The Board has recommended a dividend of ? 10 per share (equivalent to dividend of US$ 0.24 per ADS) in line with applicable guidelines
FinTech BizNews Service
Mumbai, April 27, 2024: ICICI Bank today announced financial results for the quarter and year ended march 31, 2024.
The Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE:
IBN) at its meeting held at Mumbai today, approved the standalone and consolidated
accounts of the Bank for the quarter ended March 31, 2024 (Q4- 2024) and the year
ended March 31, 2024 (FY2024). The statutory auditors have audited the standalone
and consolidated financial statements and have issued an unmodified report on the
standalone and consolidated financial statements for Q4-2024 and FY2024.
Performance Review: Quarter ended March 31, 2024
• Profit before tax excluding treasury grew by 19.2% year-on-year to Rs 14,602
crore (US$ 1.8 billion) in the quarter ended March 31, 2024 (Q4-2024)
• Core operating profit grew by 10.5% year-on-year to Rs 15,320 crore (US$ 1.8
billion) in Q4-2024
• Profit after tax grew by 17.4% year-on-year to Rs 10,708 crore (US$ 1.3 billion)
in Q4-2024
• Profit before tax excluding treasury grew by 28.3% year-on-year to Rs 54,479
crore (US$ 6.5 billion) in the year ended March 31, 2024 (FY2024)
• Core operating profit grew by 18.3% year-on-year to Rs 58,122 crore (US$ 7.0
billion) in FY2024
• Profit after tax grew by 28.2% year-on-year to Rs 40,888 crore (US$ 4.9 billion)
in FY2024
• Total period-end deposits grew by 19.6% year-on-year to Rs 14,12,825 crore
(US$ 169.4 billion) at March 31, 2024
• Average current account and savings account (CASA) ratio was 38.9% in
Q4-2024
• Domestic loan portfolio grew by 16.8% year-on-year to Rs 11,50,955 crore (US$
138.0 billion) at March 31, 2024
• Net NPA ratio declined to 0.42% at March 31, 2024 from 0.44% at December
31, 2023
• Provisioning coverage ratio on non-performing assets was 80.3% at March 31,
2024
• Total capital adequacy ratio was 16.33% and CET-1 ratio was 15.60%, on a
standalone basis, at March 31, 2024 after reckoning the impact of proposed
dividend
• The Board has recommended a dividend of Rs 10 per share for FY2024. The
declaration and payment of dividend is subject to requisite approvals.
Profit & loss account
• Profit before tax excluding treasury grew by 19.2% year-on-year to Rs 14,602
crore (US$ 1.8 billion) in Q4-2024 from Rs 12,247 crore (US$ 1.5 billion) in the
quarter ended March 31, 2023 (Q4-2023)
• The core operating profit grew by 10.5% year-on-year to Rs 15,320 crore (US$ 1.8
billion) in Q4-2024 from Rs 13,866 crore (US$ 1.7 billion) in Q4-2023
• Net interest income (NII) increased by 8.1% year-on-year to Rs 19,093 crore (US$
2.3 billion) in Q4-2024 from Rs 17,667 crore (US$ 2.1 billion) in Q4-2023
• The net interest margin was 4.40% in Q4-2024 compared to 4.43% in Q3-2024
and 4.90% in Q4-2023
• Non-interest income, excluding treasury, increased by 15.7% year-on-year to Rs
5,930 crore (US$ 711 million) in Q4-2024 from Rs 5,127 crore (US$ 615 million) in
Q4-2023
• Fee income grew by 12.5% year-on-year to Rs 5,436 crore (US$ 652 million) in Q4-
2024 from Rs 4,830 crore (US$ 579 million) in Q4-2023. Fees from retail, rural,
business banking and SME customers constituted about 77% of total fees in Q4-
2024
• There was a treasury loss of Rs 281 crore (US$ 34 million) in Q4-2024 compared
to Rs 40 crore (US$ 5 million) in Q4-2023 due to transfer of negative balance of Rs
340 crore (US$ 41 million) in Foreign Currency Translation Reserve related to
Bank’s Offshore Unit in Mumbai to profit and loss account in view of the proposed
closure of the Unit
• Provisions (excluding provision for tax) were Rs 718 crore (US$ 86 million) in Q4-
2024 compared to Rs 1,619 crore (US$ 194 million) in Q4-2023
• The profit before tax grew by 17.3% year-on-year to Rs 14,321 crore (US$ 1.7
billion) in Q4-2024 from Rs 12,207 crore (US$ 1.5 billion) in Q4-2023
• The profit after tax grew by 17.4% year-on-year to Rs 10,708 crore (US$ 1.3 billion)
in Q4-2024 from Rs 9,122 crore (US$ 1.1 billion) in Q4-2023
• The profit after tax grew by 28.2% year-on-year to Rs 40,888 crore (US$ 4.9 billion)
in FY2024 from Rs 31,896 crore (US$ 3.8 billion) in the year ended March 31, 2023
(FY2023).
