ICICI Bank Limited on Several financial parameters for the quarter ended June 30, 2023, demonstrated significant growth. In the same quarter, the core operating profit increased by 35.2% year over year to 13,887 crore (US$1.7 billion). In Q1-20224, profit after tax increased significantly by 39.7% year over year to $9,648 crore (US$1.2 billion).
On June 30, 2023, the bank’s total period-end deposits had increased significantly year over year by 17.9%, totalling 12,38,737 crore (US$151.0 billion). For Q1-2024, the average CASA ratio was 42.6%. Additionally, the domestic loan portfolio increased by 20.6% year over year, ending June 2023 at 10,25,310 crore (US$125.0 billion).
The asset quality of ICICI Bank Limited was strong as of June 30, 2023, with a net NPA ratio of 0.48%. At the same time, the provision coverage ratio for non-performing assets was 82.4%.
The Bank’s combined earnings were also excellent; in Q1-20214, the combined profit after tax (PAT) climbed by 44.0% year over year to Rs. 10,636 crore (US$1.3 billion). At June 30, 2023, consolidated assets were $248.6 billion, up 17.0% year over year.
With a total capital adequacy ratio of 17.47% and a Tier-1 capital adequacy ratio of 16.76% as of June 30, 2023, ICICI Bank’s capital adequacy ratios continued to be significantly higher above the regulatory minimum.
The bank saw considerable activations on iMobile Pay and registrations on InstaBIZ, leading to great growth in its digital and payments platforms. Additionally, ICICI Bank’s Merchant STACK provided a range of banking and value-added services to merchants and online enterprises, aiding in the expansion of the bank.
Key affiliates and subsidiaries of ICICI Bank showed varying levels of profitability in Q1-202. Value of New Business (VNB) for ICICI Prudential Life Insurance Company (ICICI Life) was 438 crore (US$53 million), down from 471 crore (US$57 million) in Q1-2023. In comparison to Q1-2023, when the yearly premium equivalent was 1,520 crore (US$185 million), it was 1,461 crore (US$178 million) in Q1-2024. But in Q1-20214, the profit after tax rose by 32.7% year over year to 207 crore (US$25 million).
Gross Direct Premium Income (GDPI) for ICICI Lombard General Insurance Company (ICICI General) increased to 6,387 crore (US$778 million) in Q1-2024% from 5,370 crore (US$655 million) in Q1-2023%, indicating growth. In Q1-2024, the combined ratio was 103.8%, down from Q1-2023’s 104.1%. The total percentage increased to 102.9% for Q1-20221 when cyclone effects were taken into account. In Q1-20214, ICICI General’s profit after tax increased by 11.8% to 390 crore (US$48 million).
The profit after tax for ICICI Prudential Asset Management Company increased significantly by 55.4% year over year to reach 474 crore (US$58 million) in Q1-2024, up from 305 crore (US$37 million) in Q1-2023.
Last but not least, ICICI Securities recorded a combined profit after tax of 271 crore (US$33 million) in Q1-2024, which was a little lower than the previous quarter’s 274 crore (US$33 million).
As a result of significant increases in core operating profit, profit after tax, and total period-end deposits, ICICI Bank Limited demonstrated remarkable financial performance in Q1-2024. Along with making substantial advancements in its digital and payments platforms, the bank also maintained a sound asset quality and adequate capital. The subsidiaries and associates of the ICICI Bank performed differently, with some showing growth and others seeing modest declines in their financial results.
