ICICIBank Q3FY23
ICICI Bank Q3FY23 PAT grows 34% to Rs 8,312 cr, NII surges by 35% to Rs 16,465 cr
Mumbai/IBNS: ICICI Bank Saturday reported an increase in profit after tax by 34.2% year-on-year to Rs 8,312 crore (US$ 1.0 billion) in Q3FY23.
Core operating profit (profit before provisions and tax, excluding treasury income) grew by 31.6% year-on-year to Rs 13,235 crore (US$ 1.6 billion) in the quarter ended December 31, 2022 (Q3FY23)
Total period-end deposits grew by 10.3% year-on-year to Rs 11,22,049 crore (US$ 135.6 billion) on December 31, 2022.
The average current account and savings account (CASA) ratio was 44.6% in Q3FY23.
Overall loan portfolio grew by 19.7% year-on-year while the domestic loan portfolio grew by 21.4% year-on-year.
Net NPA (NNPA) ratio declined to 0.55% at December 31, 2022 from 0.61% at September 30, 2022.
Provisioning coverage ratio on non-performing assets was 82.0% at December 31, 2022.
Including profits for the nine months ended December 31, 2022 (first nine months of FY23), total capital adequacy ratio was 18.33% and Tier-1 capital adequacy ratio was 17.58%, on a standalone basis, at December 31, 2022.
The core operating profit (profit before provisions and tax, excluding treasury income) increased by 31.6% year-on-year to Rs 13,235 crore (US$ 1.6 billion) in Q3-2023 from Rs 10,060 crore (US$ 1.2 billion) in the quarter ended December 31, 2021 (Q3FY22).
Net interest income (NII) increased by 34.6% year-on-year to Rs 16,465 crore (US$ 2.0 billion) in Q3FY23 from Rs 12,236 crore (US$ 1.5 billion) in Q3FY22.
The net interest margin was 4.65% in Q3FY23 compared to 3.96% in Q3FY22 and 4.31% in the quarter ended September 30, 2022 (Q2-2023). The net interest margin was 4.33% in the first nine months of FY23.
Non-interest income, excluding treasury income, increased by 1.8% year-on-year to Rs 4,987 crore (US$ 603 million) in Q3FY23 from Rs 4,899 crore (US$ 592 million) in Q3FY22.
Fee income grew by 3.7% year-on-year to Rs 4,448 crore (US$ 538 million) in Q3-2023 from Rs 4,291 crore (US$ 519 million) in Q3FY22.
Fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q3FY23.
There was a treasury gain of Rs 36 crore (US$ 4 million) in Q3FY23 compared to Rs 88 crore (US$ 11 million) in Q3FY22.
Provisions (excluding provision for tax) increased by 12.5% year-on-year to Rs 2,257 crore (US$ 273 million) in Q3FY23 from Rs 2,007 crore (US$ 243 million) in Q3-2022.
During the quarter, the bank has changed its provisioning norms on non-performing assets to make them more conservative.
This change resulted in higher provisions amounting to Rs 1,196 crore in Q3FY23. Provisions for Q3FY23 also include a contingency provision of Rs 1,500 crore (US$ 181 million) made on a prudent basis.
The profit before tax grew by 35.3% year-on-year to Rs 11,014 crore (US$ 1.3 billion) in Q3FY23 from Rs 8,141 crore (US$ 984 million) in Q3FY22.
On a standalone basis, the profit after tax grew by 34.2% year-on-year to Rs 8,312 crore (US$ 1.0 billion) in Q3FY23 from Rs 6,194 crore (US$ 749 million) in Q3FY22.
On a standalone basis, the profit after tax grew by 39.5% year-on-year to Rs 22,775 crore (US$ 2.8 billion) in the first nine months of FY23 from Rs 16,321 crore (US$ 2.0 billion) in the first nine months of FY23.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
