CONSOLIDATED
FINANCIAL RESULTS
| (₹
in crore) |
| Sr.
no. |
Particulars |
Three
months ended |
Six
months ended |
Year
ended |
September
30, 2022
(Q2-2023) |
June
30, 2022
(Q1-2023) |
September
30, 2021
(Q2-2022) |
September
30, 2022
(H1-2023) |
September
30, 2021
(H1-2022) |
March
31, 2022
(FY2022) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Interest
earned (a)+(b)+(c)+(d) |
28,850.49
|
26,158.60
|
23,478.00
|
55,009.09
|
46,093.16
|
95,406.87
|
| |
a) |
Interest/discount
on advances/bills |
20,861.83
|
18,453.74
|
16,488.48
|
39,315.57
|
32,185.92
|
66,886.54
|
| |
b) |
Income
on investments |
6,814.58
|
6,126.29
|
5,502.13
|
12,940.87
|
10,982.19
|
21,990.64
|
| |
c) |
Interest
on balances with Reserve Bank of India and other inter-bank funds |
440.19
|
562.74
|
321.56
|
1,002.93
|
519.01
|
1,819.60
|
| |
d) |
Others |
733.89
|
1,015.83
|
1,165.83
|
1,749.72
|
2,406.04
|
4,710.09
|
| 2. |
Other
income |
16,327.73
|
13,059.73
|
16,006.49
|
29,387.46
|
28,743.30
|
62,129.45
|
| 3. |
TOTAL
INCOME (1)+(2) |
45,178.22
|
39,218.33
|
39,484.49
|
84,396.55
|
74,836.46
|
157,536.32
|
| 4. |
Interest
expended |
11,996.97
|
11,089.06
|
10,092.56
|
23,086.03
|
20,160.37
|
41,166.67
|
| 5. |
Operating
expenses (e)+(f) |
20,683.34
|
17,006.69
|
18,267.01
|
37,690.03
|
34,137.85
|
73,151.73
|
| |
e) |
Employee
cost |
3,675.89
|
3,587.18
|
3,021.92
|
7,263.07
|
5,993.69
|
12,341.60
|
| |
f) |
Other
operating expenses |
17,007.45
|
13,419.51
|
15,245.09
|
30,426.96
|
28,144.16
|
60,810.13
|
| 6. |
TOTAL
EXPENDITURE (4)+(5) |
32,680.31
|
28,095.75
|
28,359.57
|
60,776.06
|
54,298.22
|
114,318.40
|
| |
(excluding
provisions and contingencies) |
| 7. |
OPERATING
PROFIT (3)–(6) |
12,497.91
|
11,122.58
|
11,124.92
|
23,620.49
|
20,538.24
|
43,217.92
|
| |
(Profit
before provisions and contingencies) |
| 8. |
Provisions
(other than tax) and contingencies (refer note no. 4) |
1,652.97
|
1,130.79
|
2,774.17
|
2,783.76
|
5,744.84
|
8,976.65
|
| 9. |
PROFIT
FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) |
10,844.94
|
9,991.79
|
8,350.75
|
20,836.73
|
14,793.40
|
34,241.27
|
| 10. |
Exceptional
items |
.. |
.. |
.. |
.. |
.. |
.. |
| 11. |
Add:
Share of profit in associates |
306.52
|
211.26
|
254.77
|
517.78
|
382.68
|
754.43
|
| 12. |
PROFIT
FROM ORDINARY ACTIVITIES BEFORE TAX AND MINORITY INTEREST (9)–(10)+(11) |
11,151.46
|
10,203.05
|
8,605.52
|
21,354.51
|
15,176.08
|
34,995.70
|
| 13. |
Tax
expense (g)+(h) |
2,790.25
|
2,504.86
|
2,034.92
|
5,295.11
|
3,686.82
|
8,457.44
|
| |
g) |
Current
period tax |
2,888.63
|
2,483.77
|
1,897.65
|
5,372.40
|
3,460.19
|
7,404.45
|
| |
h) |
Deferred
tax |
(98.38) |
21.09
|
137.27
|
(77.29) |
226.63
|
1,052.99
|
| 14. |
Less:
Share of profit/(loss) of minority shareholders |
354.22
|
313.66
|
478.76
|
667.88
|
634.65
|
1,428.16
|
| 15. |
NET
PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (12)–(13)–(14) |
8,006.99
|
7,384.53
|
6,091.84
|
15,391.52
|
10,854.61
|
25,110.10
|
| 16. |
Extraordinary
items (net of tax expense) |
.. |
.. |
.. |
.. |
.. |
.. |
| 17. |
NET
PROFIT FOR THE PERIOD (15)-(16) |
8,006.99
|
7,384.53
|
6,091.84
|
15,391.52
|
10,854.61
|
25,110.10
|
| 18. |
Paid-up
equity share capital (face value ₹ 2/- each) |
1,393.79
|
1,391.48
|
1,387.09
|
1,393.79
|
1,387.09
|
1,389.97
|
| 19. |
Reserves
excluding revaluation reserves |
190,007.24
|
184,692.05
|
163,965.39
|
190,007.24
|
163,965.39
|
177,167.61
|
| 20. |
Earnings
per share (EPS) |
|
|
|
|
|
|
| |
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹) |
11.50
|
10.62
|
8.79
|
22.13
|
15.67
|
36.21
|
| |
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹) |
11.25
|
10.41
|
8.60
|
21.66
|
15.34
|
35.44
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUMMARISED
CONSOLIDATED BALANCE SHEET |
| (₹
in crore) |
| Particulars |
At |
September
30, 2022 |
June
30, 2022 |
March
31, 2022 |
September
30, 2021 |
| (Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
| Capital
and Liabilities |
|
|
|
|
| Capital |
1,393.79
|
1,391.48
|
1,389.97
|
1,387.09
|
| Employees
stock options outstanding |
510.09
|
387.33
|
266.41
|
127.22
|
| Reserves
and surplus |
193,235.18
|
187,919.99
|
180,396.11
|
167,090.67
|
| Minority
interest |
6,328.99
|
6,018.39
|
5,980.89
|
5,617.31
|
| Deposits |
1,116,276.81
|
1,077,789.55
|
1,091,365.79
|
1,004,197.02
|
| Borrowings
(includes subordinated debt) |
182,180.98
|
166,064.37
|
161,602.68
|
128,017.78
|
| Liabilities
on policies in force |
232,811.31
|
218,825.18
|
228,827.20
|
226,633.26
|
| Other
liabilities and provisions |
100,416.67
|
84,380.89
|
82,808.33
|
70,982.57
|
| Total
Capital and Liabilities |
1,833,153.82
|
1,742,777.18
|
1,752,637.38
|
1,604,052.92
|
| |
|
|
|
|
| Assets |
|
|
|
|
| Cash
and balances with Reserve Bank of India |
67,145.79
|
90,798.15
|
109,630.71
|
107,622.00
|
| Balances
with banks and money at call and short notice |
71,399.78
|
36,791.44
|
73,495.27
|
55,934.69
|
| Investments |
594,192.38
|
565,576.78
|
567,097.72
|
532,848.50
|
| Advances |
1,000,290.80
|
957,206.97
|
920,308.14
|
823,961.92
|
| Fixed
assets |
10,787.57
|
10,654.95
|
10,605.41
|
10,357.93
|
| Other
assets |
89,236.17
|
81,647.56
|
71,398.80
|
73,226.55
|
| Goodwill
on consolidation |
101.33
|
101.33
|
101.33
|
101.33
|
| Total
Assets |
1,833,153.82
|
1,742,777.18
|
1,752,637.38
|
1,604,052.92
|
CONSOLIDATED
CASH FLOW STATEMENTS
| (₹
in crore) |
| Particulars |
|
Period
ended |
September
30, 2022
(H1-2023) |
March
31, 2022
(FY2022) |
September
30, 2021
(H1-2022) |
| (Unaudited) |
(Audited) |
(Unaudited) |
| Cash
flow from/(used in) operating activities |
|
|
|
|
| Profit/(loss)
before taxes |
|
20,686.63
|
33,567.54
|
14,541.43
|
| |
|
|
|
|
