ICICI Bank posts 17.4% rise in profit, proposes Rs 10 dividend

The bank had reported a net profit of Rs 9,853 crore in the year-ago period.

On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. (File)

Aided by strong loan growth, ICICI Bank, the second largest private sector lender, has reported a 17.4 per cent growth in its standalone profit after tax (PAT) at Rs 10,707.53 crore for the March quarter (Q4) of 2024 against Rs 9,121.87 crore in the same period of last year. The board has proposed a dividend of Rs 10 per share for the year.

Total income of the bank rose to Rs 43,597 crore for Q4 as against Rs 42,791.64 crore a year ago. The core net interest income (NII) increased 8.1 per cent to Rs 19,093 crore on a 16.8 per cent growth in loans and a marginal compression in net interest margin (NIM) to 4.40 per cent. The bank’s fourth quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore from Rs 9,853 crore in the year-ago period.

On Friday, the bank’s shares declined by 0.53 per cent at Rs 1,107.15 on the BSE.

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The non-interest income, excluding the performance of the treasury, came at Rs 5,930 crore, 15.7 per cent higher than the year-ago period. The provisions more than halved to Rs 718 crore for the reporting quarter, as per the exchange filing by the lender.

According to ICICI Bank’s executive director Sandeep Batra, the bank was focussed on risk-calibrated operating profit.

“Our objective is to maximise overall profitability which includes all levers like NIM, expenses, fees and provisions,” he said.

According to the bank, the gross NPA ratio declined to 2.16 per cent at March 2024 from 2.30 per cent as of December 2023. The net NPA ratio was 0.42 per cent at March 2024 compared to 0.44 per cent in December 2023 and 0.48 per cent as of March 2023.

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The net additions to gross NPAs, excluding write-offs and sale, were Rs 1,221 crore in Q4-2024 compared to Rs 363 crore in Q3-2024.

The gross NPA additions were Rs 5,139 crore in Q4-2024 compared to Rs 5,714 crore in Q3-2024. Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 3,918 crorein Q4-2024 compared to Rs 5,351 crore in Q3-2024.

The net domestic advances grew by 16.8 per cent year-on-year and 3.2 per cent sequentially in Q4 of FY24.

The retail loan portfolio grew by 19.4 per cent year-on-year and 3.7 per cent sequentially, and comprised 54.9 per cent of the total loan portfolio as of March 2024. Including non-fund outstanding, the retail portfolio was 46.8 per cent of the total portfolio as of March 2024. The business banking portfolio grew by 29.3 per cent year-on-year and 5.7 per cent sequentially by March 2024. About 71 per cent of trade transactions were done digitally in FY24.

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Total period-end deposits increased by 19.6 per cent year-on-year and 6.0 per cent sequentially to Rs 14,12,825 crore ($169.4 billion) at March 31, 2024.

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