ICICI Bank Q3 results are out now! Read here. ICICI Bank announced its financial results for the third quarter ending December 31, 2022 (Q3FY23) period on Saturday. The bank beats street expectations by garnering a net profit of ₹8,311.85 crore in Q3 of the current fiscal compared to a profit of ₹6,193.81 crore recorded in the same quarter a year ago, registering a growth of a whopping 34.19% year-on-year. While gross NPA in the Q3FY23 dipped further, however, provisions scaled up during the quarter.
ICICI Bank’s Q3 PAT rose by 9.97% from ₹7,557.84 crore in September 2022 quarter.
Net interest income soared by a robust 34.6% to ₹16,465 crore in Q3FY23, compared to ₹12,236 crore in same the quarter of the previous fiscal. NII was up by 11.35% from ₹14,786.81 crore in the preceding quarter.
Net interest margin also increased to 4.65% in Q3FY23 compared to 3.96% in Q3FY22 and 4.31% in Q2FY23.
Other figures of ICICI bank Q3
Meanwhile, provisions and contingencies in the current quarter scaled up to ₹2,257.44 crore as against ₹2,007.30 crore in Q3FY22 and ₹1.644.52 crore in Q2 of FY23. ICICI Bank highlighted that during Q3, it changed its provisioning norms on nonperforming assets to make them more conservative. This change resulted in higher provisions amounting to ₹1,196 crore in Q3-2023. Provisions for Q3-2023 also include a contingency provision of ₹1,500 crore made on a prudent basis.
In terms of asset quality, gross NPA dropped to 3.07% as of December 31, 2022, from 3.19% as of September 30, 2022, and 4.13% as of December 31, 2021. The net NPA ratio declined to 0.55% in Q3FY23 from 0.61% in Q2FY23 and 0.85% in Q3FY22.
During Q3FY23, ICICI Bank made net additions of ₹1,119 crore to gross NPAs which is higher than ₹605 crore in the previous quarter. The overall gross NPA additions were at ₹5,723 crore in Q3FY23 versus ₹4,366 crore in Q2FY23. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹4,604 crore in Q3 of FY23 versus ₹3,761 crore in Q2-2023. Whereas the gross NPAs written-off in Q3-2023 was at ₹1,162 crore. The provisioning coverage ratio on NPAs was 82.0% as of December 31, 2022.
In terms of credit growth, ICICI Bank’s retail loan portfolio jumped by 23.4% YoY and comprised 54.3% of the total loan book in Q3FY23. The business banking portfolio climbed by 37.9% YoY, while, the SME portfolio comprising borrowers with a turnover of less than ₹250 crore soared by 25% YoY. The domestic corporate portfolio was up 18.2% YoY, rural portfolio surged 12.5% YoY. Bank’s domestic advances were up 21.4% YoY.
Watch this video by CA Nitin Kaushik to Quarterly Results in detail.
Contact us on e-Mail or Whatsapp
Click Here to check out our new posts!