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Business News/ Companies / Company Results/  ICICI Bank Q4 Results: Net profit rises 17% to 10,707 crore, NII up 8% YoY; dividend declared
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ICICI Bank Q4 Results: Net profit rises 17% to ₹10,707 crore, NII up 8% YoY; dividend declared

ICICI Bank Q4 Results: India's second-largest lender by mcap reported a growth of eight per cent in NII to ₹19,092.8 crore, compared to ₹17,666.8 crore in the year-ago period.

ICICI Bank Q4 Results: ICICI Bank declared Q4 results today In Picture: ICICI Bank branch at K G MARG; Photo by Ramesh PathaniaPremium
ICICI Bank Q4 Results: ICICI Bank declared Q4 results today In Picture: ICICI Bank branch at K G MARG; Photo by Ramesh Pathania

ICICI Bank Q4 Results: ICICI Bank announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Saturday, April 27, reporting a rise of 17.4 per cent in standalone net profit at 10,707.5 crore, compared to 9,121.9 crore in the corresponding period last year. India's second-largest lender by market capitalisation (mcap) reported a growth of eight per cent in net interest income (NII)--the difference between interest earned and paid--to 19,092.8 crore, compared to 17,666.8 crore in the same period last year.

Follow ICICI Bank Q4 Live Updates: Net profit rises 17% YoY, dividend declared

The private-sector lender also declared a dividend of 10 per equity share of face value of 2 each. The dividend on equity shares, will be paid on or after it is approved by the shareholders at the bank's annual general meeting (AGM).

The board approved a fund raising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets. The bank's board also authorised buyback of debt securities within the limits.

ICICI Bank Q4: Profit & loss account

The non-interest income, excluding the performance of the treasury, came in at 5,930 crore, 15.7 per cent higher than the year-ago period. The bank's provisions more than halved to 718 crore in the fourth quarter of FY24. The bank's core operating profit grew by 10.5 per cent year-on-year (YoY) to 15,320 crore in the March quarter from 13,866 crore in the year-ago period.

ICICI Bank Q4: Asset Quality

The lender’s gross bad loan ratio or gross non-performing asset (NPA) ratio narrowed to 2.16 per cent in the March quarter, from 2.3 per cent in the preceding quarter. The net NPA ratio was 0.42 per cent at March 31, 2024 compared to 0.44 per cent at December 31, 2023 and 0.48 per cent at March 31, 2023. The bank has written off gross NPAs amounting to 1,707 crore in the March quarter. The provisioning coverage ratio on NPAs was 80.3 per cent at March 31, 2024.

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Credit & Deposit Growth

The net domestic advances grew by 16.8 per cent YoY and 3.2 per cent sequentially at March 31, 2024. The retail loan portfolio grew by 19.4 per cent YoY and 3.7 per cent sequentially, and comprised 54.9 per cent of the total loan portfolio at March 31, 2024. Including non-fund outstanding, the retail portfolio was 46.8 per cent of the total portfolio at March 31, 2024.

Total period-end deposits increased by 19.6 per cent YoY and six per cent sequentially to 14,12,825 crore at March 31, 2024. The period-end term deposits increased by 27.7 per cent YoY and 1.6 per cent sequentially to 8,16,953 crore at March 31, 2024. On Friday, shares of ICICI Bank settled 0.53 per cent lower at 1,107.15 apiece on the BSE.

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Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 27 Apr 2024, 04:33 PM IST
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