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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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What the record says.
ICICI Bank reported a steady Q3 FY25 with PAT growing 14.8% YoY to ₹117.92 billion, driven by core operating profit growth of 13.1% YoY and strong fee income (+16.3% YoY). Domestic loan growth was 15.1% YoY, led by business banking (+31.9%) and corporate (+13.2%), while retail slowed to 10.5% due to cautious unsecured lending. NIM compressed to 4.25% (down 18bps YoY) from deposit cost pressure and KCC seasonality. Asset quality remained stable with net NPA at 0.42% and contingency provisions of ₹131 billion (1% of loans). Management guided for sustained credit costs around 50bps and continued investment in technology and branches. Risk: Unsecured retail slippages could rise if economic conditions weaken, though management expects stabilization.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated that reported credit cost of 37bps is below the sustainable level of ~50bps, with no expectation of a dramatic increase.
- The bank will keep investing in technology (10.5% of opex), people, and distribution, adding 129 branches in Q3.
- Management aims to grow market share across key segments while maintaining strong balance sheet and prudent provisioning.
Risks flagged
- Personal loan and credit card portfolios have seen increased delinquencies over the past six quarters; management has taken corrective actions but trend may persist.
- Cost of deposits rose to 4.91% from 4.88% sequentially, and NIM declined 18bps YoY; further pressure could impact profitability.
- Analyst questioned what could go wrong in business banking; management cited granularity and collateral but acknowledged need for tight monitoring.
Key quotes
- We continue to operate within a 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.
- I think overall, we continue to be within sort of the 50 basis points that we have been talking of in previous calls, the reported number for this quarter being 37 basis points.
- We don't really pursue any particular type of deposit. I think what we want to achieve is that we should increase our share of business with existing customers and acquire new good customers.
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