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What the record says.
ICICI Bank reported a strong Q2 FY25 with PAT growing 14.5% YoY to INR 117.46 billion, driven by healthy loan growth and controlled operating expenses. Core operating profit rose 12.1% YoY to INR 160.43 billion. Domestic loan growth was 15.7% YoY, with retail loans up 14.2% and business banking surging 13% YoY. Net interest margin (NIM) moderated to 4.27% from 4.36% QoQ due to higher deposit costs and day-count impact, but management expects NIM stability in H2. Asset quality remained robust with net NPA at 0.42% and contingency provisions of INR 131 billion (1% of loans). Credit costs stayed low at ~0.38% of advances. Management guided for stable margins and moderate OpEx growth. Key risk: potential further normalization of credit costs in unsecured retail portfolios.
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Guidance to track
- Management expects net interest margin to remain stable in the second half of the fiscal year, with potential improvement when rate cuts begin.
- OpEx growth moderated to 6.6% YoY in Q2; H1 growth was ~8.5%, and H2 may be slightly higher due to festive spends, but broadly in that range.
- Personal loan growth has slowed from 40% YoY to 17% and is expected to decline further over the next couple of quarters due to tighter underwriting.
Risks flagged
- Delinquencies in personal loans and credit cards have risen over the past year; further increase could push overall credit costs above the current 40-50 bps range.
- Cost of deposits rose 4 bps QoQ to 4.88%, and further marginal increases are expected, which could pressure NIM if loan yields do not keep pace.
- Business banking is a competitive segment with pressure on yields; growth may come at lower margins, though management focuses on overall customer profitability.
Key quotes
- We would expect margins to be broadly stable in the near term. And then when the rate cut cycle starts, of course, the lead lag will play out on the reverse side, with loans repricing faster than deposits.
- Overall, you know, the unsecured piece, these two products put together are about 14% of the loan book. So, you know, some increase in delinquency or credit costs in these segments has contributed to the, you know, path towards some kind of normalization of credit costs.
- We don't really push the distribution for, you know, that we on this much CA, or this much SA, or this much term. You know, we basically, what we are trying to achieve is that we should, you know, be having good customers, and we should be the, you know, primary banker having a good share of that customer's wallet.
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