On April 22, ICICI Bank reported a standalone net profit of Rs 9,121.87 crore for the quarter ended March 31 2023.
It is up by 30% year-on-year (YoY) from the corresponding quarter of the previous financial year of Rs 7018.71 crore.
ICICI Bank Reporting Profits Above Street’s Estimates
Not only that the PAT reported by the company was above Street’s estimates.
The net profit seems to be rising by 28% year-on-year (YoY) to around Rs 9,000 crore, as per the average of estimates by 7 brokerages.
Coming to Net Interest Income, it was expected at Rs 17,500 crore for the reporting quarter, up 39% YoY.
Further, the media poll estimated Gross NPAs at 3%, down from 3.07% reported in Q3FY23.
The Friday NSE session witnessed ICICI Bank shares reaching at Rs 887.60 level which were down by Rs 6.80 or 0.76% from the Thursday closing price.
Besides this the second largest private lender announced a final dividend of Rs 8 per equity share in its filing to the exchanges.
The total standalone income for the reporting quarter was up by nearly 32% YoY at 36,108.88 crore which was at Rs 27,412.32 crore in Q4FY22.
For the year ended March 31, 2023, Core operating profit grew 28.1% YoY to Rs 49,139 crore.
When it comes to Core operating profit less provisions grew 43.0% YoY to Rs 42,473 crore in FY2023.
For the same quarter, PAT grew 36.7% YoY to Rs 31,896 crore.
Similarly, the Total deposits grew 10.9% year-on-year to Rs 1,180,841 crore ($ 143.7 billion) at the end of March 31.
During, Q4-2023 Average CASA ratio was 43.6%.
When it comes to Domestic loans, its portfolio grew 20.5% year-on-year.
Decline In NPA
The Net NPA ratio declined to 0.48% for 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.
By the end of March 31, 2023, the total capital adequacy ratio was 18.34% and Tier-1 capital adequacy ratio was 17.60% on a standalone basis.
For Q4-2023, Net interest income (NII) increased by 40.2% year-on-year to Rs 17,667 crore (US$ 2.2 billion) from Rs 12,605 crore (US$ 1.5 billion) in Q4-2022.
The bank’s net interest margin was 4.90% in Q4-2023 compared to 4.00% in Q4-2022 and 4.65% in Q3-2023.
In case of Non-interest income, excluding treasury income, increased by 11.3% year-on year to Rs 5,127 crore (US$ 624 million) in Q4-2023 from Rs 4,608
crore (US$ 561 million) in Q4-2022.
During Q4-2023, Fee income grew by 10.6% year-on-year to Rs 4,830 crore (US$ 588 million) from Rs 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 for the Q4-2023.
