Performance Review: Quarter ended March 31, 2025

April 19, 2025

• Profit before tax excluding treasury grew by 13.2% year-on-year to ₹ 16,534 crore (US$ 1.9 billion) in the quarter ended March 31, 2025 (Q4-2025)

• Core operating profit grew by 13.7% year-on-year to ₹ 17,425 crore (US$ 2.0 billion) in Q4-2025

• Profit after tax grew by 18.0% year-on-year to ₹ 12,630 crore (US$ 1.5 billion) in Q4-2025

• Profit before tax excluding treasury grew by 11.4% year-on-year to ₹ 60,713 crore (US$ 7.1 billion) in the year ended March 31, 2025 (FY2025)

• Core operating profit grew by 12.5% year-on-year to ₹ 65,396 crore (US$ 7.6 billion) in FY2025

• Profit after tax grew by 15.5% year-on-year to ₹ 47,227 crore (US$ 5.5 billion) in FY2025

• Consolidated profit after tax increased by 15.7% year-on-year to ₹ 13,502 crore (US$ 1.6 billion) in Q4-2025 and by 15.3% year-on-year to ₹ 51,029 crore (US$ 6.0 billion) in FY2025

• Total period-end deposits grew by 14.0% year-on-year to ₹ 16,10,348 crore (US $ 188.4 billion) at March 31, 2025

• Average deposits grew by 11.4% year-on-year to ₹ 14,86,635 crore (US$ 173.9 billion) in Q4-2025

  • Average current account and savings account (CASA) ratio was 38.4% in Q4-2025

• Domestic loan portfolio grew by 13.9% year-on-year to ₹ 13,10,981 crore (US$ 153.4 billion) at March 31, 2025

• Net NPA ratio declined to 0.39% at March 31, 2025 from 0.42% at December 31, 2024

• Provisioning coverage ratio on non-performing loans was 76.2% at March 31, 2025

• Total capital adequacy ratio was 16.55% and CET-1 ratio was 15.94%, on a standalone basis, at March 31, 2025 after reckoning the impact of proposed dividend

• The Board has recommended a dividend of ₹ 11 per share for FY2025. 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, 2025 (Q4-2025) and the year ended March 31, 2025 (FY2025). 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 FY2025.

Profit & loss account

• Profit before tax excluding treasury grew by 13.2% year-on-year to ₹ 16,534 crore (US$ 1.9 billion) in Q4-2025 from ₹ 14,602 crore (US$ 1.7 billion) in the quarter ended March 31, 2024 (Q4-2024)

• Core operating profit grew by 13.7% year-on-year to ₹ 17,425 crore (US$ 2.0 billion) in Q4-2025 from ₹ 15,320 crore (US$ 1.8 billion) in Q4-2024

• Net interest income (NII) increased by 11.0% year-on-year to ₹ 21,193 crore (US$ 2.5 billion) in Q4-2025 from ₹ 19,093 crore (US$ 2.2 billion) in Q4-2024

• Net interest margin was 4.41% in Q4-2025 compared to 4.25% in Q3-2025 and 4.40% in Q4-2024. The net interest margin was 4.32% in FY2025

• Non-interest income, excluding treasury, increased by 18.4% year-on-year to ₹ 7,021 crore (US$ 821 million) in Q4-2025 from ₹ 5,930 crore (US$ 694 million) in Q4-2024

• Fee income grew by 16.0% year-on-year to ₹ 6,306 crore (US$ 738 million) in Q4-2025 from ₹ 5,436 crore (US$ 636 million) in Q4-2024. Fees from retail, rural and business banking customers constituted about 80% of total fees in Q4-2025

• Treasury gains were ₹ 239 crore (US$ 28 million) in Q4-2025 as compared to a treasury loss of ₹ 281 crore (US$ 33 million) in Q4-2024. The treasury loss in Q4-2024 was due to transfer of negative balance of ₹ 340 crore (US$ 40 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 ₹ 891 crore (US$ 104 million) in Q4-2025 compared to ₹ 718 crore (US$ 84 million) in Q4-2024 and ₹ 1,227 crore (US$ 144 million) in Q3-2025