| Adjustments
for: |
|
|
|
|
| Depreciation
and amortisation |
|
504.97
|
1,479.46
|
712.93
|
| Net
(appreciation)/depreciation on investments |
|
1,758.47
|
1,832.09
|
571.43
|
| Provision
in respect of non-performing and other assets |
|
(437.11) |
6,377.52
|
5,379.45
|
| General
provision for standard assets |
|
313.04
|
406.54
|
62.51
|
| Provision
for contingencies & others |
|
1,941.38
|
1,651.34
|
395.68
|
| (Profit)/loss
on sale of fixed assets |
|
(12.70) |
(5.66) |
(1.71) |
| Employees
stock options expense |
|
260.10
|
266.92
|
126.54
|
| |
(i) |
25,014.78
|
45,575.75
|
21,788.26
|
| |
|
|
|
|
| Adjustments
for: |
|
|
|
|
| (Increase)/decrease
in investments |
|
8,887.37 |
(16,668.54) |
11,056.76
|
| (Increase)/decrease
in advances |
|
(80,261.34) |
(134,904.70) |
(37,543.46) |
| Increase/(decrease)
in deposits |
|
24,911.02
|
131,425.77
|
44,257.00
|
| (Increase)/decrease
in other assets |
|
(18,106.37) |
4,665.53
|
2,835.24
|
| Increase/(decrease)
in other liabilities and provisions |
|
23,588.52
|
32,999.39
|
13,892.80
|
| |
(ii) |
(40,980.80) |
17,517.45
|
34,498.34
|
| |
|
|
|
|
| Refund/(payment)
of direct taxes |
(iii) |
(5,021.79) |
(4,981.77) |
(333.94) |
| Net
cash flow from/(used in) operating activities (i)+(ii)+(iii) |
(A) |
(20,987.81) |
58,111.43
|
55,952.66
|
| Cash
flow from/(used in) investing activities |
|
|
|
|
| Purchase
of fixed assets |
|
(1,020.02) |
(1,859.97) |
(848.75) |
| Proceeds
from sale of fixed assets |
|
74.03
|
117.44
|
9.73
|
| (Purchase)/sale
of held to maturity securities |
|
(40,762.15) |
(37,578.91) |
(22,135.51) |
| Net
cash flow from/(used in) investing activities |
(B) |
(41,708.14) |
(39,321.44) |
(22,974.53) |
| Cash
flow from/(used in) financing activities |
|
|
|
|
| Proceeds
from issue of share capital (including ESOPs) |
|
536.18
|
797.98
|
448.54
|
| Proceeds
from long-term borrowings |
|
15,046.27
|
35,697.66
|
7,870.40
|
| Repayment
of long-term borrowings |
|
(12,734.03) |
(34,603.03) |
(20,285.49) |
| Net
proceeds/(repayment) of short-term borrowings |
|
18,492.84
|
16,943.62
|
(3,052.34) |
| Dividend
and dividend tax paid |
|
(3,479.45) |
(1,385.23) |
(1,385.23) |
| Net
cash flow from/(used in) financing activities |
(C)
|
17,861.81 |
17,451.00 |
(16,404.12) |
| Effect
of exchange fluctuation on translation reserve |
(D) |
253.73 |
(126.85) |
(29.16) |
| |
|
|
|
|
| Net
increase/(decrease) in cash and cash equivalents (A) + (B) + (C) + (D) |
|
(44,580.41) |
36,114.14
|
16,544.85
|
| |
|
|
|
|
| Cash
and cash equivalents at beginning of the period/year |
|
183,125.98
|
147,011.84
|
147,011.84
|
| Cash
and cash equivalents at end of the period/year |
|
138,545.57
|
183,125.98
|
163,556.69
|
| 1. |
Cash
and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and short notice. |
| CONSOLIDATED
SEGMENTAL RESULTS |
| (₹
in crore) |
| Sr.
