ICICI Bank Q1FY23 Results: Net NPA reduced to 0.7% PAT fall 4.33% to ₹39,218.3 Cr QOQ, but grew 55% YoY| Loan portfolio up 21%

The gross NPAs written off were ₹1,126 crore in Q1FY23. The Bank sold gross NPAs amounting to ₹13 crore in Q1FY23 on a cash basis The total fund based outstanding to all borrowers under resolution as per the various extant regulations declined to ₹7,376 crore or 0.8% of total advances at June 30, 2022 from ₹8,267 crore at March 31, 2022. The Bank holds provisions amounting to ₹2,290 crore against these borrowers under resolution, as of June 30, 2022.

ICICI Bank
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The Board of Directors of ICICI Bank Ltd (BSE: 532174, NYSE: IBN) at its meeting held at Mumbai yesterday, approved the standalone and consolidated accounts of the Bank for the quarter ended June 30, 2022 i.e, Q1FY23.

The details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The company has reported, a consolidated Total Income of ₹39,218.33 crore in the quarter ended on June 30, 2022 as against ₹42,834.06 crore in the last quarter ended on Mar 31, 2022, decreased by 8.44%.

The company has posted a consolidated Net Profit of ₹7,384.53 crore in the quarter ended on March 31, 2022 as against ₹7,718.94 crore in the previous quarter ended on June 30, 2022. The PAT surges down by 4.33%.

The status of the EPS of the company stood at ₹10.41 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹10.88, down by 4.32%.

₹*June 30, 2022 (Q1FY23)Mar 31, 2022 (Q4FY22)
Total Income39,218.3342,834.06
Total Expenses28095.75313206.02
PBT /(Loss)11122.5811528.04
Total Tax /(credit)2504.862514.42
PAT /(Loss) [to the owners]7,384.537,718.94
*figures are in Crores

(II) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹39,218.33 crore in the financial year ended on June 30, 2022 as against ₹38,351.97 crore for the same quarter ended on last year June 30, 2021 that increased by 10.94%.

The company has posted a consolidated Net Profit of ₹7,384.53 crore in the financial year ended on June 30, 2022 as against ₹4,762.77 crore for the same quarter ended on last year June 30, 2021. The PAT surges up by 55.05%.

The status of the EPS of the company stood at ₹10.41 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹6.74, up by 54.45%.

₹*June 30, 2022 (Q1FY23)June 30, 2021 (Q1FY22)
Total Income39,218.3338,351.97
Total Expenses28095.7525938.65
PBT /(Loss)11122.589413.32
Total Tax /(credit)2504.861651.90
PAT /(Loss) [to the owners]7,384.534,762.77
*figures are in Crores
ICICI Bank Q1FY23 Results – Market Times

(III) Key Highlights about the Performance :

Deposit growth

  1. Total period-end deposits increased by 13% year-on-year to ₹10,50,349 crore at June 30, 2022.
  2. Average current account deposits increased by 23% year-on year and 3% sequentially in Q1FY23.
  3. Average savings account deposits increased by 19% year-on year and 4% sequentially in Q1FY23.
  4. Period-end term deposits increased by 11% year-on-year to ₹5,58,235 crore at June 30, 2022.
  5. The Bank had a network of 5,534 branches and 13,379 ATMs at June 30, 2022.

Loan growth

  1. The overall loan portfolio grew by 21% year-on-year and 4% sequentially at June 30, 2022. The domestic loan portfolio grew by 22% year-on-year and 4% sequentially at June 30, 2022.
  2. The retail loan portfolio, excluding rural loans, grew by 24% year-on-year at June 30, 2022. Including non-fund outstanding, the retail loan portfolio was 44.0% of the total portfolio at June 30,
  3. The rural portfolio grew by 8% year-on- year. The business banking portfolio grew by 45% year-on-year. The SME business, comprising borrowers with a turnover of less than ₹250 crore grew by 32% year-on-year. Growth in the domestic wholesale banking portfolio was 14% year-on-year at June 30, 2022.
  4. 72.9% of the total loan portfolio, excluding, retail and rural, was rated A- and above at June 30, 2022

(IV) Asset Quality and CAR :

Q1FY23Q4FY22Q1FY22
Gross NPA ₹*33,163.1533,919.5243,148.28
Gross NPA %3.413.605.15
Net NPA ₹*6,656.156,960.899,305.83
Net NPA %0.700.761.16
**CAR %18.419.1618.71
RoA %1.982.111.54
*₹ are in Crores **Capital Adequacy Ratio
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  • The net NPA ratio declined to 0.70% at June 30, 2022 from 0.76% at March 31, 2022 and 1.16% at June 30, 2021.
  • The gross NPA ratio declined to 3.41% at June 30, 2022 from 3.60% at March 31, 2022 and 5.15% at June 30, 2021.
  • During Q1FY23, there were net additions to gross NPAs of ₹382 crore compared to net deletions of ₹489 crore in Q4FY22. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹5,443 crore in Q1FY23.
  • The gross NPAs written off were ₹1,126 crore in Q1FY23.
  • The Bank sold gross NPAs amounting to ₹13 crore in Q1FY23 on a cash basis
  • The total fund based outstanding to all borrowers under resolution as per the various extant regulations declined to ₹7,376 crore or 0.8% of total advances at June 30, 2022 from ₹8,267 crore at March 31, 2022. The Bank holds provisions amounting to ₹2,290 crore against these borrowers under resolution, as of June 30, 2022.
  • The loan and non-fund based outstanding to performing borrowers rated BB and below reduced to ₹8,209 crore at June 30, 2022 from ₹10,808 crore at March 31, 2022.
  • The total provisions during the quarter were ₹1,144 crore or about 11.1% of core operating profit and about 0.53% of average advances

Capital adequacy : Including profits for Q1-2023, the Bank’s total capital adequacy ratio at June 30, 2022 was 18.74% and Tier-1 capital adequacy was 17.95% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.

Shares of ICICI Bank Ltd was last trading in BSE at ₹800.00 as compared to the previous close of ₹786.30. The total number of shares traded during the day was 439983 in over 15062 trades.

The stock last hit in BSE,

  • Intraday High of ₹ 803.75
  • Intraday low of ₹ 787.00
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