Performance Review: Quarter ended March 31, 2024

• Profit before tax excluding treasury grew by 19.2% year-on-year to ₹ 14,602 crore (US$ 1.8 billion) in the quarter ended March 31, 2024 (Q4-2024)

• Core operating profit grew by 10.5% year-on-year to ₹ 15,320 crore (US$ 1.8 billion) in Q4-2024

• Profit after tax grew by 17.4% year-on-year to ₹ 10,708 crore (US$ 1.3 billion) in Q4-2024

• Profit before tax excluding treasury grew by 28.3% year-on-year to ₹ 54,479 crore (US$ 6.5 billion) in the year ended March 31, 2024 (FY2024)

• Core operating profit grew by 18.3% year-on-year to ₹ 58,122 crore (US$ 7.0 billion) in FY2024

• Profit after tax grew by 28.2% year-on-year to ₹ 40,888 crore (US$ 4.9 billion) in FY2024

• Total period-end deposits grew by 19.6% year-on-year to ₹ 14,12,825 crore (US$ 169.4 billion) at March 31, 2024

  • Average current account and savings account (CASA) ratio was 38.9% in Q4-2024

• Domestic loan portfolio grew by 16.8% year-on-year to ₹ 11,50,955 crore (US$ 138.0 billion) at March 31, 2024

• Net NPA ratio declined to 0.42% at March 31, 2024 from 0.44% at December 31, 2023

• Provisioning coverage ratio on non-performing assets was 80.3% at March 31, 2024

• Total capital adequacy ratio was 16.33% and CET-1 ratio was 15.60%, on a standalone basis, at March 31, 2024 after reckoning the impact of proposed dividend

• The Board has recommended a dividend of ₹ 10 per share for FY2024. The declaration and payment of dividend is subject to requisite approvals.

The Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) at its meeting held at Mumbai today, approved the standalone and consolidated accounts of the Bank for the quarter ended March 31, 2024 (Q4- 2024) and the year ended March 31, 2024 (FY2024). The statutory auditors have audited the standalone and consolidated financial statements and have issued an unmodified report on the standalone and consolidated financial statements for Q4-2024 and FY2024.

Profit & loss account

• Profit before tax excluding treasury grew by 19.2% year-on-year to ₹ 14,602 crore (US$ 1.8 billion) in Q4-2024 from ₹ 12,247 crore (US$ 1.5 billion) in the quarter ended March 31, 2023 (Q4-2023)

• The core operating profit grew by 10.5% year-on-year to ₹ 15,320 crore (US$ 1.8 billion) in Q4-2024 from ₹ 13,866 crore (US$ 1.7 billion) in Q4-2023

• Net interest income (NII) increased by 8.1% year-on-year to ₹ 19,093 crore (US$ 2.3 billion) in Q4-2024 from ₹ 17,667 crore (US$ 2.1 billion) in Q4-2023

• The net interest margin was 4.40% in Q4-2024 compared to 4.43% in Q3-2024 and 4.90% in Q4-2023

• Non-interest income, excluding treasury, increased by 15.7% year-on-year to ₹ 5,930 crore (US$ 711 million) in Q4-2024 from ₹ 5,127 crore (US$ 615 million) in Q4-2023

• Fee income grew by 12.5% year-on-year to ₹ 5,436 crore (US$ 652 million) in Q4-2024 from ₹ 4,830 crore (US$ 579 million) in Q4-2023. Fees from retail, rural, business banking and SME customers constituted about 77% of total fees in Q4-2024

• There was a treasury loss of ₹ 281 crore (US$ 34 million) in Q4-2024 compared to ₹ 40 crore (US$ 5 million) in Q4-2023 due to transfer of negative balance of ₹ 340 crore (US$ 41 million) in Foreign Currency Translation Reserve related to Bank’s Offshore Unit in Mumbai to profit and loss account in view of the proposed closure of the Unit

• Provisions (excluding provision for tax) were ₹ 718 crore (US$ 86 million) in Q4-2024 compared to ₹ 1,619 crore (US$ 194 million) in Q4-2023

• The profit before tax grew by 17.3% year-on-year to ₹ 14,321 crore (US$ 1.7 billion) in Q4-2024 from ₹ 12,207 crore (US$ 1.5 billion) in Q4-2023

• The profit after tax grew by 17.4% year-on-year to ₹ 10,708 crore (US$ 1.3 billion) in Q4-2024 from ₹ 9,122 crore (US$ 1.1 billion) in Q4-2023

