<p><strong>Mumbai:</strong> ICICI Bank, a leading private sector in India, posted a 17.4% growth in net profit to ₹10,708 crore in the January-March quarter of the financial year 2024, compared to the same period last year. Net interest income (NII) increased by 8.1% to ₹19,093 crore in Q4FY2024 from the same period last year. For the fiscal year 2024, net profit tax grew by 28.2% year-on-year to ₹40,888 crore. The board of the Bank recommended a dividend of ₹10 per share for FY2024, subject to requisite approvals.</p><p>The capital position of the bank continued to be strong with a CET-1 ratio of 15.6% and total capital adequacy ratio of 16.3% at March 31, 2024, after reckoning the impact of proposed dividend.</p><p><strong>Sandeep Bakhshi, MD & CEO, ICICI Bank</strong> said, “At ICICI Bank, our strategic focus continues to be on growing our core operating profit less provisions, i.e., profit before tax excluding treasury through the 360- degree customer centric approach and by serving opportunities across ecosystems and micro markets. We continue to operate within our strategic framework to strengthen our franchise and expand our technology and digital offerings. Maintaining high standards of governance, deepening coverage and enhancing delivery capabilities are our focus areas for risk calibrated profitable growth.”</p><p>He further added, “Looking ahead, we see many opportunities to drive risk calibrated profitable growth. We believe our focus on customer 360, extensive franchise and collaboration within the organisation, backed by our digital offerings, process improvements and service delivery initiatives will enable us to deliver holistic solutions to customers in a seamless manner and grow market share across key segments.”</p><p>The bank, he said, would continue to make investments in technology, people, distribution and building our brand. “Operational resilience is a key area of focus for us and we continue to work towards enhancing the same. We will remain focused on maintaining a strong balance sheet with prudent provisioning and healthy levels of capital. The principles of “Return of Capital”, “Fair to Customer, Fair to Bank” and “One Bank, One Team” will continue to guide our operations,” added Mr. Bakhshi.</p><p><strong>Deposit growth:</strong></p><p>Total deposits grew by 19.6% year-on-year and 6.0% sequentially at March 31, 2024. Term deposits increased by 27.7% year-on-year and 1.6% sequentially at March 31, 2024. During the quarter, the average current and savings account deposits grew by 7.0% year-on-year and 2.9% sequentially. The bank’s average liquidity coverage ratio for the quarter was about 123%. The average current account and savings account (CASA) ratio stood at 38.9% in Q4 FY24, reflecting the bank's success in nurturing low-cost deposits.</p><p><strong>Loan Growth:</strong></p><p>ICICI Bank's domestic loan portfolio 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. Including non-fund-based outstanding, the retail portfolio was 46.8% of the total portfolio. The business banking portfolio grew by 29.3% year-on-year and 5.7% sequentially. The SME portfolio grew by 24.6% year-on-year and 3.8% sequentially. The rural portfolio grew by 17.2% year-on-year and 4.5% sequentially. The domestic corporate portfolio grew by 10% year-on-year and was flat sequentially. The overall loan portfolio, including the international branches portfolio, grew by 16.2% year-on-year and 2.7% sequentially at March 31, 2024.</p>
<p><strong>Mumbai:</strong> ICICI Bank, a leading private sector in India, posted a 17.4% growth in net profit to ₹10,708 crore in the January-March quarter of the financial year 2024, compared to the same period last year. Net interest income (NII) increased by 8.1% to ₹19,093 crore in Q4FY2024 from the same period last year. For the fiscal year 2024, net profit tax grew by 28.2% year-on-year to ₹40,888 crore. The board of the Bank recommended a dividend of ₹10 per share for FY2024, subject to requisite approvals.</p><p>The capital position of the bank continued to be strong with a CET-1 ratio of 15.6% and total capital adequacy ratio of 16.3% at March 31, 2024, after reckoning the impact of proposed dividend.</p><p><strong>Sandeep Bakhshi, MD & CEO, ICICI Bank</strong> said, “At ICICI Bank, our strategic focus continues to be on growing our core operating profit less provisions, i.e., profit before tax excluding treasury through the 360- degree customer centric approach and by serving opportunities across ecosystems and micro markets. We continue to operate within our strategic framework to strengthen our franchise and expand our technology and digital offerings. Maintaining high standards of governance, deepening coverage and enhancing delivery capabilities are our focus areas for risk calibrated profitable growth.”</p><p>He further added, “Looking ahead, we see many opportunities to drive risk calibrated profitable growth. We believe our focus on customer 360, extensive franchise and collaboration within the organisation, backed by our digital offerings, process improvements and service delivery initiatives will enable us to deliver holistic solutions to customers in a seamless manner and grow market share across key segments.”</p><p>The bank, he said, would continue to make investments in technology, people, distribution and building our brand. “Operational resilience is a key area of focus for us and we continue to work towards enhancing the same. We will remain focused on maintaining a strong balance sheet with prudent provisioning and healthy levels of capital. The principles of “Return of Capital”, “Fair to Customer, Fair to Bank” and “One Bank, One Team” will continue to guide our operations,” added Mr. Bakhshi.</p><p><strong>Deposit growth:</strong></p><p>Total deposits grew by 19.6% year-on-year and 6.0% sequentially at March 31, 2024. Term deposits increased by 27.7% year-on-year and 1.6% sequentially at March 31, 2024. During the quarter, the average current and savings account deposits grew by 7.0% year-on-year and 2.9% sequentially. The bank’s average liquidity coverage ratio for the quarter was about 123%. The average current account and savings account (CASA) ratio stood at 38.9% in Q4 FY24, reflecting the bank's success in nurturing low-cost deposits.</p><p><strong>Loan Growth:</strong></p><p>ICICI Bank's domestic loan portfolio 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. Including non-fund-based outstanding, the retail portfolio was 46.8% of the total portfolio. The business banking portfolio grew by 29.3% year-on-year and 5.7% sequentially. The SME portfolio grew by 24.6% year-on-year and 3.8% sequentially. The rural portfolio grew by 17.2% year-on-year and 4.5% sequentially. The domestic corporate portfolio grew by 10% year-on-year and was flat sequentially. The overall loan portfolio, including the international branches portfolio, grew by 16.2% year-on-year and 2.7% sequentially at March 31, 2024.</p>