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View Promises →Icicibank Ltd — Q4 FY24
ICICI Bank reported a strong Q4 FY24 with PAT growing 17.4% YoY to INR 107.08 billion, driven by robust core operating profit growth of 10.5% YoY and controlled provisions.
bullish
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ICICI Bank reported a strong Q4 FY24 with PAT growing 17.4% YoY to INR 107.08 billion, driven by robust core operating profit growth of 10.5% YoY and controlled provisions. Domestic loan growth was 16.8% YoY, led by retail (19.4% YoY) and business banking (29.3% YoY). NIM moderated to 4.40% from 4.90% a year ago, but management expects it to remain range-bound. Operating expense growth slowed to 8.7% YoY (excluding one-offs), with headcount additions moderating. Credit quality remained stable with net NPA at 0.44%. Management sees opportunities for risk-calibrated growth and expects moderate OpEx growth. Key risk: potential further NIM compression if deposit costs rise more than anticipated.
आईसीआईसीआई बैंक ने चौथी तिमाही में शानदार प्रदर्शन किया। मुनाफा पिछले साल की तुलना में 17.4% बढ़कर 10,708 करोड़ रुपये हो गया। इसकी वजह मुख्य कारोबार से कमाई में 10.5% की बढ़ोतरी और खर्चों पर नियंत्रण रहा। देश में कर्ज देने में 16.8% का इजाफा हुआ, खासकर रिटेल (19.4%) और व्यापार बैंकिंग (29.3%) में। ब्याज कमाई का अंतर (NIM) 4.90% से घटकर 4.40% रह गया, लेकिन प्रबंधन को उम्मीद है कि यह स्थिर रहेगा। खर्चों की बढ़त धीमी होकर 8.7% रह गई। कर्ज की गुणवत्ता मजबूत बनी हुई है, जिसमें बुरे कर्ज का अनुपात सिर्फ 0.44% है। बैंक जोखिम को ध्यान में रखते हुए आगे बढ़ने की योजना बना रहा है। मुख्य चिंता यह है कि अगर जमा पर ब्याज दरें बढ़ती हैं तो ब्याज कमाई का अंतर और कम हो सकता है।
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NIM compression from deposit repricing
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Domestic Loan Growth
16.8%
+16.8% YoY
Domestic loan portfolio grew 16.8% year-on-year, driven by retail and business banking segments.
Net NPA Ratio
0.44%
-4bps YoY
Net NPA ratio improved to 0.44% from 0.48% a year ago, indicating stable asset quality.
CASA Growth (Average)
7%
+7% YoY
Average current and savings account deposits grew 7% year-on-year, supporting deposit mobilization.
Personal Loan Growth
32.5%
+32.5% YoY
Personal loan portfolio grew 32.5% YoY, though disbursements moderated due to refined credit parameters.
What Changed vs Last Quarter
NEW
NIM expected to be range-bound near current levels
Management expects net interest margin to remain range-bound in the near term until a rate cut occurs, with only modest further moderation possible.
NEW
Operating expense growth to moderate
Management expects the pace of operating expense growth to moderate from the high levels seen in the last 12-15 months, driven by slower headcount additions and sourcing cost optimization.
NEW
Credit cost to remain below 50 bps
Management indicated that credit costs, adjusted for seasonality, should remain under 50 basis points, with no dramatic increase expected.
DROPPED
Full-year NIM expected similar to last year
Management expects FY24 NIM to be similar to FY23, implying further compression in Q4 but at a lower pace than Q3.
DROPPED
Headcount additions to moderate
Employee additions will not continue at the pace of previous 4-5 quarters; Q3 saw only 1,700 additions vs ~10,000 in H1.
DROPPED
Personal loan growth to moderate further
Growth in personal loans may continue to moderate from current levels due to tighter credit parameters and pricing actions.
NEW RISK
Competitive intensity in lending
While competitive intensity has moderated recently, it remains dynamic and could intensify again, pressuring lending yields and growth.
NEW RISK
Operational risk incidents
A data breach involving 17,000 credit cards was disclosed; while corrective action was taken, such incidents could attract regulatory scrutiny and reputational damage.
RISK GONE
Unsecured loan delinquencies
Analyst raised concerns about rising delinquencies in unsecured loans; management acknowledged trimming higher-risk cohorts but did not quantify impact.
RISK GONE
KCC portfolio NPA seasonality
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.
🤫 Topics management stopped discussing
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 Q1 FY24, Q3 FY24
Analyst raised concerns about rising delinquencies in unsecured loans; management acknowledged trimming higher-risk cohorts but did not quantify impact.
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Guidance and risk preview
Management expects net interest margin to remain range-bound in the near term until a rate cut occurs, with only modest further moderation possible.
Further increase in deposit costs, including the 10 bps retail deposit rate hike in February, could lead to additional NIM compression until rate c...
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