Credit growth
The net domestic advances grew by 16.8% year-on-year and 3.2% sequentially at
March 31, 2024. The retail loan portfolio grew by 19.4% year-on-year and 3.7%
sequentially, and comprised 54.9% of the total loan portfolio at March 31, 2024.
Including non-fund outstanding, the retail portfolio was 46.8% of the total portfolio
at March 31, 2024. The business banking portfolio grew by 29.3% year-on-year and
5.7% sequentially at March 31, 2024. The SME business, comprising borrowers with
a turnover of less than Rs 250 crore (US$ 30 million), grew by 24.6% year-on-year and
3.8% sequentially at March 31, 2024. The rural portfolio grew by 17.2% year-on-year
and 4.5% sequentially at March 31, 2024. The domestic corporate portfolio grew by
10.0% year-on-year and was flat sequentially at March 31, 2024. Total advances
increased by 16.2% year-on-year and 2.7% sequentially to Rs 11,84,406 crore (US$
142.0 billion) at March 31, 2024.
The Bank continues to enhance the use of technology in its operations and to provide
solutions to customers. iLens, the retail lending platform, is being upgraded on an
ongoing basis, with personal loans and education loans now integrated in the
platform along with mortgages. About 71% of trade transactions were done digitally
in FY2024. The volume of transactions done through Trade Online platform grew by
29.2% year-on-year in FY2024. The Bank has further simplified bank guarantee
journeys with new enhancements. Smart BG Assist is a solution to enable digital
execution of bank guarantees for creating and validating text, e-stamping, digital
signatures among others.
Deposit growth
Total period-end deposits increased by 19.6% year-on-year and 6.0% sequentially to
Rs 14,12,825 crore (US$ 169.4 billion) at March 31, 2024. Period-end term deposits
increased by 27.7% year-on-year and 1.6% sequentially to Rs 8,16,953 crore (US$ 98.0
billion) at March 31, 2024. Average current account deposits increased by 13.0%
year-on-year in Q4-2024. Average savings account deposits increased by 4.6% year-
on-year in Q4-2024.
With the addition of 623 branches in FY2024, the Bank had a network of 6,523
branches and 17,190 ATMs & cash recycling machines at March 31, 2024.
The value of the Bank’s merchant acquiring transactions through UPI grew by 67.7%
year-on-year and 8.7% sequentially in Q4-2024. The Bank had a market share of
about 30% by value in electronic toll collections through FASTag in Q4-2024, with a
14.5% year-on-year growth in collections in Q4-2024.
Asset quality
The gross NPA ratio declined to 2.16% at March 31, 2024 from 2.30% at December
31, 2023. The net NPA ratio was 0.42% at March 31, 2024 compared to 0.44% at
December 31, 2023 and 0.48% at March 31, 2023. The net additions to gross NPAs,
excluding write-offs and sale, were Rs 1,221 crore (US$ 146 million) in Q4-2024
compared to Rs 363 crore (US$ 44 million) in Q3-2024. The gross NPA additions were
Rs 5,139 crore (US$ 616 million) in Q4-2024 compared to Rs 5,714 crore (US$ 685
million) in Q3-2024. Recoveries and upgrades of NPAs, excluding write-offs and sale,
were Rs 3,918 crore (US$ 470 million) in Q4-2024 compared to Rs 5,351 crore (US$ 642
million) in Q3-2024. The Bank has written off gross NPAs amounting to Rs 1,707 crore
(US$ 205 million) in Q4-2024. The provisioning coverage ratio on NPAs was 80.3%
at March 31, 2024.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution
as per the various extant regulations/guidelines declined to Rs 3,059 crore (US$ 367
million) or 0.3% of total advances at March 31, 2024 from Rs 3,318 crore (US$ 398
million) at December 31, 2023. The Bank holds provisions amounting to Rs 975 crore
(US$ 117 million) against these borrowers under resolution, as of March 31, 2024. In
addition, the Bank continues to hold contingency provisions of Rs 13,100 crore (US$
1.6 billion) at March 31, 2024. The loan and non-fund based outstanding to
performing corporate and SME borrowers rated BB and below was Rs 5,528 crore
(US$ 663 million) at March 31, 2024 compared to Rs 5,853 crore (US$ 702 million) at
December 31, 2023. The loan and non-fund based outstanding of Rs 5,528 crore (US$
663 million) at March 31, 2024 includes Rs 645 crore (US$ 77 million) to borrowers
under resolution.