no. |
Particulars |
Three
months ended |
Six
months ended |
Year
ended |
September
30, 2022
(Q2-2023) |
June
30, 2022
(Q1-2023) |
September
30, 2021
(Q2-2022) |
September
30, 2022
(H1-2023) |
September
30, 2021
(H1-2022) |
March
31, 2022
(FY2022) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Segment
Revenue |
|
|
|
|
|
|
| a |
Retail
Banking |
25,322.22 |
23,388.01 |
20,985.88 |
48,710.23 |
40,693.22 |
84,639.22 |
| b |
Wholesale
Banking |
11,555.28 |
10,869.29 |
9,686.57 |
22,424.57 |
19,156.35 |
39,971.49 |
| c |
Treasury |
20,022.25 |
18,358.07 |
16,639.52 |
38,380.32 |
32,787.00 |
67,321.09 |
| d |
Other
Banking |
1,186.06 |
625.54 |
656.41 |
1,811.60 |
1,361.76 |
2,778.41 |
| e |
Life
Insurance |
12,054.15 |
8,997.79 |
11,658.00 |
21,051.94 |
20,842.14 |
45,340.24 |
| f |
Others |
2,446.68 |
2,054.00 |
2,265.23 |
4,500.68 |
4,369.02 |
8,733.25 |
| |
Total
segment revenue |
72,586.64 |
64,292.70 |
61,891.61 |
136,879.34 |
119,209.49 |
248,783.70 |
| |
Less:
Inter segment revenue |
27,408.42 |
25,074.37 |
22,407.12 |
52,482.79 |
44,373.03 |
91,247.38 |
| |
Income
from operations |
45,178.22 |
39,218.33 |
39,484.49 |
84,396.55 |
74,836.46 |
157,536.32 |
| 2. |
Segmental
Results (i.e. Profit before tax and minority interest) |
|
| a |
Retail
Banking |
4,532.82 |
3,809.66 |
2,606.16 |
8,342.48 |
2,995.57 |
11,400.39 |
| b |
Wholesale
Banking |
3,717.12 |
3,688.38 |
1,876.37 |
7,405.50 |
3,784.83 |
9,052.93 |
| c |
Treasury |
3,041.78 |
2,608.92 |
2,632.13 |
5,650.70 |
5,300.22 |
9,674.48 |
| d |
Other
Banking |
235.00 |
204.76 |
156.55 |
439.76 |
301.87 |
627.12 |
| e |
Life
Insurance |
199.48 |
155.69 |
474.66 |
355.17 |
258.84 |
790.56 |
| f |
Others |
1,139.43 |
921.16 |
1,188.20 |
2,060.59 |
2,142.69 |
4,349.99 |
| g |
Unallocated
expenses |
(1,500.00) |
(1,050.00) |
.. |
(2,550.00) |
1,050.00 |
25.00 |
| |
Total
segment results |
11,365.63 |
10,338.57 |
8,934.07 |
21,704.20 |
15,834.02 |
35,920.47 |
| |
Less:
Inter segment adjustment |
520.69 |
346.78 |
583.32 |
867.47 |
1,040.62 |
1,679.20 |
| |
Add:
Share of profit in associates |
306.52 |
211.26 |
254.77 |
517.78 |
382.68 |
754.43 |
| |
Profit
before tax and minority interest |
11,151.46 |
10,203.05 |
8,605.52 |
21,354.51 |
15,176.08 |
34,995.70 |
| 3. |
Segment
assets |
|
| a |
Retail
Banking |
547,304.40 |
510,367.43 |
440,449.89 |
547,304.40 |
440,449.89 |
487,651.93 |
| b |
Wholesale
Banking |
391,612.01 |
393,716.21 |
334,763.84 |
391,612.01 |
334,763.84 |
379,091.80 |
| c |
Treasury |
516,823.60 |
489,508.32 |
482,178.51 |
516,823.60 |
482,178.51 |
521,896.09 |
| d |
Other
Banking |
77,931.47 |
69,113.82 |
65,889.47 |
77,931.47 |
65,889.47 |
68,286.69 |
| e |
Life
Insurance |
247,827.69 |
233,435.29 |
241,441.14 |
247,827.69 |
241,441.14 |
244,006.42 |
| f |
Others |
52,124.46 |
48,327.08 |
40,544.01 |
52,124.46 |
40,544.01 |
51,653.48 |
| g |
Unallocated |
10,294.09 |
9,610.65 |
10,695.36 |
10,294.09 |
10,695.36 |
10,572.66 |
| |
Total |
1,843,917.72 |
