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What the record says.
ICICI Bank delivered a strong Q2 FY24 with PAT growing 35.8% YoY to INR 102.61 billion, driven by robust loan growth of 18.3% YoY and stable asset quality. Core operating profit rose 21.7% YoY to INR 143.14 billion, while NIM moderated to 4.53% from 4.78% QoQ due to deposit repricing. Management expects full-year margins similar to FY23. Retail and SME loans grew 21.4% and 29.4% YoY respectively, with unsecured portfolios performing well within risk parameters. The bank added 174 branches in the quarter and continues to invest in technology. Key risk: potential margin compression from continued deposit cost repricing and competitive pricing pressures in loans.
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Guidance to track
- Management expects net interest margin for FY24 to be at a similar level as FY23 (4.53%), with some moderation from Q2 levels.
- The bank added 174 branches in Q2 and 350 in H1, with plans to continue expanding based on micro-market opportunities.
- Technology expenses were about 9.2% of operating expenses in H1, and the bank will continue investing in technology, people, and distribution.
Risks flagged
- NIM declined sequentially due to lagged impact of term deposit rate increases; further moderation expected in coming quarters.
- Analysts raised concerns about rising delinquencies in small-ticket unsecured loans; management downplayed risk for ICICI due to focus on upper segments.
- Management acknowledged intense competition across mortgages, personal loans, and corporate lending, which could pressure yields.
- RBI imposed a fine for non-compliance related to cross-selling of non-financial products in 2020-21; corrective actions taken.
Key quotes
- The profit before tax, excluding treasury, grew by 35.7% year-on-year to INR 137.31 billion in this quarter.
- We would continue to expect to see some increase in the cost of deposits on the book, and therefore, some moderation in margins, over the next quarter or so as well.
- As far as our portfolio is concerned, we feel that the trends are quite stable, and the delinquencies and credit costs are well within what we would have expected them to be.
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