ICICI Bank Q4 results: Reports net profit at 9,122 cr, a 30% increase

New Delhi: India's second Largest Private lender ICICI Bank on April 22 announced the Audited Financial Results for the quarter ended March 31, 2023. The company reports Profit after tax of Rs 9,122 crore (US$ 1.1
billion) in Q4-2023, a spike of 30.0% year-on-year. 

 

ICIC Bank Performance Review: Quarter ended March 31, 2023
 

• Core operating profit (profit before provisions and tax, excluding treasury income) grew by 36.4% year-on-year to Rs 13,866 crore (US$ 1.7 billion) in
• the quarter ended March 31, 2023 (Q4-2023)
• Core operating profit less provisions grew by 34.7% year-on-year to Rs 12,247 crore (US$ 1.5 billion) in Q4-2023
• Profit after tax grew by 30.0% year-on-year to ? 9,122 crore (US$ 1.1 billion) in Q4-2023
• Core operating profit grew by 28.1% year-on-year to Rs 49,139 crore (US$ 6.0 billion) in the year ended March 31, 2023 (FY2023)
• Core operating profit less provisions grew by 43.0% year-on-year to Rs 42,473 crore (US$ 5.2 billion) in FY2023
• Profit after tax grew by 36.7% year-on-year to Rs 31,896 crore (US$ 3.9 billion) in FY2023
• Total deposits grew by 10.9% year-on-year to Rs 1,180,841 crore (US$ 143.7 billion) at March 31, 2023
• Average CASA ratio was 43.6% in Q4-2023
• Domestic loan portfolio grew by 20.5% year-on-year
• Net NPA 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
• 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 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, 2023 (Q4- 2023) and the year ended March 31, 2023 (FY2023). 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 Q4-2023 and FY2023.

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Profit & loss account

• The core operating profit (profit before provisions and tax, excluding treasury income) increased by 36.4% year-on-year to Rs 13,866 crore (US$ 1.7 billion) in
• Q4-2023 from Rs 10,164 crore (US$ 1.2 billion) in the quarter ended March 31, 2022 (Q4-2022); excluding dividend income from subsidiaries/associates, core
• operating profit grew by 36.9% year-on-year in Q4-2023
• Net interest income (NII) increased by 40.2% year-on-year to Rs 17,667 crore (US$ 2.2 billion) in Q4-2023 from Rs 12,605 crore (US$ 1.5 billion) in Q4-2022
• The net interest margin was 4.90% in Q4-2023 compared to 4.00% in Q4-2022 and 4.65% in Q3-2023
• Non-interest income, excluding treasury income, increased by 11.3% year-onyear to Rs 5,127 crore (US$ 624 million) in Q4-2023 from Rs 4,608 crore (US$ 561 million) in Q4-2022
• Fee income grew by 10.6% year-on-year to Rs 4,830 crore (US$ 588 million) in Q4-2023 from Rs 4,366 crore (US$ 531 million) in Q4-2022. Fees from retail, rural, business banking and SME customers constituted about 80.0% of total fees in Q4-2023
• Provisions (excluding provision for tax) increased by 51.5% year-on-year to Rs 1,619 crore (US$ 197 million) in Q4-2023 from Rs 1,069 crore (US$ 130 million) in Q4-2022. Provisions for Q4-2023 included contingency provision of Rs 1,600 crore (US$ 195 million) made on a prudent basis
• Core operating profit less provisions grew by 34.7% year-on-year to Rs 12,247 crore (US$ 1.5 billion) in Q4-2023 from Rs 9,095 crore (US$ 1.1 billion) in Q4-2022
• There was a treasury loss of Rs 40 crore (US$ 5 million) in Q4-2023 compared to a gain of Rs 129 crore (US$ 16 million) in Q4-2022
• The profit before tax grew by 32.3% year-on-year to Rs 12,207 crore (US$ 1.5 billion) in Q4-2023 from Rs 9,224 crore (US$ 1.1 billion) in Q4-2022
• The profit after tax grew by 30.0% year-on-year to Rs 9,122 crore (US$ 1,110 million) in Q4-2023 from Rs 7,019 crore (US$ 854 million) in Q4-2022
• The profit after tax grew by 36.7% year-on-year to Rs 31,896 crore (US$ 3.9 billion) in FY2023 from Rs 23,339 crore (US$ 2.8 billion) in the year ended March 31, 2022 (FY2022)

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Dividend on equity shares 

The Board has recommended a dividend of Rs 8 per share (equivalent to a dividend of US$ 0.10 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.

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