1,754,078.80 |
1,615,962.22 |
1,843,917.72 |
1,615,962.22 |
1,763,159.07 |
| |
Less:
Inter segment adjustment |
10,763.90 |
11,301.62 |
11,909.30 |
10,763.90 |
11,909.30 |
10,521.69 |
| |
Total
segment assets |
1,833,153.82 |
1,742,777.18 |
1,604,052.92 |
1,833,153.82 |
1,604,052.92 |
1,752,637.38 |
| 4. |
Segment
liabilities |
|
| a |
Retail
Banking |
830,053.25 |
783,552.78 |
726,094.15 |
830,053.25 |
726,094.15 |
791,894.25 |
| b |
Wholesale
Banking |
321,677.03 |
316,624.92 |
293,984.46 |
321,677.03 |
293,984.46 |
321,390.70 |
| c |
Treasury |
156,709.28 |
140,857.76 |
106,797.40 |
156,709.28 |
106,797.40 |
133,045.58 |
| d |
Other
Banking |
48,111.03 |
49,820.28 |
48,834.28 |
48,111.03 |
48,834.28 |
49,428.36 |
| e |
Life
Insurance |
238,362.01 |
224,521.49 |
232,835.33 |
238,362.01 |
232,835.33 |
234,991.26 |
| f |
Others |
43,866.06 |
40,502.77 |
33,601.16 |
43,866.06 |
33,601.16 |
44,120.97 |
| g |
Unallocated |
10,000.00 |
8,500.00 |
5,210.46 |
10,000.00 |
5,210.46 |
6,235.46 |
| |
Total |
1,648,778.66 |
1,564,380.00 |
1,447,357.24 |
1,648,778.66 |
1,447,357.24 |
1,581,106.58 |
| |
Less:
Inter segment adjustment |
10,763.90 |
11,301.62 |
11,909.30 |
10,763.90 |
11,909.30 |
10,521.69 |
| |
Total
segment liabilities |
1,638,014.76 |
1,553,078.38 |
1,435,447.94 |
1,638,014.76 |
1,435,447.94 |
1,570,584.89 |
| 5. |
Capital
employed (i.e. Segment assets – Segment liabilities) |
|
| a |
Retail
Banking |
(282,748.85) |
(273,185.35) |
(285,644.25) |
(282,748.85) |
(285,644.25) |
(304,242.32) |
| b |
Wholesale
Banking |
69,934.98 |
77,091.29 |
40,779.38 |
69,934.98 |
40,779.38 |
57,701.10 |
| c |
Treasury |
360,114.32 |
348,650.56 |
375,381.11 |
360,114.32 |
375,381.11 |
388,850.51 |
| d |
Other
Banking |
29,820.44 |
19,293.54 |
17,055.19 |
29,820.44 |
17,055.19 |
18,858.33 |
| e |
Life
Insurance |
9,465.68 |
8,913.80 |
8,605.81 |
9,465.68 |
8,605.81 |
9,015.16 |
| f |
Others |
8,258.40 |
7,824.31 |
6,942.84 |
8,258.40 |
6,942.84 |
7,532.51 |
| g |
Unallocated |
294.09 |
1,110.65 |
5,484.90 |
294.09 |
5,484.90 |
4,337.20 |
| |
Total
capital employed |
195,139.06 |
189,698.80 |
168,604.98 |
195,139.06 |
168,604.98 |
182,052.49 |
| Notes
on segmental results: |
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| 1. |
The disclosure
on segmental reporting has been prepared in accordance with Reserve Bank of India (RBI) guidelines on 'Segmental Reporting' and Securities
and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats for Financial Results and
Implementation of Ind-AS by Listed Entities. |
| 2. |
'Retail Banking' includes
exposures of the Bank which satisfy the four criteria of orientation, product, granularity and low value of individual exposures
for retail exposures laid down in Basel Committee on Banking Supervision document 'International Convergence of Capital Measurement
and Capital Standards: A Revised Framework'. This segment also includes income from credit cards, debit cards, third party product
