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What the record says.
ICICI Bank reported a strong Q3 FY24 with PAT growing 23.6% YoY to ₹102.72 billion, driven by robust loan growth of 18.5% YoY and stable asset quality. Core operating profit rose 10.3% YoY to ₹146.01 billion, while NIM compressed to 4.43% due to lagged deposit repricing. Management expects further NIM moderation in Q4 but at a slower pace. Retail and SME loans grew 21.4% and 27.5% YoY respectively, while personal loan growth moderated after tightening credit parameters. Contingency provisions remain high at ₹131 billion (1.1% of loans). Key risk: continued margin compression from deposit repricing and competitive intensity in lending.
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Guidance to track
- Management expects FY24 NIM to be similar to FY23, implying further compression in Q4 but at a lower pace than Q3.
- Employee additions will not continue at the pace of previous 4-5 quarters; Q3 saw only 1,700 additions vs ~10,000 in H1.
- Growth in personal loans may continue to moderate from current levels due to tighter credit parameters and pricing actions.
Risks flagged
- NIM declined 22bps YoY to 4.43% and may compress further in Q4 as deposit costs continue to rise, albeit at a slower pace.
- Analyst raised concerns about rising delinquencies in unsecured loans; management acknowledged trimming higher-risk cohorts but did not quantify impact.
- Gross NPA additions from Kisan Credit Card portfolio were ₹6.17 billion in Q3, with higher additions typical in Q1 and Q3 each fiscal year.
Key quotes
- The profit before tax, excluding treasury, grew by 23.4% year-on-year to INR 135.51 billion in this quarter.
- We have said in the past that we expect the full year margin this year to be at a similar level than last year. And that implies some further margin compression in Q4, but it should be much lower than what we have seen.
- We are not particularly focused on loan growth, so in that sense, we are able to calibrate our pricing decision.
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