• The profit after tax grew by 28.2% year-on-year to ₹ 40,888 crore (US$ 4.9 billion) in FY2024 from ₹ 31,896 crore (US$ 3.8 billion) in the year ended March 31, 2023 (FY2023)

Credit growth

The net domestic advances grew by 16.8% year-on-year and 3.2% sequentially at March 31, 2024. The retail loan portfolio grew by 19.4% year-on-year and 3.7% sequentially, and comprised 54.9% of the total loan portfolio at March 31, 2024. Including non-fund outstanding, the retail portfolio was 46.8% of the total portfolio at March 31, 2024. The business banking portfolio grew by 29.3% year-on-year and 5.7% sequentially at March 31, 2024. The SME business, comprising borrowers with a turnover of less than ₹ 250 crore (US$ 30 million), grew by 24.6% year-on-year and 3.8% sequentially at March 31, 2024. The rural portfolio grew by 17.2% year-on-year and 4.5% sequentially at March 31, 2024. The domestic corporate portfolio grew by 10.0% year-on-year and was flat sequentially at March 31, 2024. Total advances increased by 16.2% year-on-year and 2.7% sequentially to ₹ 11,84,406 crore (US$ 142.0 billion) at March 31, 2024.

The Bank continues to enhance the use of technology in its operations and to provide solutions to customers. iLens, the retail lending platform, is being upgraded on an ongoing basis, with personal loans and education loans now integrated in the platform along with mortgages. About 71% of trade transactions were done digitally in FY2024. The volume of transactions done through Trade Online platform grew by 29.2% year-on-year in FY2024. The Bank has further simplified bank guarantee journeys with new enhancements. Smart BG Assist is a solution to enable digital execution of bank guarantees for creating and validating text, e-stamping, digital signatures among others.

Deposit growth

Total period-end deposits increased by 19.6% year-on-year and 6.0% sequentially to ₹ 14,12,825 crore (US$ 169.4 billion) at March 31, 2024. Period-end term deposits increased by 27.7% year-on-year and 1.6% sequentially to ₹ 8,16,953 crore (US$ 98.0 billion) at March 31, 2024. Average current account deposits increased by 13.0% year-on-year in Q4-2024. Average savings account deposits increased by 4.6% year-on-year in Q4-2024.

With the addition of 623 branches in FY2024, the Bank had a network of 6,523 branches and 17,190 ATMs & cash recycling machines at March 31, 2024.

The value of the Bank’s merchant acquiring transactions through UPI grew by 67.7% year-on-year and 8.7% sequentially in Q4-2024. The Bank had a market share of about 30% by value in electronic toll collections through FASTag in Q4-2024, with a 14.5% year-on-year growth in collections in Q4-2024.

Asset quality

The gross NPA ratio declined to 2.16% at March 31, 2024 from 2.30% at December 31, 2023. The net NPA ratio was 0.42% at March 31, 2024 compared to 0.44% at December 31, 2023 and 0.48% at March 31, 2023. The net additions to gross NPAs, excluding write-offs and sale, were ₹ 1,221 crore (US$ 146 million) in Q4-2024 compared to ₹ 363 crore (US$ 44 million) in Q3-2024. The gross NPA additions were ₹ 5,139 crore (US$ 616 million) in Q4-2024 compared to ₹ 5,714 crore (US$ 685 million) in Q3-2024. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹ 3,918 crore (US$ 470 million) in Q4-2024 compared to ₹ 5,351 crore (US$ 642 million) in Q3-2024. The Bank has written off gross NPAs amounting to ₹ 1,707 crore (US$ 205 million) in Q4-2024. The provisioning coverage ratio on NPAs was 80.3% at March 31, 2024.

Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹ 3,059 crore (US$ 367 million) or 0.3% of total advances at March 31, 2024 from ₹ 3,318 crore (US$ 398 million) at December 31, 2023. The Bank holds provisions amounting to ₹ 975 crore (US$ 117 million) against these borrowers under resolution, as of March 31, 2024. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.6 billion) at March 31, 2024. The loan and non-fund based outstanding to performing corporate and SME borrowers rated BB and below was ₹ 5,528 crore (US$ 663 million) at March 31, 2024 compared to ₹ 5,853 crore (US$ 702 million) at December 31, 2023. The loan and non-fund based outstanding of ₹ 5,528 crore (US$ 663 million) at March 31, 2024 includes ₹ 645 crore (US$ 77 million) to borrowers under resolution.

