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View Promises →Icicibank Ltd — Q3 FY25
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).
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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.
आईसीआईसीआई बैंक ने तीसरी तिमाही में अच्छा प्रदर्शन किया। इसका मुनाफा पिछले साल की तुलना में 14.8% बढ़कर 11,792 करोड़ रुपये हो गया। बैंक की मुख्य कमाई 13.1% बढ़ी और फीस से आय 16.3% बढ़ी। देश में कर्ज देने में 15.1% की बढ़ोतरी हुई, जिसमें छोटे व्यवसायों को दिया गया कर्ज 31.9% और कंपनियों को 13.2% बढ़ा। लेकिन व्यक्तिगत कर्ज सिर्फ 10.5% बढ़ा क्योंकि बैंक ने बिना गारंटी वाले कर्ज में सावधानी बरती। बैंक की ब्याज आय का अंतर घटकर 4.25% रह गया। बैंक के खराब कर्ज बहुत कम 0.42% हैं और उसने 13,100 करोड़ रुपये का अतिरिक्त कोष बनाया है। बैंक का कहना है कि आगे भी खराब कर्ज कम रहेगा और वह नई तकनीक और शाखाओं में निवेश करता रहेगा। हालांकि, अगर अर्थव्यवस्था कमजोर होती है तो व्यक्तिगत कर्ज में कुछ परेशानी हो सकती है।
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Unsecured retail slippages
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Read Transcript →Quarter Snapshot
Domestic Loan Growth
15.1%
+15.1% YoY
Domestic loan portfolio grew 15.1% YoY and 3.2% sequentially, driven by business banking and corporate segments.
Net Interest Margin
4.25%
-18bps YoY
NIM declined 18bps YoY to 4.25% due to higher deposit costs and KCC seasonality; domestic NIM was 4.32%.
Fee Income Growth
₹61.8B
+16.3% YoY
Fee income grew 16.3% YoY to ₹61.8 billion, with retail, rural, and business banking contributing 78%.
CASA Ratio (Average)
12.6% growth
+12.6% YoY
Average CASA deposits grew 12.6% YoY, outperforming peers, driven by digital adoption and customer engagement.
What Changed vs Last Quarter
NEW
Credit cost around 50bps
Management reiterated that reported credit cost of 37bps is below the sustainable level of ~50bps, with no expectation of a dramatic increase.
NEW
Continued investment in technology and branches
The bank will keep investing in technology (10.5% of opex), people, and distribution, adding 129 branches in Q3.
NEW
Focus on risk-calibrated profitable growth
Management aims to grow market share across key segments while maintaining strong balance sheet and prudent provisioning.
DROPPED
NIM expected to be broadly stable in H2 FY25
Management expects net interest margin to remain stable in the second half of the fiscal year, with potential improvement when rate cuts begin.
DROPPED
Operating expense growth to be around 8-10% in near term
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.
DROPPED
Personal loan growth to trend down further
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.
NEW RISK
Unsecured retail slippages
Personal loan and credit card portfolios have seen increased delinquencies over the past six quarters; management has taken corrective actions but trend may persist.
NEW RISK
Business banking credit risk
Analyst questioned what could go wrong in business banking; management cited granularity and collateral but acknowledged need for tight monitoring.
RISK GONE
Unsecured retail credit cost normalization
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.
RISK GONE
Competitive intensity in business banking lending
Business banking is a competitive segment with pressure on yields; growth may come at lower margins, though management focuses on overall customer profitability.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY24
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.
Mentioned in Q1 FY24, Q4 FY24
While competitive intensity has moderated recently, it remains dynamic and could intensify again, pressuring lending yields and growth.
Mentioned in Q1 FY25, Q4 FY24
Management expects credit cost to gradually normalize around 50 basis points, adjusted for seasonality and one-offs.
Mentioned in Q2 FY24, Q3 FY24
Management expects FY24 NIM to be similar to FY23, implying further compression in Q4 but at a lower pace than Q3.
Mentioned in Q2 FY25, Q4 FY24
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.
Fast read
Guidance and risk preview
Management reiterated that reported credit cost of 37bps is below the sustainable level of ~50bps, with no expectation of a dramatic increase.
Personal loan and credit card portfolios have seen increased delinquencies over the past six quarters; management has taken corrective actions but...
View Risks →