ICICI Bank today reported a standalone net profit of Rs 9,121.87 crore for the fiscal quarter ended March 31, 2023, up 30% year on year (YoY) from the previous fiscal year’s corresponding quarter of Rs 7018.71 crore.
The company’s PAT was higher than the Street’s estimates.
According to the average of 7 brokerage estimates, net profit was expected to rise 28% year on year (YoY) to around Rs 9,000 crore. For the reporting quarter, net interest income was expected to be Rs 17,500 crore, up 39% year on year. Gross NPAs were estimated at 3% in an ET Now poll, down from 3.07% in Q3FY23.
ICICI Bank shares closed at Rs 887.60 on the NSE on Friday, down Rs 6.80 or 0.76% from the previous day’s close.
The total standalone income for the reporting quarter increased by nearly 32% year on year to 36,108.88 crores. In Q4FY22, it was Rs 27,412.32 crore.
In the fiscal year ended March 31, 2023, core operating profit increased 28.1% year on year to Rs 49,139 crore. In FY2023, core operating profit with fewer provisions increased 43.0% year on year to Rs 42,473 crore.
PAT increased 36.7% year on year to Rs 31,896 crore for the fiscal year that ended March 31, 2023. Total deposits increased 10.9% year on year to Rs 1,180,841 crore ($ 143.7 billion) on March 31. In Q4-2023, the average CASA ratio was 43.6%.
The domestic loan portfolio increased by 20.5% year on year.
The net NPA ratio fell to 0.48% in March 2023, from 0.55% in December 2022, while the provision coverage ratio on non-performing assets was 82.8% in March 2023.
On a standalone basis, the total capital adequacy ratio was 18.34% and the Tier-1 capital adequacy ratio was 17.60% as of March 31, 2023.
