ICICI Bank Q4FY22 and Year Ended results : Income fall 1.68% to ₹42,835 crore YoY; NPA declines 24%

Recoveries and upgrades of NPAs, excluding write-offs and sale increased to ₹4,693 crore (US$ 619 million) in Q4-2022 from ₹4,209 crore (US$ 555 million) in Q3-2022

ICICI Bank
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ICICI Bank Ltd is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹14.76 trillion at September 30, 2020, and currently has a network of 5,418 branches and 13,626 ATMs across India. Its Q4FY22 and year ended financial result is published today, here are the result details :

(I) Audited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹42,834.06 crore in the quarter ended on March 31, 2022 as against ₹43,567.64 crore in the corresponding quarter ended last year on Mar 31, 2021, decreased by 1.68%.

The company has posted a consolidated Net Profit of ₹7,718.94 crore in the quarter ended on March 31, 2022 as against ₹4,886.16 crore in the corresponding quarter ended in last year on Mar 31, 2021. The PAT surges up by 57.97%.

The status of the EPS of the company stood at ₹11.11 as on March 31, 2022 compared to the previous quarter ended on Mar 31, 2021 which was ₹7.07, up by 57.14%.

₹*Mar 31, 2022Dec 31, 21Mar 31, 21
Total Income42,834.0639,865.8043,567.64
Total Expenses31306.0228714.1633688.39
PBT /(Loss)10603.539216.097010.33
Total Tax /(credit)2514.422256.201679.39
PAT /(Loss)7,718.946,536.554,886.16
*figures are in Crores

(II) Audited Consolidated Financial Result details for the Year Ended :

The company has reported, a consolidated Total Income of ₹157,536.32 crore in the financial year ended on March 31, 2022 as against ₹161,192.19 crore for the financial year ended on Mar 31, 2021, decreased by 2.26%.

The company has posted a consolidated Net Profit of ₹25,110.10 crore in the financial year ended on March 31, 2022 as against ₹18,384.32 crore for the financial year ended on March 31, 2021. The PAT surges up by 36.58%.

The status of the EPS of the company stood at ₹36.21 as on March 31, 2022 compared to the previous year ended on March 31, 2021 which was ₹27.26, up by 32.83%.

₹*Mar 31, 2022 (FY22)Mar 31, 2021 (FY21)
Total Income157,536.32161,192.19
Total Expenses114318.40118930.76
PBT /(Loss)34995.7026028.33
Total Tax /(credit)8457.445664.37
PAT /(Loss)25,110.1018,384.32
*figures are in Crores

(III) Key Highlights about the Performance :

Quarter ended March 31, 2022

  • Core operating profit (profit before provisions and tax, excluding treasury income) grew by 19% year-on-year to ₹ 10,164 crore (US$ 1.3 billion) in the quarter ended March 31, 2022 (Q4-2022)
  • Net interest income grew by 21% year-on-year in Q4-2022 (US$ 140.5 billion) at March 31, 2022
  • Average CASA ratio was 45% in Q4-2022
  • Domestic loan portfolio grew by 17% year-on-year
  • Net NPA ratio declined to 0.76% at March 31, 2022 from 0.85% at December 31, 2021
  • Provision coverage ratio on non-performing assets was 79.2% at March 31, 2022
  • Total capital adequacy ratio was 19.16% and Tier-1 capital adequacy ratio was 18.35% on a standalone basis at March 31, 2022
  • Total deposits increased by 14% year-on-year and 5% sequentially to ₹1,064,572 crore (US$ 140.5 billion) at March 31, 2022. Average current account deposits increased by 24% year-on-year in Q4-2022.
  • Average savings account deposits increased by 23% year-on-year in Q4-2022. Total term deposits increased by 9% year-on-year to ₹546,135 crore (US$ 72.1 billion) at March 31, 2022
  • The Bank had a network of 5,418 branches and 13,626 ATMs at March 31, 2022
  • Net interest income (NII) increased by 21% year-on-year to 12,605 crore (US$ 1.7 billion) in Q4-2022 from 10,431 crore (US$ 1.4 billion) in Q4-2021
  • The net interest margin was 4.00% in Q4-2022 compared to 3.84% in Q4-2021 and 3.96% in the quarter ended December 31, 2021

(IV) Capital adequacy :
The Bank’s total capital adequacy at March 31, 2022 was 19.16% and Tier-1 capital adequacy was 18.35% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.

(V) Asset Quality :

The net non-performing assets declined by 24% year-on-year and 5% sequentially to ₹6,961 crore (US$ 918 million) at March 31, 2022. The net NPA ratio declined to 0.76% at March 31, 2022 from 0.85% at December 31, 2021 and 1.14% at March 31, 2021. The net deletions from gross NPAs, excluding write-offs and sale, were ₹489 crore (US$ 65 million) in Q4-2022 compared to ₹ 191 crore (US$ 25 million) in Q3-2022. The gross NPA additions were ₹4,204 crore (US$ 555 million) in Q4-2022 compared to ₹4,018 crore (US$ 530 million) in Q3-2022.

Recoveries and upgrades of NPAs, excluding write-offs and sale increased to ₹4,693 crore (US$ 619 million) in Q4-2022 from ₹4,209 crore (US$ 555 million) in Q3-2022. The gross NPAs written-off in Q4-2022 were ₹2,644 crore (US$ 349 million). The provision coverage ratio on NPAs was 79.2% at March 31, 2022.

% of NPAMar 31, 2022Dec 31, 21Mar 31, 21
Provision coverage ratio on NPA Assets79.2
Gross non-performing Assets3.604.134.96
Net non-performing Assets0.760.851.14

The stocks of ICICI Bank last hit in BSE,

  • Intraday High of ₹ 757.85
  • Intraday low of ₹ 746.00