The Board of Directors of ICICI Bank Limited at its meeting held at Mumbai today, approved the standalone and consolidated accounts of the Bank for the quarter ended June 30, 2024 . The statutory auditors have conducted a limited review and have issued an unmodified report on the standalone and consolidated financial statements for the quarter ended June 30, 2024.
Profit & loss account
- Profit before tax excluding treasury grew by 11.8% year-on-year to ₹ 14,080 crore (US$ 1.7 billion) in Q1-2025 from ₹ 12,595 crore (US$ 1.5 billion) in the quarter ended June 30, 2023 (Q1-2024)
- The core operating profit grew by 11.0% year-on-year to ₹ 15,412 crore (US$ 1.8 billion) in Q1-2025 from ₹ 13,887 crore (US$ 1.7 billion) in Q1-2024
- Net interest income (NII) increased by 7.3% year-on-year to ₹ 19,553 crore (US$ 2.3 billion) in Q1-2025 from ₹ 18,227 crore (US$ 2.2 billion) in Q1-2024
- The net interest margin was 4.36% in Q1-2025 compared to 4.40% in Q4-2024 and 4.78% in Q1-2024
- Non-interest income, excluding treasury, increased by 23.3% year-on-year to ₹ 6,389 crore (US$ 766 million) in Q1-2025 from ₹ 5,183 crore (US$ 622 million) in Q1-2024
- Fee income grew by 13.4% year-on-year to ₹ 5,490 crore (US$ 658 million) in Q1-2025 from ₹ 4,843 crore (US$ 581 million) in Q1-2024. Fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q1-2025
- Treasury gains increased to ₹ 613 crore (US$ 74 million) in Q1-2025 from ₹ 252 crore (US$30 million) in Q1-2024 reflecting realised and mark-to-market gains in equity shares and security receipts
- Provisions (excluding provision for tax) were ₹ 1,332 crore (US$ 160 million) in Q1-2025 compared to ₹ 1,292 crore (US$ 155 million) in Q1-2024
- The profit before tax grew by 14.4% year-on-year to ₹ 14,693 crore (US$ 1.8 billion) in Q1-2025 from ₹ 12,847 crore (US$ 1.5 billion) in Q1-2024
- The profit after tax grew by 14.6% year-on-year to ₹ 11,059 crore (US$ 1.3 billion) in Q1-2025 from ₹ 9,648 crore (US$ 1.2 billion) in Q1-2024
Credit growth
The net domestic advances grew by 15.9% year-on-year and 3.3% sequentially at June 30, 2024. The retail loan portfolio grew by 17.1% year-on-year and 2.4% sequentially, and comprised 54.4% of the total loan portfolio at June 30, 2024.
Including non-fund outstanding, the retail portfolio was 46.3% of the total portfolio at June 30, 2024. The business banking portfolio grew by 35.6% yearon-year and 8.9% sequentially at June 30, 2024. The SME business, comprising borrowers with a turnover of less than ₹ 250 crore (US$ 31 million), grew by 23.5% year-on-year and 4.0% sequentially at June 30, 2024. The rural portfolio grew by 16.9% year-on-year and 3.4% sequentially at June 30, 2024. The domestic corporate portfolio grew by 10.3% year-on-year and 3.1% sequentially at June 30, 2024. Total advances increased by 15.7% year-on-year and 3.3% sequentially to ₹ 12,23,154 crore (US$ 146.7 billion) at June 30, 2024.
The Bank continues to enhance the use of technology in its operations to provide simplified solutions to customers. The Bank has launched an industry-first initiative ‘SmartLock’ that empowers customers to instantly lock or unlock the key banking services such as UPI, Debit Cards, Credit Cards, with just one click on iMobile Pay. About 71% of trade transactions were done digitally in Q1-2025. The volume of transactions done through Trade Online platform grew by 21.5% yearon-year in Q1-2025.
Deposit growth
Total period-end deposits increased by 15.1% year-on-year and 0.9% sequentially to ₹ 14,26,150 crore (US$ 171.0 billion) at June 30, 2024. Period-end term deposits increased by 19.9% year-on-year and 3.1% sequentially to ₹ 8,42,479 crore (US$ 101.0 billion) at June 30, 2024. Average deposits increased by 17.8% year-on-year and 3.3% sequentially to ₹ 13,78,658 crore (US$ 165.3 billion) in Q1-2025. Average current account deposits increased by 13.3% yearon-year and 3.1% sequentially in Q1-2025. Average savings account deposits increased by 8.2% year-on-year and 6.0% sequentially in Q1-2025.
