ICICI Bank (ICICIBANK) Q1 24/25 earnings summary

Executive summary

• Profit after tax rose 14.6% year-over-year to ₹110.59 billion (₹11,059 crore) in Q1 FY25, with core operating profit up 11.0% to ₹154.12 billion (₹15,412 crore) and profit before tax (excluding treasury) up 11.8% to ₹140.80 billion (₹14,080 crore).

• Total deposits grew 15.1% year-over-year to ₹1,426,150 crore, with average deposits up 17.8% and term deposits up 19.9%.

• Domestic loan portfolio expanded 15.9% year-over-year to ₹1,188,587 crore, led by retail, business banking, and SME growth.

• Asset quality remained stable with net NPA ratio at 0.43% and provision coverage at 79.7%.

• Focus remains on risk-calibrated, profitable growth and digital innovation.

Financial highlights

• Net interest income rose 7.3% year-over-year to ₹195.53 billion (₹19,553 crore); non-interest income (excluding treasury) grew 23.3% to ₹63.89 billion (₹6,389 crore).

• Core operating profit increased 11% year-over-year to ₹154.12 billion.

• Net interest margin was 4.36%, down from 4.78% in Q1 last year.

• Fee income increased 13.4% year-over-year to ₹5,490 crore, with retail, rural, business banking, and SME customers contributing 78% of total fees.

• Treasury gains increased to ₹6.13 billion (₹613 crore), reflecting new investment guidelines and market movements.

Outlook and guidance

• Management expects continued risk-calibrated, profitable growth, with a focus on digital transformation and customer security initiatives like SmartLock.

• No major tightening planned for cards or personal loans; ongoing refinements expected.

• OpEx growth expected to remain around current levels, with no material increase anticipated.

• Credit costs expected to normalize around 50 basis points.

• Forward-looking statements highlight risks from regulatory changes, economic conditions, interest rates, and asset quality.