US$ 1.6 billion) at June 30, 2023. The mortgage and non-fund primarily based excellent to performing company and SME debtors rated BB and under diminished to ₹ 4,276 crore (US$ 521 million) at June 30, 2023 from ₹ 4,704 crore (US$ 573 million) at March 31, 2023. The mortgage and non-fund primarily based excellent of ₹ 4,276 crore (US$ 521 million) at June 30, 2023 contains ₹ 727 crore (US$ 89 million) to debtors below decision.

Capital adequacy

Together with earnings for Ǫ1-2024, the Financial institution’s complete capital adequacy ratio at June 30, 2023 was 17.47% and Tier-1 capital adequacy was 16.76% in comparison with the minimal regulatory necessities of 11.70% and 9.70% respectively.

Consolidated outcomes

The consolidated revenue after tax elevated by 44.0% year-on-year to ₹ 10,636 crore (US$ 1.3 billion) in Ǫ1-2024 from ₹ 7,385 crore (US$ 900 million) in Ǫ1-2023.

Consolidated property grew by 17.0% year-on-year to ₹ 2,039,897 crore (US$ 248.6 billion) at June 30, 2023 from ₹ 1,742,777 crore (US$ 212.4 billion) at June 30, 2022.

Key subsidiaries and associates

Worth of New Enterprise (VNB) of ICICI Prudential Life Insurance coverage Firm (ICICI Life) was ₹ 438 crore (US$ 53 million) in Ǫ1-2024 in comparison with ₹ 471 crore (US$ 57 million) in Ǫ1-2023. The annualized premium equal was ₹ 1,461 crore (US$ 178 million) in Ǫ1-2024 in comparison with ₹ 1,520 crore (US$ 185 million) in Ǫ1- 2023. The VNB margin was 30.0% in Ǫ1-2024 in comparison with 32.0% in FY2023. The revenue after tax elevated by 32.7% year-on-year to ₹ 207 crore (US$ 25 million) in Ǫ1-2024 from ₹ 156 crore (US$ 19 million) in Ǫ1-2023.

The Gross Direct Premium Earnings (GDPI) of ICICI Lombard Common Insurance coverage Firm (ICICI Common) grew by 18.9% year-on-year to ₹ 6,387 crore (US$ 778 million) in Ǫ1-2024 from ₹ 5,370 crore (US$ 655 million) in Ǫ1-2023. The mixed ratio stood at 103.8% in Ǫ1-2024 in comparison with 104.1% in Ǫ1-2023. Excluding the influence of cyclone of ₹ 35 crore (US$ 4 million), the mixed ratio was 102.9% for Ǫ1-2024. The revenue after tax of ICICI Common grew by 11.8% to ₹ 390 crore (US$ 48 million) in Ǫ1-2024 in comparison with ₹ 349 crore (US$ 43 million) in Ǫ1-2023.

The revenue after tax of ICICI Prudential Asset Administration Firm, as per Ind AS, grew by 55.4% year-on-year to ₹ 474 crore (US$ 58 million) in Ǫ1-2024 from ₹ 305 crore (US$ 37 million) in Ǫ1-2023.

The revenue after tax of ICICI Securities, on a consolidated foundation, as per Ind AS, was ₹ 271 crore (US$ 33 million) in Ǫ1-2024 in comparison with ₹ 274 crore (US$ 33 million) in Ǫ1-2023.

Abstract Revenue and Loss Assertion (as per standalone Indian GAAP accounts)

1. Excluding treasury positive aspects

2. The Financial institution continues to carry contingency provision of ₹ 13,100 crore (US$ 1.6 billion) at June 30, 2023

3. Prior interval numbers have been re-arranged wherever essential

Abstract stability sheet

1. Prior interval figures have been re-grouped/re-arranged wherever essential Sure statements on this launch regarding a future time period (together with inter alia regarding our future enterprise plans or development prospects) are forward-looking statements supposed to qualify for the ‘protected harbor’ below relevant securities legal guidelines together with the US Personal Securities Litigation Reform Act of 1995. Such forward-looking statements contain a variety of dangers and uncertainties that would trigger precise outcomes to vary materially from these in such forward-looking statements. These dangers and uncertainties embody, however will not be restricted to statutory and regulatory modifications, worldwide financial and enterprise circumstances; political or financial instability within the jurisdictions the place now we have operations, improve in non-performing loans, unanticipated modifications in rates of interest, international trade charges, fairness costs or different charges or costs, our development and growth in enterprise, the adequacy of our allowance for credit score losses, the precise development in demand for banking services and products, funding earnings, money stream projections, our publicity to market dangers, modifications in India’s sovereign score, in addition to different dangers detailed within the reviews filed by us with america Securities and Alternate Fee. Any forward-looking statements contained herein are primarily based on assumptions that we imagine to be affordable as of the date of this launch. ICICI Financial institution undertakes no obligation to replace forward-looking statements to replicate occasions or circumstances after the date thereof. Extra dangers that would have an effect on our future working outcomes are extra absolutely described in our filings with america Securities and Alternate Fee. These filings can be found at www.sec.gov.