The private lender's standalone net profit surged 34.2% to Rs 8,311.85 crore on 23.9% jump in total income to Rs 33,529.26 crore in Q3 FY23 over Q3 FY22.
The bank's profit before tax stood at Rs 11,013.78 crore in the quarter ended 31 December 2022 from Rs 8,140.95 crore in Q3 FY22, registering a growth of 35.3%.
Net interest income (NII) increased by 34.6% year on year (YoY) to Rs 16,465 crore in Q3 FY23 as against Rs 12,236 crore recorded in the corresponding quarter previous year. The net interest margin improved to 4.65% in Q3 FY23 as compared to 3.96% in Q2 FY22 and 4.31% in Q2 FY23.
The bank's provisions (excluding provision for tax) grew 12.5% YoY to Rs 2,257 crore in Q3 FY23 from Rs 2,007 crore posted in Q3 FY22.
During the quarter, the bank has changed its provisioning norms on non-performing assets to make them more conservative. This change resulted in higher provisions amounting to Rs 1,196 crore in Q3 FY23. Provisions for Q3 FY23 also include contingency provision of Rs 1,500 crore made on a prudent basis.
The bank's gross non-performing assets (NPAs) stood at Rs 32,528.24 crore as on 31 December 2022 as against Rs 32,570.86 crore as on 30 September 2022 and Rs 37,052.74 crore as on 31 December 2021.
The gross NPA ratio declined to 3.07% as on 31 December 2022 as against 3.19% as on 30 September 2022 and 4.13% as on 31 December 2021.
The net NPA ratio reduced to 0.55% as on 31 December 2022 as compared to 0.61% as on 30 September 2022 and 0.85% as on 31 December 2021.
The provision coverage ratio on non-performing assets was 82% at 31 December 2022.
The retail loan portfolio grew by 23.4% YoY and 4.5% sequentially, and comprised 54.3% of the total loan portfolio at 31 December 2022. Including non-fund outstanding, the retail portfolio was 44.9% of the total portfolio at 31 December 2022.
The domestic advances grew by 21.4% YoY and 4.2% sequentially at 31 December 2022. Total advances increased by 19.7% YoY and 3.8% sequentially to Rs 974,047 crore at 31 December 2022.
Total period-end deposits rose 10.3% YoY to Rs 11,22,049 crore at 31 December 2022. Average current account and savings account deposits increased by 10.4% YoY in Q3 FY23.
Including profits for the nine months ended (9M FY23), the bank's total capital adequacy ratio at 31 December 2022 was 18.33% and tier-1 capital adequacy was 17.58% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.
On consolidated basis, the bank's net profit jumped 34.5% to Rs 8,792.42 crore on 20% rise in total income to Rs 48,088.94 crore in Q3 FY23 over Q3 FY22.
ICICI Bank is a leading private sector bank in India. The bank had a network of 5,718 branche and 13,186 ATMs at 31 December 2022.
Shares of ICICI Bank were up 0.59% to Rs 875.55 on the BSE.
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