Capital adequacy
The Bank’s total capital adequacy ratio at March 31, 2024 was 16.33% and CET-1
ratio was 15.60% after reckoning the impact of proposed dividend compared to the
minimum regulatory requirements of 11.70% and 8.20% respectively.
Dividend on equity shares
The Board has recommended a dividend of Rs 10 per share (equivalent to dividend of
US$ 0.24 per ADS) in line with applicable guidelines. The declaration of dividend is
subject to requisite approvals. The record/book closure dates will be announced in
due course.
Consolidated results
The consolidated profit after tax increased by 18.5% year-on-year to Rs 11,672 crore
(US$ 1.4 billion) in Q4-2024 from Rs 9,853 crore (US$ 1.2 billion) in Q4-2023.
Consolidated assets grew by 20.7% year-on-year to Rs 23,64,063 crore (US$ 283.4
billion) at March 31, 2024 from Rs 19,58,490 crore (US$ 234.8 billion) at March 31,
2023.
Key subsidiaries and associates
The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life)
increased by 4.7% year-on-year to Rs 9,046 crore (US$ 1.1 billion) in FY2024
compared to Rs 8,640 crore (US$ 1.0 billion) in FY2023. Value of New Business (VNB)
of ICICI Life was Rs 2,227 crore (US$ 267 million) in FY2024 compared to Rs 2,765 crore
(US$ 332 million) in FY2023. The VNB margin was 24.6% in FY2024 compared to
32.0% in FY2023. The profit after tax was Rs 852 crore (US$ 102 million) in FY2024
compared to Rs 811 crore (US$ 97 million) in FY2023 and Rs 174 crore (US$ 21 million)
in Q4-2024 compared to Rs 235 crore (US$ 28 million) in Q4-2023.
During the quarter, the Bank purchased equity shares of ICICI Lombard General
Insurance Company Limited through secondary market transactions. Consequently,
the company is now a subsidiary of the Bank. The Gross Direct Premium Income
(GDPI) of ICICI Lombard General Insurance Company (ICICI General) grew by 17.8%
year-on-year to Rs 24,776 crore (US$ 3.0 billion) in FY2024 from Rs 21,025 crore (US$
2.5 billion) in FY2023. The combined ratio stood at 103.3% in FY2024 compared to
104.5% in FY2023. The profit after tax of ICICI General grew by 11.0% to Rs 1,919
crore (US$ 230 million) in FY2024 from Rs 1,729 crore (US$ 207 million) in FY2023.
The profit after tax was Rs 520 crore (US$ 62 million) in Q4-2024 compared to Rs 437
crore (US$ 52 million) in Q4-2023.
The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS,
was Rs 529 crore (US$ 63 million) in Q4-2024 compared to Rs 385 crore (US$ 46 million)
in Q4-2023. The profit after tax grew by 35.2% year-on-year to Rs 2,050 crore (US$
246 million) in FY2024 from Rs 1,516 crore (US$ 182 million) in FY2023.
The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, grew
to Rs 537 crore (US$ 64 million) in Q4-2024 from Rs 263 crore (US$ 32 million) in Q4-
2023. The profit after tax grew by 51.8% year-on-year to Rs 1,697 crore (US$ 203
million) in FY2024 from Rs 1,118 crore (US$ 134 million) in FY2023.
