ICICI Bank Q4 Results Highlights: Profit up by 30%, considerable fall in NPAs - here are 5 key takeaways
ICICI Bank Q4 Results Highlights: Total deposits grew by 10.9 per cent year-on-year to ₹ 1,180,841 crore at March 31, 2023, and average CASA ratio was 43.6 per cent in Q4-2023.
ICICI Bank Q4FY23 Result: India’s second-largest private lender - ICICI Bank – announced higher-than-estimated earnings for the January-March quarter of the financial year 2022-23 (Q4FY23) in the results released on Saturday, April 22, 2023, as the profit after tax or PAT grew by 30 per cent for this quarter.
From rising profit to falling non-performing assets (NPAs), here are top five takeaways from this quarterly result of ICICI Bank:
1. PAT up by 30%
The profit after tax grew by 30 per cent on year-on-year to Rs 9,122 crore in Q4-2023, which previously stood at Rs 7018.71 crore in the same period of a year ago quarter.
2. Fall in NPAs
For the last couple of quarters, the banking sector has begun to witness a fall in Non-Performing Assets (NPAs). Such assets were a growing concern among banks after the Covid downturn. However, NPAs began to recede from the second quarter in this fiscal for most of the banks and it is no different for ICICI Bank. Net NPA ratio declined to 0.48 per cent at March 31, 2023 from 0.55 per cent at December 31, 2022.
3. Deposit growth
Despite the banking sector performing considerably well since second quarter, the sector failed to witness much of deposit growth till second quarter. However, it was estimated that with considerable rise is repo rates by the RBI, the rate hike will be eventually pass on to the deposits too and the banks will witness a rise in deposit growth as well. Total deposits grew by 10.9 per cent year-on-year to ₹ 1,180,841 crore at March 31, 2023, and average CASA ratio was 43.6 per cent in Q4-2023.
4. Growth in the loan portfolio
The private lender reported a growth by 20.5 per cent year-on-year in terms of domestic loan portfolios.
5. Rise in NII
The lender’s net interest income (NII) – or the difference between interest earned and interest paid – has been up by 40 per cent to Rs 17,666.8 crore in the March quarter of the previous fiscal as compared to Rs 12,604.6 crore in the corresponding quarter of FY22.
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