distribution and the associated costs. |
| |
RBI through its circular
dated April 7, 2022 on establishment of Digital Banking Units (DBUs), has prescribed reporting of Digital Banking segment as a sub-segment
of Retail Banking segment. At September 30, 2022, the DBUs of the Bank were yet to commence operations and considering the discussions
of the DBU Working Group formed by Indian Banks' Association (IBA) (with representation of banks and RBI), reporting of Digital Banking
segment will be implemented by the Bank based on the decision of the DBU Working Group. |
| 3. |
'Wholesale Banking' includes
all advances to trusts, partnership firms, companies and statutory bodies, by the Bank which are not included under Retail Banking. |
| 4. |
'Treasury' includes the
entire investment and derivative portfolio of the Bank and ICICI Strategic Investments Fund. |
| 5. |
'Other Banking' includes
leasing operations and other items not attributable to any particular business segment of the Bank. Further, it includes the Bank’s
banking subsidiaries i.e. ICICI Bank UK PLC and ICICI Bank Canada. |
| 6. |
'Life Insurance' represents
ICICI Prudential Life Insurance Company Limited. |
| 7. |
'Others' comprises the consolidated
entities of the Bank, not covered in any of the segments above. |
| 8. |
'Unallocated' includes items
such as tax paid in advance net of provision, deferred tax and provisions to the extent reckoned at the entity level. |
| 1. |
The
above financial results have been approved by the Board of Directors at its meeting held on October 22, 2022. The joint statutory
auditors have conducted limited review and issued an unmodified report on the standalone and consolidated financial results for Q2-2023
and H1-2023. |
| 2. |
The financial
results have been prepared in accordance with the recognition and measurement principles given in Accounting Standard (AS) 25 on
'Interim Financial Reporting' as prescribed under the Companies Act, 2013. |
| 3. |
Details
of resolution plans implemented under the Resolution Framework for Covid-19 related stress as per RBI circular dated August 6, 2020
(Resolution Framework 1.0) and May 5, 2021 (Resolution Framework 2.0) at September 30, 2022 are given below: |
| |
₹ in crore |
| |
Type
of Borrower |
Exposure
to accounts classified as Standard consequent to implementation of resolution plan – Position as at the end of March 31, 2022
(A) |
Of
(A), aggregate debt that slipped into NPA during H1-20231 |
Of
(A) amount written off during H1-2023 |
Of
(A) amount paid by the borrowers during H1-20232 |
Exposure
to accounts classified as Standard consequent to implementation of resolution plan – September 30, 2022 |
| |
Personal
Loans3 |
3,115.48
|
356.90
|
26.04
|
316.36
|
2,442.22
|
| |
Corporate
persons |
1,703.70
|
.. |
.. |
(46.25) |
1,749.95
|
| |
Of
which, MSMEs |
.. |
.. |
.. |
.. |
.. |
| |
Others |
767.73
|
74.77
|
4.14
|
81.66
|
611.30
|
| |
Total |
5,586.91
|
431.67
|
30.18
|
351.77
|
4,803.47
|
| |
1.
