ICICI Bank Q3 FY24 Earnings Call | December 2023 Quarterly Results

Listen to the ICICI Bank Ltd Q3 FY24 Earnings Call. The audio recording of the investors’ call held on January 20, 2024 on the financial results for the quarter and nine months ended December 31, 2023.

Listen to ICICI Bank Q3 FY24 Earnings Concall on YouTube:

This is the quarterly result for the period of September 2023 to December 2023 of the financial year 2023-24.

ICICI Bank Q3 FY24 Results Highlights:

  • Profit before tax excluding treasury, grew by 23.4% y-o-y to ₹ 135.51 bn in Q3-2024
  • Core operating profit grew by 10.3% y-o-y to ₹ 146.01 bn in Q3-2024
  • Provisions of ₹ 10.50 bn in Q3-2024 (0.36% of average advances)
  • Period-end total deposits grew by 18.7% y-o-y and 2.9% q-o-q at December 31, 2023
  • Period-end term deposits grew by 31.2% y-o-y and 4.9% q-o-q at December 31, 2023
  • Average current account deposits increased by 11.6% y-o-y and 2.4% q-o-q
  • Average savings account deposits increased by 2.8% y-o-y and declined 0.6% q-o-q
  • Domestic loans grew by 18.8% y-o-y and 3.8% q-o-q
  • Retail loans grew by 21.4% y-o-y and 4.5% q-o-q
  • Business banking portfolio grew by 31.9% y-o-y and 6.5% q-o-q
  • SME portfolio grew by 27.5% y-o-y and 6.7% q-o-q
  • Domestic corporate portfolio grew by 13.3% y-o-y and 2.9% q-o-q
  • Net NPA ratio was 0.44% at Dec 31, 2023 (Sep 30, 2023: 0.43%)
  • Net additions of ₹ 3.63 bn to gross NPAs in Q3-2024 (Q2-2024: ₹ 1.16 bn)
  • Provision coverage was 80.7% at Dec 31, 2023 (Sep 30, 2023: 82.6%)
  • Fund based o/s of ₹ 33.18 bn (0.3% of advances) to all standard borrowers under resolution; provisions of ₹ 10.32 bn held against these borrowers
  • Contingency provisions of ₹ 131.00 bn at Dec 31, 2023
  • Profit after tax grew by 23.6% y-o-y to ₹ 102.72 bn in Q3-2024
  • Common Equity Tier 1 ratio of 16.03% (Including profits for 9M-2024)