ICICI Bank Q3 FY2023 results: Private sector lender ICICI Bank announced the third-quarter results for this fiscal on Saturday, January 21, 2023. The company said profit after tax (PAT) grew by 34.2% year-on-year to Rs 8,312 crore in Q3-2023.
Net interest income rose 34.6% to Rs 16,465 crore for the December quarter, from Rs 12,236 crore in the corresponding quarter last year. Gross NPA stood at 3.07% as against 3.19% QoQ while Operating Profit remained at Rs 13,271.22 crore as against Rs 10,148.25 crore YoY.
Total period-end deposits grew by 10.3% year-on-year to Rs 11,22,049 crore while average current account and savings account (CASA) ratio was 44.6% in the quarter that ended in December.
Overall loan portfolio grew by 19.7% year-on-year while domestic loan portfolio grew by 21.4% YoY, said ICICI Bank in an official statement.
Net interest income (NII) increased by 34.6% YoY to Rs 16,465 crore in Q3 FY2023 from Rs 12,236 crore in the year a year ago.
The net interest margin was 4.65% in Q3-2023 compared to 3.96% in the present quarter and 4.31% in the quarter ended September 30, 2022. Non-interest income, excluding treasury income, increased by 1.8% YoY to Rs 4,987 crore in Q3 FY2023 from Rs 4,899 crore in Q3-2022, the lender said in an exchange filing.
The bank’s deposits grew by 10.3% YoY to Rs 11,22,049 crore and loan portfolio recorded a growth of 19.7% YoY. Provisions (excluding provision for tax) increased by 12.5% YoY to Rs 2,257 crore in Q3. “During the quarter, the bank has changed its provisioning norms on nonperforming assets to make them more conservative. This change resulted in higher provisions amounting to Rs 1,196 crore in Q3-2023. Provisions for Q3-2023 also include contingency provision of Rs 1,500 crore made on a prudent basis,” said the bank in the exchange filing.
“There have been around 86 lakh activations from non-ICICI Bank account holders on our mobile banking app, iMobile Pay as of end-December 2022. The value of transactions by non-ICICI Bank account holders on iMobile Pay during Q3-2023 was 2.3 times the value of transactions in Q3-2022,” ICICI Bank stated.
“The business banking and SME franchise continues to grow on the back of digital offerings and platforms like InstaBIZ along with the Bank’s extensive branch network. The value of financial transactions on InstaBIZ grew by about 29.2% year-on-year in Q3-2023. There have been about 215,000 registrations from non-ICICI Bank account holders on InstaBIZ till December 31, 2022,” it read.
“The value of the Bank’s merchant acquiring transactions through UPI grew by 10.6% sequentially and 78.0% year-on-year in Q3-2023. The Bank had a market share of 30.6% by value in electronic toll collections through FASTag in Q3-2023, with a 22.2% year-on-year growth in collection,” added the bank in the exchange filing.