Capital adequacy

The Bank’s total capital adequacy ratio at March 31, 2024 was 16.33% and CET-1 ratio was 15.60% after reckoning the impact of proposed dividend compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.

Dividend on equity shares

The Board has recommended a dividend of ₹ 10 per share (equivalent to dividend of US$ 0.24 per ADS) in line with applicable guidelines. The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course.

Consolidated results

The consolidated profit after tax increased by 18.5% year-on-year to ₹ 11,672 crore (US$ 1.4 billion) in Q4-2024 from ₹ 9,853 crore (US$ 1.2 billion) in Q4-2023.

Consolidated assets grew by 20.7% year-on-year to ₹ 23,64,063 crore (US$ 283.4 billion) at March 31, 2024 from ₹ 19,58,490 crore (US$ 234.8 billion) at March 31, 2023.

Key subsidiaries and associates

The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) increased by 4.7% year-on-year to ₹ 9,046 crore (US$ 1.1 billion) in FY2024 compared to ₹ 8,640 crore (US$ 1.0 billion) in FY2023. Value of New Business (VNB) of ICICI Life was ₹ 2,227 crore (US$ 267 million) in FY2024 compared to ₹ 2,765 crore (US$ 332 million) in FY2023. The VNB margin was 24.6% in FY2024 compared to 32.0% in FY2023. The profit after tax was ₹ 852 crore (US$ 102 million) in FY2024 compared to ₹ 811 crore (US$ 97 million) in FY2023 and ₹ 174 crore (US$ 21 million) in Q4-2024 compared to ₹ 235 crore (US$ 28 million) in Q4-2023.

During the quarter, the Bank purchased equity shares of ICICI Lombard General Insurance Company Limited through secondary market transactions. Consequently, the company is now a subsidiary of the Bank. The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) grew by 17.8% year-on-year to ₹ 24,776 crore (US$ 3.0 billion) in FY2024 from ₹ 21,025 crore (US$ 2.5 billion) in FY2023. The combined ratio stood at 103.3% in FY2024 compared to 104.5% in FY2023. The profit after tax of ICICI General grew by 11.0% to ₹ 1,919 crore (US$ 230 million) in FY2024 from ₹ 1,729 crore (US$ 207 million) in FY2023. The profit after tax was ₹ 520 crore (US$ 62 million) in Q4-2024 compared to ₹ 437 crore (US$ 52 million) in Q4-2023.

The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, was ₹ 529 crore (US$ 63 million) in Q4-2024 compared to ₹ 385 crore (US$ 46 million) in Q4-2023. The profit after tax grew by 35.2% year-on-year to ₹ 2,050 crore (US$ 246 million) in FY2024 from ₹ 1,516 crore (US$ 182 million) in FY2023.

The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, grew to ₹ 537 crore (US$ 64 million) in Q4-2024 from ₹ 263 crore (US$ 32 million) in Q4-2023. The profit after tax grew by 51.8% year-on-year to ₹ 1,697 crore (US$ 203 million) in FY2024 from ₹ 1,118 crore (US$ 134 million) in FY2023.

Summary Profit and Loss Statement (as per standalone Indian GAAP accounts)

1. Excluding treasury

2. The Bank continues to hold contingency provision of ₹ 13,100 crore (US$ 1.6 billion) at March 31, 2024

3. The treasury loss during Q4-2024 due to transfer of negative balance of ₹ 340 crore (US$ 41 million) in Foreign Currency Translation Reserve related to Bank’s Offshore Unit in Mumbai to profit and loss account in view of the proposed closure of the Unit

4. Prior period numbers have been re-arranged wherever necessary

Summary balance sheet

1. Prior period figures have been re-grouped/re-arranged wherever necessary

Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions, political or economic instability in the jurisdictions where the Bank has operations or which affect global or Indian economic conditions, increase in nonperforming loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that the Bank believes to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov

This release does not constitute an offer of securities.

For further press queries please email Sujit Ganguli / Kausik Datta at sujit.ganguli@icicibank.com / datta.kausik@icicibank.com or corporate.communications@icicibank.com

For investor queries please email Abhinek Bhargava at abhinek.bhargava@icicibank.com or Nitesh Kalantri nitesh.kalantri@icicibank.com or ir@icicibank.com.

1 crore = 10.0 million

US$ amounts represent convenience translations at US$1=₹ 83.41

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