ICICI Bank today reported a standalone net profit of Rs 9,121.87 crore for the quarter ended March 31 2023, up 30% year-on-year (YoY) from the corresponding quarter of the previous financial year of Rs 7018.71 crore.
The net profit was seen rising 28% year-on-year (YoY) to around Rs 9,000 crore, according to the average of estimates by 7 brokerages. Net Interest Income was expected at Rs 17,500 crore for the reporting quarter, up 39% YoY. An ET Now poll estimated Gross NPAs at 3%, down from 3.07% reported in Q3FY23.
The second largest private bank, in its filing to the exchanges, also announced a final dividend of Rs 8 per equity share. At 36,108.88 crore, the total standalone income for the reporting quarter was up by nearly 32% YoY. It was at Rs 27,412.32 crore in Q4FY22.
Core operating profit grew 28.1% YoY to Rs 49,139 crore in the year ended March 31, 2023. Core operating profit less provisions grew 43.0% YoY to Rs 42,473 crore in FY2023.
For the year ended March 31, 2023, PAT grew 36.7% YoY to Rs 31,896 crore. Total deposits grew 10.9% year-on-year to Rs 1,180,841 crore ($ 143.7 billion) at the end of March 31. Average CASA ratio was 43.6% in Q4-2023.
Domestic loan portfolio grew 20.5% year-on-year. Net NPA ratio declined to 0.48% at March 31, 2023, from 0.55% at December 31, 2022, while the Provision coverage ratio on non-performing assets was 82.8% at March 31, 2023.
The total capital adequacy ratio was 18.34% and Tier-1 capital adequacy ratio was 17.60% on a standalone basis at March 31, 2023.
Net interest income (NII) increased by 40.2% year-on-year to Rs 17,667 crore (US$ 2.2 billion) in Q4-2023 from ₹ 12,605 crore (US$ 1.5 billion) in Q4-2022. The net interest margin was 4.90% in Q4-2023 compared to 4.00% in Q4-2022 and 4.65% in Q3-2023.
Non-interest income, excluding treasury income, increased by 11.3% year-onyear to ₹ 5,127 crore (US$ 624 million) in Q4-2023 from ₹ 4,608 crore (US$ 561 million) in Q4-2022.
Fee income grew by 10.6% year-on-year to ₹ 4,830 crore (US$ 588 million) in Q4-2023 from ₹ 4,366 crore (US$ 531 million) in Q4-2022. Fees from retail, rural, business banking and SME customers constituted about 80.0% of total fees in Q4-2023.