- Date : 23/01/2023
- Read: 4 mins
ICICI Bank Q3 results
In the season of quarterly results, ICICI Bank was the latest to declare its results on 21st January 2023. The results were for the quarter ending December 2022, and the bank impressed with its quarterly performance. Have a look –
ICICI Bank Q3 results
- Net profit
Compared to market expectations, the bank posted a growth of 34.2% annually and recorded a figure of Rs.8312 crores. In the same quarter last year, the profit was Rs.6202 crores. The jump in the profit was attributed to the growth in the net interest income.
- Net interest income
The net interest income is the difference between the interest the bank pays on deposits and the interest it earns from its loans. This income grew in the quarter under review affecting the profit earnings.
After the third quarter, the bank posted a 34.6% growth in the net interest income annually. The income grew from Rs.12,236 crores last year to Rs.16,465 crores. The bank recorded an increased margin of 4.31% in the last quarter compared to a net interest margin of 4.65%.
Non-interest income jumped 1.8% annually to Rs.4987 crores, while the fee income grew 3.7% annually to Rs.4448 crores.
- Asset quality
The bank’s reported an improvement in its asset quality as the gross NPA (Non-Performing Asset) ratio reduced to 3.07% compared to 4.13% last year and 3.19% last quarter.
The net NPA ratio also reduced to 0.55% compared to 0.61% last quarter and 0.85% last year.
Related - Check out what NPAs are and how they affect a bank's finances
- Capital adequacy
The bank’s capital against its risk-weighted liabilities and assets is measured as the Capital Adequacy Ratio (CAR). The bank’s CAR was 18.33% after Q3.
- Deposits
The bank’s total deposits increased considerably to Rs.11.22 lakh crores posting a growth of 10.3% annually. Individually, term deposits delivered an annual growth of 14.2%, and CASA (Current Account, Savings Account) deposits jumped 10.4% annually.
- Business growth
The advances segment of the bank showed an impressive performance. Here’s a breakdown of the same – - Domestic advances grew 3.8% quarterly and 21.4% annually.
- Total advances jumped 19.7% annually and 3.8% quarterly to stand at Rs.9.74 lakh crores.
- Retail loans grew 23.4% yearly and 4.5% quarterly. They comprised 54.3% of the aggregate loan portfolio of the bank.
- The domestic corporate portfolio jumped 4.7% quarterly and 18.2% annually.
- Provisions
ICICI Bank made its NPA provisioning norms more conservative in the third quarter. This led to a jump in the provisions, which stood at Rs.2257 crores after an increase of 12.5% annually.
How the subsidiaries of ICICI Bank performed?
ICICI Bank has three major subsidiaries in the insurance and investment business. Here’s a look at their independent performances –
1. ICICI Lombard General Insurance Company
- Gross Direct Premium Income (GDPI) increased 20.6% annually to Rs.16,048 crores.
- Profit After Tax (PAT) grew 11% annually to Rs.353 crores.
2. ICICI Prudential Life Insurance Company
- Value of New Business (VNB) jumped 23.2% annually to Rs.1710 crores.
- VNB margin jumped 28%
- PAT reduced to Rs.221 crores compared to Rs.311 crores last year.
3. ICICI Securities
- Consolidated PAT reduced to Rs.281 crores against Rs.380 crores last year.
Before the results were declared, the bank’s shares closed at Rs.871.65 apiece on 20th January 2023. Over the last year, the share has posted a return of 10%, while over the last five years, the share price has grown by 160%.
If you are an investor or thinking of investing in the bank’s shares, know its financial results to know how the bank is performing.
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