ICICI Bank Q4FY22 Results Update

On 23rd April 2022, ICICI Bank announced its quarterly results for the last quarter of FY2022.

Key Highlights:

ICICI Bank Q4 Results for FY22 Declared

Performance updates:

Core operating profit:

-The company saw a growth of 18.7% YoY to Rs.101.64 billion in Q4-2022 in its core operating profit and a growth of 22.3% YoY to Rs.383.47 billion in FY2022

Deposits:

- Average current account deposits increased by 23.6% YoY in Q4FY22 

- Average savings account deposits increased by 22.7% YoY in Q4FY22 

- Term deposits grew by 9.0% YoY on March 31, 2022

Profit after tax and capital:

-Profit after tax grew by 59.4% YoY to Rs.70.19 billion in Q4FY22 

- Profit after tax grew by 44.1% YoY to Rs.233.39 billion in FY2022 

- The Board has recommended a dividend of Rs.5 per share

P&L Trends:

- Net interest margin was 4% in Q4FY22 and 3.96% in FY2022

- Fee income growth of 14.4% YoY to Rs.43.66 billon 

- Core operating profit to average assets is 3.06% in Q4FY22 and 3.03% in FY22

- Provision to core operating profit is 10.5% in Q4FY22 and 22.5% in FY22 

- Profit after tax Growth of 59.4% YoY to Rs.70.19 billon

- Standalone return on equity was 17.1% in Q4FY22 and 14.8% in FY22

Balance sheet growth:

- The retail loan portfolio, excluding rural loans, grew by 19.7% YoY and 6.0% sequentially on March 31, 2022. 

- The mortgage portfolio grew by 20.3% YoY, and auto loans by 11.3%. 

- The commercial vehicles and equipment portfolio declined by 1.3% YoY. 

- Growth in the personal loan and credit card portfolio was 31.9% YoY. 

- The rural loan portfolio increased by 6.5% YoY and 4.3% sequentially. 

- The retail and rural portfolios together grew by 17.6% YoY and 5.8% sequentially.

- The overseas loan portfolio, in US dollar terms, grew by 5.9% YoY and was flat sequentially on March 31, 2022. 

- The overseas loan portfolio was 4.8% of the overall loan book on March 31, 2022. 

- The non-India linked corporate portfolio was reduced by 48.2% or about $ 597 million YoY and 6.8% or about $47 million sequentially. 

- Total term deposits grew by 9.0% YoY on March 31, 2022. 

Deposits:

- For Q4FY22: 23.6% YoY growth in average Current Accounts and 22.7% YoY growth in average Savings Accounts.

- For FY22: 31.0% YoY growth in average Current Accounts and 23.5% YoY growth in average Savings Accounts.

Portfolio of overseas branches:

- The overseas non-India linked corporate portfolio reduced by 48.2% YoY or about $597 million and 6.8% sequentially or about $47 million on March 31, 2022.

Asset Quality:

- Net NPAs declined by 24.2% YoY and 5.2% sequentially to Rs.69.61 billion on March 31, 2022, from Rs.73.44 billion Rupees on December 31, 2021.

- The net NPA ratio declined to 0.76% on March 31, 2022 from 0.85% at December 31, 2021. 

- The provision coverage ratio on NPAs was 79.2% on March 31, 2022. 

- The total provisions during the quarter were Rs.10.69 billion or 10.5% of core operating profit and 0.53% of average advances. 

Capital position:

- The capital position of the Bank continued to be strong with a CET-1 ratio of 17.60% on March 31, 2022 after reckoning the impact of the proposed dividend. 

- The Tier 1 ratio was 18.35% and the total capital adequacy ratio was 19.16% on March 31, 2022. 

Credit quality:

- The net deletions from gross NPAs were Rs.4.89 billion in the current quarter compared to Rs.1.91 billion in the previous quarter. 

- There were net additions of Rs.1.23 billion to gross NPAs in the retail, rural, and business banking portfolios and net deletions of Rs.6.12 billion to gross NPAs in the corporate and SME portfolios. 

- The gross NPA additions were Rs.42.04 billion in the current quarter compared to Rs.40.18 billion in the previous quarter. The gross NPA additions from the retail, rural, and business banking portfolios were Rs.37.36 billion and from the corporate and SME portfolios were Rs.4.68 billion. 

- The non-fund-based outstanding to borrowers classified as nonperforming was Rs.36.40 billion as of March 31, 2022 compared to Rs.36.38 billion as of December 31, 2021. 

- The total fund-based outstanding to all standard borrowers, declined to Rs.82.67 billion or about 1.0% of the total loan portfolio on March 31, 2022, from Rs.96.84 billion as of December 31, 2021. 

On Monday, ICICI Bank's share price jumped by 1%.