• Profit before tax grew by 17.1% year-on-year to ₹ 16,773 crore (US$ 2.0 billion) in Q4-2025 from ₹ 14,321 crore (US$ 1.7 billion) in Q4-2024

• Profit after tax grew by 18.0% year-on-year to ₹ 12,630 crore (US$ 1.5 billion) in Q4-2025 from ₹ 10,708 crore (US$ 1.3 billion) in Q4-2024

• Profit after tax grew by 15.5% year-on-year to ₹ 47,227 crore (US$ 5.5 billion) in FY2025 from ₹ 40,888 crore (US$ 4.8 billion) in the year ended March 31, 2024 (FY2024)

Credit growth

The net domestic advances grew by 13.9% year-on-year and 2.2% sequentially at March 31, 2025. The retail loan portfolio grew by 8.9% year-on-year and 2.0% sequentially, and comprised 52.4% of the total loan portfolio at March 31, 2025. Including non-fund outstanding, the retail portfolio was 43.8% of the total portfolio at March 31, 2025. The business banking portfolio grew by 33.7% year-on-year and 6.2% sequentially at March 31, 2025. The rural portfolio grew by 5.1% year-on-year and declined by 1.5% sequentially at March 31, 2025. The domestic corporate portfolio grew by 11.9% year-on-year and declined by 0.4% sequentially at March 31, 2025. Total advances increased by 13.3% year-on-year and 2.1% sequentially to ₹ 13,41,766 crore (US$ 157 billion) at March 31, 2025.

The Bank continues to enhance the use of technology in its operations to provide simplified solutions to customers and making investments in its digital channels. The Bank expects to further strengthen system resilience and simplify processes.

Deposit growth

Total period-end deposits increased by 14.0% year-on-year and 5.9% sequentially to ₹ 16,10,348 crore (US$ 188.4 billion) at March 31, 2025. Average deposits increased by 11.4% year-on-year and 1.9% sequentially to ₹ 14,86,635 crore (US$ 173.9 billion) in Q4-2025. Average current account deposits increased by 9.6% year-on-year and 1.4% sequentially in Q4-2025. Average savings account deposits increased by 10.1% year-on-year and 0.2% sequentially in Q4-2025.

With the addition of 241 branches during Q4-2025, the Bank had a network of 6,983 branches and 16,285 ATMs & cash recycling machines at March 31, 2025.

Asset quality

The gross NPA ratio was 1.67% at March 31, 2025 compared to 1.96% at December 31, 2024. The net NPA ratio was 0.39% at March 31, 2025 compared to 0.42% at December 31, 2024. The gross NPA additions were ₹ 5,142 crore (US$ 602 million) in Q4-2025 compared to ₹ 6,085 crore (US$ 712 million) in Q3-2025. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹ 3,817 crore (US$ 447 million) in Q4-2025 compared to ₹ 3,392 crore (US$ 397 million) in Q3-2025. The net additions to gross NPAs, excluding write-offs and sale, were ₹ 1,325 crore (US$ 155 million) in Q4-2025 compared to ₹ 2,693 crore (US$ 315 million) in Q3-2025. The Bank has written-off gross NPAs amounting to ₹ 2,118 crore (US$ 248 million) in Q4-2025. There was sale of NPAs of ₹2,786 crore (US$ 326 million) in Q4-2025 which consists of ₹ 1,605 crore (US$ 188 million) of security receipts and ₹ 314 crore (US$ 37 million) in cash. The Bank continues to hold 100% provisions against these security receipts. The provisioning coverage ratio on non-performing loans was 76.2% at March 31, 2025.

Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹ 1,956 crore (US$ 229 million) or about 0.1% of total advances at March 31, 2025 from ₹ 2,107 crore (US$ 247 million) at December 31, 2024. The Bank holds provisions amounting to ₹ 643 crore (US$ 75 million) against these borrowers under resolution, as of March 31, 2025. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.5 billion) at March 31, 2025.

The loan and non-fund based outstanding to performing corporate borrowers rated BB and below was ₹ 2,854 crore (US$ 334 million) at March 31, 2025 compared to ₹ 2,193 crore (US$ 257 million) at December 31, 2024.

