ICICI Bank net profit up by 30 per cent to Rs 9,122 crore in Q4

MUMBAI: ICICI Bank, on Saturday, reported a 30% increase in standalone net profit at Rs 9,122 crore for the quarter ended March 31, 2023 driven by growth in interest income and loan growth.The bank’s net interest income (the difference between interest earned and interest paid) grew 40% to Rs 17,667 crore from Rs 12605 crore in the corresponding period a year ago.

The net interest margin was 4.90% in the fourth quarter compared to 4% in the same quarter the previous year while non-interest income, excluding treasury income, increased by 11.3% year-on-year to Rs 5,127 crore in the fourth quarter from Rs 4,608 crore in same quarter of the previous year.Asset quality improved as net NPA ratio declined to 0.48% for the fourth quarter from 0.55% in the third quarter of FY23.  Gross NPA came down to 2.8% as compared to 3.1% in the previous quarter.

The retail loan portfolio grew by 22.7% year-on-year (YoY) and 5.4% sequentially, and comprised 54.7% of the total loan portfolio on March 31, 2023. Including non-fund outstanding, the retail portfolio was 45.7% of the total portfolio at March 31, 2023. The business banking portfolio grew by 34.9% YoY and 7.8% sequentially at March 31, 2023.

Talking to reporters during the virtual earnings call, Sandeep Batra, executive director, ICICI Bank, said the bank had not seen any impact of the increase in the interest rate on demand for home loans. He also refuted the report of customers data leak from the bank.

“The article is baseless and mischievous. There is no trace of evidence on the data getting leaked,” Batra said. Recently a news portal reported that around 3.5 million files of customer data of ICICI Bank were leaked.

The lender also recommended a dividend of Rs 8 per share. The SME business, comprising borrowers with a turnover of less than Rs 250 crore, grew by 19.2% YoY and 6.2% sequentially at March 31, 2023.The domestic corporate portfolio grew by 21.2% YoY and 3.8% sequentially on March 31, 2023. The rural portfolio grew by 13.8% YoY and 5.5% sequentially on March 31, 2023. The domestic advances grew by 20.5% YoY and 5% sequentially on March 31, 2023.

Net NPA ratio for Q4 falls to 0.48% from 0.55% in Q3

Asset quality improved as net NPA ratio declined to 0.48% for the fourth quarter from 0.55% in the third quarter of FY23.  Gross NPA came down to 2.8% as compared to 3.1% in the previous quarter. The retail loan portfolio grew by 22.7% year-on-year and 5.4% sequentially, and comprised 54.7% of the total loan portfolio on March 31, 2023.