Includes cases which have been written off during the period. |
| |
2. Net of increase in exposure
during the period. |
| |
3. Includes various categories
of retail loans. |
| 4. |
During Q2-2023,
the Bank has made an additional contingency provision of ₹ 1,500.00 crore (H1-2023: ₹ 2,550.00 crore) on a prudent basis. Accordingly,
the Bank holds contingency provision of ₹ 10,000.00 crore at September 30, 2022. |
| 5. |
During Q2-2023, the Bank
has allotted 11,521,851 equity shares of ₹ 2 each pursuant to exercise of employee stock options. |
| 6. |
In accordance with RBI guidelines,
consolidated Pillar 3 disclosure (unaudited), leverage ratio, liquidity coverage ratio, net stable funding ratio and details of loans
transferred/acquired under the RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 is available at https://www.icicibank.com/regulatory-disclosure.page. |
| 7. |
Previous period/year figures
have been re-grouped/re-classified where necessary to conform to current period classification. |
| 8. |
The above standalone and
consolidated financial results have been reviewed/audited by the joint statutory auditors, M S K A & Associates, Chartered Accountants
and KKC & Associates LLP (formerly Khimji Kunverji & Co LLP), Chartered Accountants. |
| 9. |
₹ 1 crore = ₹
10.0 million. |
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Rakesh
Jha |
| Mumbai |
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Executive
Director |
| October 22,
2022 |
|
DIN-00042075 |
Item 3
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| |
|
| 602 Floor 6, Raheja Titanium, |
Level-19, Sunshine Tower, |
| Western Express Highway, |
Senapati Bapat Marg, |
| Geetanjali, Railway Colony, |
Elphinstone Road. |
| Ram Nagar, Goregaon (E), |
Mumbai 400 013 |
| Mumbai 400 063 |
|
Independent
Auditors’ Review Report on unaudited standalone financial results for the quarter and half year ended 30 September 2022 of ICICI
Bank Limited pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board
of Directors of ICICI Bank Limited
| 1. | We have reviewed the accompanying
statement of unaudited standalone financial results of ICICI Bank Limited (‘the Bank’) for the quarter and half year ended
30 September 2022 (‘the Statement’) being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation
52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (‘the Listing Regulations’) except for the disclosures relating to Pillar 3 disclosure as at 30 September
2022, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been
disclosed on the Bank's website and in respect of which a link has been provided in the Note 06 to the Statement and have not been reviewed
by us. |
| 2. | The Statement, which is the responsibility
of the Bank’s Management and has been approved by the Bank’s Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in Accounting Standard 25, Interim Financial Reporting (‘AS 25’), prescribed
under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, the relevant provisions of the Banking Regulation
Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (‘the RBI’) from time to time (‘the
RBI Guidelines’) and other accounting principles generally accepted in India, and in compliance with the Listing Regulations. Our
responsibility is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review of the
Statement in accordance with the Standard on Review Engagements (‘SRE’) 2410, “Review of Interim Financial Information
Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires
that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review
is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance
than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 4. | Based on our review conducted
as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the
recognition and measurement principles laid down in AS 25 prescribed under Section 133 of the Companies Act 2013, read with relevant
rules issued thereunder, the RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in terms of the Listing Regulations including the manner in which it is to be disclosed, or that it contains
any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect
of Income recognition, asset classification, provisioning and other related matters, except for the disclosures relating to Pillar 3
disclosure as at 30 September 2022, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital
Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 06 to the Statement
and have not been reviewed by us. |
| For M S K A & Associates |
For KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| ICAI Firm Registration No. 105047W |
ICAI Firm Registration No. 105146W/W100621 |
| |
|
| |
|
| |
|
| |
|
| Tushar Kurani |
Gautam Shah |
| Partner |
Partner |
| ICAI Membership No.: 118580 |
ICAI Membership No.: 117348 |
| UDIN: 22118580BAQZLP7668 |
UDIN: 22117348BAQWHH8663 |
