ICICI Bank Q2FY23 PAT up 31.4% at Rs8,007 crore on 26% NII growth and lower provisioning

22 Oct 2022 , 08:40 PM

ICICI Bank Ltd reported 14.42% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs45,178cr. Revenue growth was 15.2% in sequential terms.

For the quarter, ICICI Bank saw smart growth in revenues across retail banking, corporate banking and treasury operations. However, the profit growth was more robust across retail banking and corporate banking while growth was subdued in treasury.

NII was up 26% yoy at Rs14,787 crore while NIM surged from 4% to 4.31% yoy. Fee income was up 18% at Rs4,480 crore in the quarter.

Retail loan portfolio grew 25% yoy while business banking portfolio grew 43%. Deposits were up 12% on a yoy basis.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 31.44% at Rs8,007cr on the back of a sharp growth in NII, expansion of NIMs to 4.31% and sharp fall in the provisions in the quarter.

Gross NPAs fell from 3.41% to 3.19% in the quarter while the net NPAs fell from 0.70% to 0.61%. Provisions, excluding tax fell by 39% yoy to Rs1,644 crore.

PAT margins were higher at 17.72% in the Sep-22 quarter compared to 15.43% in the Sep-21 quarter but lower than 18.83% in June 2022 quarter. Total capital adequacy stood at 18.27% of which 17.51% was Tier 1 capital adequacy; well above regulatory requirements.

Financial highlights for Sep-22 compared yoy and sequentially

	ICICI Bank
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 45,178	₹ 39,484	14.42%	₹ 39,218	15.20%
Operating Profit (Rs cr)	₹ 12,498	₹ 11,125	12.34%	₹ 11,123	12.36%
Net Profit (Rs cr)	₹ 8,007	₹ 6,092	31.44%	₹ 7,385	8.43%
Diluted EPS (Rs)	₹ 11.25	₹ 8.60		₹ 10.41
OPM	27.66%	28.18%		28.36%
Net Margins	17.72%	15.43%		18.83%