Capital adequacy

The Bank’s total capital adequacy ratio at March 31, 2025 was 16.55% and CET-1 ratio was 15.94% 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 ₹ 11 per share (equivalent to dividend of US$ 0.26 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 15.7% year-on-year to ₹ 13,502 crore (US$ 1.6 billion) in Q4-2025 from ₹ 11,672 crore (US$ 1.4 billion) in Q4-2024.

Consolidated assets grew by 11.8% year-on-year to ₹ 26,42,241 crore (US$ 309.1 billion) at March 31, 2025 from ₹ 23,64,063 crore (US$ 276.6 billion) at December 31, 2024.

Key subsidiaries

The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) was ₹ 10,407 crore (US$ 1.2 billion) in FY2025 compared to ₹ 9,046 crore (US$ 1.1 billion) in FY2024. Value of New Business (VNB) of ICICI Life was ₹ 2,370 crore (US$ 277 million) in FY2025 compared to ₹ 2,227 crore (US$ 261 million) in FY2024. The VNB margin was 22.8% in FY2025 compared to 24.6% in FY2024. The profit after tax was ₹ 1,189 crore (US$ 139 million) in FY2025 compared to ₹ 852 crore (US$ 100 million) in FY2024 and was ₹ 386 crore (US$ 45 million) in Q4-2025 compared to ₹ 174 crore (US$ 20 million) in Q4-2024.

The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) was ₹ 24,776 crore (US$ 2.9 billion) in FY2024 compared to ₹ 26,833 crore (US$ 3.1 billion) in FY2025. The combined ratio stood at 102.8% in FY2025 compared to 103.3% in FY2024. Excluding the impact of CAT losses of ₹ 94 crore (US$ 11 million) in FY2025 and ₹ 137 crore (US$ 16 million) in FY2024, the combined ratio was 102.4% and 102.5% respectively. The profit after tax of ICICI General grew by 30.7% to ₹ 2,508 crore (US$ 293 million) in FY2025 compared to ₹ 1,919 crore (US$ 225 million) in FY2024. The profit after tax of ICICI General was ₹ 510 crore (US$ 60 million) in Q4-2025 compared to ₹ 519 crore (US$ 61 million) in Q4-2024.

The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, increased to ₹ 692 crore (US$ 81 million) in Q4-2025 from ₹ 529 crore (US$ 62 million) in Q4-2024. The profit after tax grew by 29.3% year-on-year to ₹ 2,651 crore (US$ 310 million) in FY2025 from ₹ 2,050 crore (US$ 240 million) in FY2024.

The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, was ₹ 381 crore (US$ 45 million) in Q4-2025 compared to ₹ 537 crore (US$ 63 million) in Q4-2024. The profit after tax grew by 14.4% year-on-year to ₹ 1,942 crore (US$ 227 million) in FY2025 from ₹ 1,697 crore (US$ 199 million) in FY2024. Pursuant to the Scheme of Arrangement amongst ICICI Bank Limited and ICICI Securities Limited and their respective shareholders, ICICI Securities Limited has been delisted from stock exchanges on March 24, 2025 and became a wholly-owned subsidiary of the Bank.

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

1. Excluding treasury

2. The Bank, on a prudent basis, continues to hold provision against the security receipts guaranteed by the government, which will be reversed on actual receipt of recoveries or approval of claims, if any.

3. The treasury loss during Q4-2024 includes the impact of transfer of negative balance of ₹ 340 crore (US$ 40 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                                                                                                                                                                   ₹ crore

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

2. The Bank continues to hold contingency provision of ₹ 13,100 crore (US$ 1.5 billion) at March 31, 2025

3. Pursuant to the Scheme of Arrangement amongst ICICI Bank Limited and ICICI Securities Limited and their respective shareholders, ICICI Securities Limited has been delisted from stock exchanges on March 24, 2025 and became a wholly-owned subsidiary of the Bank.

Certain definitions 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 at nitesh.kalantri@icicibank.com or ir@icicibank.com.

1 crore = 10.0 million

US$ amounts represent convenience translations at US$1=₹ 85.48

pdf version