With the addition of 64 branches during Q1-2025, the Bank had a network of 6,587 branches and 17,102 ATMs & cash recycling machines at June 30, 2024. The value of the Bank’s merchant acquiring transactions through UPI grew by 51.6% year-on-year in Q1-2025. The Bank had a market share of about 32.1% by value in electronic toll collections through FASTag in Q1-2025, with a 16.9% yearon-year growth in collections in Q1-2025.
Asset quality
The gross NPA ratio was 2.15% at June 30, 2024 compared to 2.16% at March 31, 2024. The net NPA ratio was 0.43% at June 30, 2024 compared to 0.42% at March 31, 2024. The gross NPA additions were ₹ 5,916 crore (US$ 709 million) in Q1- 2025 compared to ₹ 5,139 crore (US$ 616 million) in Q4-2024. Recoveries and upgrades of NPAs, excluding write-offs nd sale, were ₹ 3,292 crore (US$ 395 million) in Q1-2025 compared to ₹ 3,918 crore (US$ 470 million) in Q4-2024. The net additions to gross NPAs, excluding write-offs and sale, were ₹ 2,624 crore (US$ 315 million) in Q1-2025 compared to ₹ 1,221 crore (US$ 146 million) in Q4- 2024. The Bank has written off gross NPAs amounting to ₹ 1,753 crore (US$ 210 illion) in Q1-2025. The provisioning coverage ratio on NPAs was 79.7% at June 30, 2024.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹ 2,735 crore (US$ 328 million) or 0.2% of total advances at June 30, 2024 from ₹ 3,059 crore (US$ 367 million) at March 31, 2024. The Bank holds provisions amounting to ₹ 863 crore (US$ 103 million) against these borrowers under resolution, as of June 30, 2024. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.6 billion) at June 30, 2024. The loan and non-fund based outstanding to performing corporate and SME borrowers rated BB and below was ₹ 5,286 crore (US$ 634 million) at June 30, 2024 compared to ₹ 5,528 crore (US$ 663 million) at March 31, 2024. The loan and non-fund based outstanding of ₹ 5,286 crore (US$ 634 million) at June 30, 2024 includes ₹ 572 crore (US$ 69 million) to borrowers under resolution.
Capital adequacy
Including profits for Q1-2025, the Bank’s total capital adequacy ratio at June 30, 2024 was 16.63% and CET-1 ratio was 15.92% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively. Consolidated results The consolidated profit after tax increased by 10.0% year-on-year to ₹ 11,696 crore (US$ 1.4 billion) in Q1-2025 from ₹ 10,636 crore (US$ 1.3 billion) in Q1-2024. Consolidated assets grew by 18.0% year-on-year to ₹ 24,07,395 crore (US$ 288.7 billion) at June 30, 2024 from ₹ 20,39,897 crore (US$ 244.6 billion) at June 30, 2023.
Key subsidiaries and associates
The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) increased by 34.4% year-on-year to ₹ 1,963 crore (US$ 235 million) in Q1-2025 from ₹ 1,461 crore (US$ 175 million) in Q1-2024. Value of New Business (VNB) of ICICI Life increased to ₹ 472 crore (US$ 57 million) in Q1-2025 from ₹ 438 crore (US$ 53 million) in Q1-2024. The VNB margin was 24.0% in Q1-2025 compared to 24.6% in FY2024. The profit after tax increased to ₹ 225 crore (US$ 27 million) in Q1-2025 from ₹ 207 crore (US$ 25 million) in Q1-2024.
The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) increased by 20.4% year-on-year to ₹ 7,688 crore (US$ 922 million) in Q1-2025 from ₹ 6,387 crore (US$ 766 million) in Q1-2024. The combined ratio stood at 102.3% in Q1-2025 compared to 103.8% in Q1-2024. The profit after tax of ICICI General increased by 48.7% to ₹ 580 crore (US$ 70 million) in Q1-2025 from ₹ 390 crore (US$ 47 million) in Q1-2024.
The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, increased to ₹ 633 crore (US$ 76 million) in Q1-2025 from ₹ 474 crore (US$ 57 million) in Q1-2024. The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, increased to ₹ 527 crore (US$ 63 million) in Q1-2025 from ₹ 271 crore (US$ 32 million) in Q1-2024.
