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What the record says.
ICICI Bank reported a solid Q1 FY25 with PAT growing 14.6% YoY to INR 110.59 billion, driven by core operating profit growth of 11% YoY and strong fee income growth of 13.4% YoY. Domestic loan growth was 15.9% YoY, led by retail (17.1% YoY) and business banking (35.6% YoY). NIM compressed to 4.36% from 4.78% a year ago due to deposit cost pressures and competitive pricing. Asset quality remained stable with net NPA at 0.43%, though gross NPA additions rose seasonally due to KCC portfolio. Management guided for gradual normalization of credit costs around 50 bps and expects OpEx growth to moderate. Key risk: intensifying competition in corporate and mortgage lending could further compress NIMs.
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Guidance to track
- Management expects credit cost to gradually normalize around 50 basis points, adjusted for seasonality and one-offs.
- Operating expense growth is expected to remain around 10-13% YoY, similar to recent quarters.
- Personal loan growth is expected to moderate to around 20% or lower by year-end, from 24% YoY in Q1.
Risks flagged
- Intense competition in corporate and mortgage lending is pressuring yields, while deposit costs remain elevated, potentially compressing NIMs further.
- Recoveries from past NPA pools are slowing, which could lead to a gradual increase in credit costs from current low levels.
- Revised LCR guidelines could tighten deposit markets and constrain loan growth, though management is still assessing the impact.
- Kisan Credit Card portfolio sees higher NPA additions in Q1 and Q3, which could cause volatility in asset quality metrics.
Key quotes
- We continue to operate within our strategic framework to strengthen our franchise, maintaining high standards of governance, deepening coverage, and enhancing delivery capabilities, are focus areas for our risk-calibrated, profitable growth.
- On the recoveries, I think we have, you know, we have been saying for some time that the pace of recoveries will vary and may not continue at the same pace because we were still collecting out of the pool of NPAs that got created in fiscal 2021, fiscal 2022.
- I would expect, you know, that that should be a fair indicator. I don't think that there is anything that should take it up materially, you know, in our business as usual sense.
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