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View Promises →Icicibank Ltd — Q4 FY25
ICICI Bank reported a strong Q4 FY25 with PAT growing 18% YoY to INR 126.30 billion, driven by robust core operating profit growth of 13.7% YoY and stable asset quality.
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high
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ICICI Bank reported a strong Q4 FY25 with PAT growing 18% YoY to INR 126.30 billion, driven by robust core operating profit growth of 13.7% YoY and stable asset quality. Net interest income rose 11% YoY to INR 211.93 billion, with NIM at 4.41% (full year 4.32%). Domestic loan growth was 13.9% YoY, led by business banking (+33.7% YoY), while retail growth moderated. Credit costs remained low at 0.27% of advances, with net NPA at 0.39%. Management highlighted a focus on risk-adjusted PPOP and customer 360-degree approach. Guidance points to continued healthy growth, though margin pressure from rate cuts is expected. Key risk: potential impact of global trade tensions on the economy and credit quality.
ICICI बैंक ने मार्च 2025 तिमाही में अच्छा प्रदर्शन किया। मुनाफा (PAT) पिछले साल से 18% बढ़कर 12,630 करोड़ रुपये हो गया। इसकी वजह बैंक की मुख्य कमाई (कोर ऑपरेटिंग प्रॉफिट) में 13.7% की बढ़ोतरी और कर्ज की गुणवत्ता स्थिर रहना है। ब्याज से कमाई (NII) 11% बढ़कर 21,193 करोड़ रुपये हुई। बैंक का शुद्ध ब्याज मार्जिन (NIM) 4.41% रहा। देश में कर्ज (लोन) 13.9% बढ़ा, खासकर व्यापार बैंकिंग में 33.7% की तेजी रही। खराब कर्ज (NPA) बहुत कम 0.39% रहा। बैंक का कहना है कि आगे भी अच्छी बढ़त रहेगी, लेकिन ब्याज दरों में कटौती से मार्जिन पर दबाव पड़ सकता है। वैश्विक व्यापार तनाव से अर्थव्यवस्था और कर्ज गुणवत्ता पर असर पड़ने का जोखिम है।
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Margin compression from rate cuts
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Read Transcript →Quarter Snapshot
Domestic Loan Growth
13.9%
+13.9% YoY
Domestic loan portfolio grew 13.9% year-on-year as of March 31, 2025.
Net NPA Ratio
0.39%
-3bps YoY
Net NPA ratio improved to 0.39% from 0.42% a year ago.
CET1 Ratio
15.94%
Flat YoY
CET1 ratio stood at 15.94% after proposed dividend impact.
Business Banking Loan Growth
33.7%
+33.7% YoY
Business banking portfolio grew 33.7% year-on-year, driven by distribution and credit underwriting.
What Changed vs Last Quarter
NEW
Margin pressure expected from rate cuts
Management expects some impact on NIMs as loan repricing is immediate while deposit repricing lags, but will manage through growth and other levers.
NEW
Continued focus on risk-adjusted PPOP
The bank will prioritize risk-adjusted pre-provision operating profit over pure loan growth, making tactical pricing calls as needed.
NEW
Unsecured retail NPL stabilization expected to continue
NPL formation on unsecured retail has broadly stabilized; management hopes for improvement in coming quarters.
DROPPED
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.
DROPPED
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.
DROPPED
Focus on risk-calibrated profitable growth
Management aims to grow market share across key segments while maintaining strong balance sheet and prudent provisioning.
NEW RISK
Margin compression from rate cuts
A deeper-than-expected rate cut cycle could compress NIMs as loan yields reset faster than deposit costs.
NEW RISK
Competitive pressure from PSU banks on pricing
Public sector banks are pricing loans below ICICI Bank, creating challenges for growth in segments like housing.
NEW RISK
Global trade uncertainty impact on credit quality
Management noted that global trade-related issues could affect the economy and portfolio performance, though current comfort is high.
RISK GONE
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.
RISK GONE
NIM compression from deposit cost
Cost of deposits rose to 4.91% from 4.88% sequentially, and NIM declined 18bps YoY; further pressure could impact profitability.
RISK GONE
Business banking credit risk
Analyst questioned what could go wrong in business banking; management cited granularity and collateral but acknowledged need for tight monitoring.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q1 FY25, Q2 FY24, Q2 FY25, Q3 FY24, Q3 FY25, Q4 FY24
Cost of deposits rose to 4.91% from 4.88% sequentially, and NIM declined 18bps YoY; further pressure could impact profitability.
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 Q2 FY24, Q3 FY25
The bank will keep investing in technology (10.5% of opex), people, and distribution, adding 129 branches in Q3.
Mentioned in Q1 FY25, Q4 FY24
Management expects credit cost to gradually normalize around 50 basis points, adjusted for seasonality and one-offs.
Fast read
Guidance and risk preview
Management expects some impact on NIMs as loan repricing is immediate while deposit repricing lags, but will manage through growth and other levers.
A deeper-than-expected rate cut cycle could compress NIMs as loan yields reset faster than deposit costs.
View Risks →