ICICI Bank Q4FY23 net profit up 27.6% at Rs9,853 crore as NIMs surge to record 4.90%

ICICI Bank reported 25.9% growth in total revenues for the March 2023 quarter on consolidated basis at Rs53,923cr. Revenue growth was 12.67% in sequential terms for Q4FY23. Net interest income (NII) increased by 40.2% yoy at Rs17,667 crore in Q4FY23 while the net interest margins (NIM) expanded by a record 90 bps from 4.00% to 4.90% yoy. NIMs were up 35 bps on a sequential basis.

The core operating profits adjusted for provisions grew 34.7% yoy at Rs12,247 crore in the fourth quarter. The spike in the net profit was despite a sharp 52% spike in the provisions made in the latest quarter. Apart from the core interest income growth, even the non-interest income grew 11.3% while the fee income for the quarter was up 10.6% yoy at Rs4,830 crore. While operating margins were sharply higher on a yoy basis, the growth in net margins was more subdued.

Financial highlights for Mar-23 compared yoy and sequentially

 ICICI Bank    
Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income

₹ 53,923

₹ 42,834

25.89%

₹ 47,860

12.67%

Operating Profit

₹ 15,206

₹ 11,528

31.91%

₹ 14,370

5.82%

Net Profit

₹ 9,853

₹ 7,719

27.64%

₹ 8,792

12.06%

      
Diluted EPS

₹ 13.84

₹ 10.88

 

₹ 12.35

 
Operating Margins

28.20%

26.91%

 

30.02%

 
Net Margins

18.27%

18.02%

 

18.37%

 
Gross NPA Ratio

2.81%

3.60%

 

3.07%

 
Net NPA Ratio

0.48%

0.76%

 

0.55%

 
Return on Assets (Ann)

2.39%

2.11%

 

2.20%

 
Capital Adequacy

18.34%

19.16%

 

16.26%

 

 

In terms of business growth overall, the total deposits in the fourth quarter grew 10.9% at Rs11.81 trillion with the average CASA ratio standing at 43.6% of the total deposits base. The domestic loan portfolio grew by 20.5% on a yoy basis. With provision coverage ratio of 82.8% of non-performing assets, the NPA situation is getting a lot more comfortable. Gross NPAs also fell to 2.81% while the net NPAs were also sharply lower at 0.48% in the March 2023 quarter. Returns on assets has sustained above 0.50% in the last few quarters.

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