ICICI Bank Posts Robust Performance For Q4FY23

ICICI Bank Q4FY23 posted a solid growth in core operating profit of 36.4% to Rs 13,866 crore (US$ 1.7 billion) in the quarter ended March 31, 2023. It was above the analysts estimates. The bank performance was robust for the quarter.

Through a media release filed in securities exchange, second largest private lender announced its quarterly numbers. According to the release the bank's core operating profit less provisions grew by 34.7% year-on-year to Rs 12,247 crore (US$ 1.5 billion) in Q4-2023.

For the quarter, the net interest income (NII) of the bank increased by 40.2% year-on-year to Rs 17,667 crore (US$ 2.2 billion) in for the fourth quarter from 12,605 crore (US$ 1.5 billion) in Q4FY22. While the net interest margin was at 4.90% for the March quarter as against 4.00% for the same period last year 2022 and higher than 4.65% in Q3FY2

ICICI Bank's non-interest income segment which excludes treasury income, also increased by 11.3% year-on-year to Rs 5,127 crore (US$ 624 million) in Q4FY23 from Rs 4,608 crore (US$ 561 million) in Q4FY22.

Net provisions (excluding provision for tax) also rose up by 51.5% year-on-year to Rs1,619 crore (US$ 197 million) for the quarter from last year's figure of Rs 1,069 crore (US$ 130 million) in Q4-2022. The provisions included contingency provision of Rs1,600 crore (US$ 195 million) made on a prudent basis.

The bank posted a profit growth of 30.0% year-on-year to Rs 9,122 crore (US$ 1,110 million) in Q4FY23 from Rs 7,019 crore (US$ 854 million) in Q4FY22. The profit after tax grew by 36.7% year-on-year to Rs 31,896 crore (US$ 3.9 billion) for full year FY2023 from Rs 23,339 crore (US$ 2.8 billion) recorded for the year ended March 31, 2022 (FY2022).

Further as per the press release, total deposits grew by 10.9% year-on-year to Rs 1,180,841 crore (US$ 143.7 billion) at March 31, 2023. The average current account savings account (CASA) ratio was reported at 43.6% in Q4FY23.

Domestic loan disbursements grew by 20.5% year-on-year and net non performing assets ratio declined to 0.48% at March 31, 2023 from 0.55% at December 31, 2022.

Provision coverage ratio on non-performing assets was 82.8% at March 31, 2023 and total capital adequacy ratio was 18.34% and Tier-1 capital adequacy ratio was 17.60% on a standalone basis at March 31, 2023.

The latest market price of ICICI Bank stock closed at Rs 884.20 per share, it was down by 1.13% over previous day's closing. Its 52 week low is at Rs 670.35 per share and 52-week high is at Rs 958 per share. In last one year the share price has rallied by 16%, while in three years it has soared massively by nearly 166.69%.