Mumbai based Indian multinational bank and financial services company, ICICI bank has reported its Q3 results for FY23-24 and the reports says that the standalone net profit was of ₹10,272 crores, which is a 23.5% increase in the same from same quarter last year. Last year the number stood at ₹8,312 crores.
Net Profit of ₹10,272 crores in Q3 FY23-24
As compared to net interest income (NII) for last years’ December quarter which stood at ₹16,465 crore, this years’ saw an increase of 13.4% to ₹18,678 crore.
There has been improvement in the non-performing assets (NPA) ratio wherein the ratio improved from 2.48% in September 2023 to 2.30% at December 2023. The net NPA ratio stood at 0.44% at December 31, 2023 as compared to the to 0.43% in September 30, 2023.
With the 31.2% YoY increase, term deposits have risen to ₹8,04,320 crores. The total period-end deposits increased by 18.7% year-on-year to ₹13,32,315 crores at December 31, 2023. There has been healthy growth reported by the bank when it comes to the advances since the growth has been a 18.5% YoY to become ₹11,53,771 crore. Speaking of the portfolio, there has been an increase of 27.5% in the SME business and the rural portfolio has increased by 18.2% YoY.
There has been an 85% YoY growth in the value of the merchants being acquired through UPI transactions in Q3FY24. Notably, there has also been standout performance in the electronic toll collections through FASTag, wherein the ICICI Bank led the market share by 28.8%. There has been a 11.9% YoY growth in collections.
ICICI Bank Reports Robust Q3 FY23-24 Results
In Q3-2024, the asset quality analysis indicated that the net addition to gross NPAs stood at ₹363 crores in Q3-2024, whereas the recoveries and upgrades of NPAs were ₹5,351 crore.
As per December 31, 2023, there was also a provisioning coverage ratio on NPAs of 80.7%.
Far exceeding the regulatory requirements of 11.70% and 8.20%, at December 31, 2023, the bank’s capital adequacy ratio was 16.70% and CET-1 ratio was 16.03%.
With ICICI bank shares settling 0.92% higher at ₹1,008.30 apiece on January 20, market has responded positively to the results. With an addition of 471 branches in a period of nine months, the total count of overall network has risen to 6371 branches and 17037 ATMs as well as cash recycling machines.
There were updates also provide on various aspects which include the credit growth, asset quality, share performance, deposit growth and financial indicators. Analysts’ comments indicated expectations of healthy loan growth, margin compression, and positive sentiments toward the bank’s overall performance.