| |
|
| Place: Mumbai |
Place: Mumbai |
| Date: 22 October 2022 |
Date: 22 October 2022 |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 602 Floor 6, Raheja Titanium, |
Level-19, Sunshine Tower, |
| Western Express Highway, |
Senapati Bapat Marg, |
| Geetanjali, Railway Colony, |
Elphinstone Road. |
| Ram Nagar, Goregaon (E), |
Mumbai 400 013 |
| Mumbai 400 063 |
|
Independent
Auditors’ Review Report on unaudited consolidated financial results for the quarter and half year ended 30 September 2022 of ICICI
Bank Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended
To The Board
of Directors of ICICI Bank Limited
| 1. | We have reviewed the accompanying
statement of unaudited consolidated financial results of ICICI Bank Limited (‘the Parent’ or ‘the Bank’), its
subsidiaries (the Parent and its subsidiaries together referred to as ‘the Group’) and its share of the net profit /loss
after tax of its associates for the quarter and half year ended 30 September 2022 (‘the Statement’), being submitted by the
Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (‘the Listing Regulations’), except for the disclosures relating to consolidated
Pillar 3 disclosure as at 30 September 2022, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel
III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 06
of the Statement and have not been reviewed by us. |
| 2. | The Statement, which is the responsibility
of the Parent’s Management and has been approved by the Parent’s Board of Directors, has been prepared in accordance with
the recognition and measurement principles laid down in Accounting Standard 25, Interim Financial Reporting (‘AS 25’), prescribed
under Section 133 of the Companies Act, 2013, read with relevant rules thereunder, the relevant provisions of the Banking Regulation
Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (‘the RBI’) from time to time (‘the
RBI Guidelines’) and other accounting principles generally accepted in India, and in compliance with the Listing Regulations. Our
responsibility is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review of the
Statement in accordance with the Standard on Review Engagements (‘SRE’) 2410, “Review of Interim Financial Information
Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards
on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion. |
We
also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended,
to the extent applicable.
| 4. | The Statement includes the results
of the entities referred in Annexure 1. |
| 5. | Based on our review conducted
and procedures performed as stated in paragraph 3 above and upon consideration of the review/audit reports of other auditors, referred
to in paragraph 8 & 9 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared
in accordance with the recognition and measurement principles laid down in AS 25, prescribed under Section 133 of the Companies Act,
2013, read with relevant rules thereunder, the RBI guidelines, and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in accordance with the requirements of the Listing Regulations including the manner in which
it is to be disclosed, or that it contains any material misstatement except for the disclosures relating to consolidated Pillar 3 disclosure
as at 30 September 2022, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations
as have been disclosed on the Bank’s website and in respect of which a link has been provided in Note 06 to the Statement and have
not been reviewed by us. |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 6. | The joint statutory auditors of
ICICI Prudential Life Insurance Company Limited (“ICICI Life”), vide their audit report dated 15 October 2022 have expressed
an unmodified opinion and have reported in the 'Other Matter' section that 'The actuarial valuation of liabilities for life policies
in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2022 is the responsibility
of the Company's Panel Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies
in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2022 has been duly
certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms
issued by the Insurance Regulatory and Development Authority of India (‘IRDAI') and the Institute of Actuaries of India in concurrence
with the Authority. The joint auditors have relied upon the Appointed Actuary's certificate in this regard for forming their opinion
on the valuation of liabilities for life policies in force and for policies in respect or which premium has been discontinued but liability
exists, as contained in the condensed standalone interim financial statements of the Company’. Our conclusion on the Statement
is not modified in respect of this matter based on the opinion expressed by the joint statutory auditors of ICICI Life. |
| 7. | The joint statutory auditors of
ICICI Lombard General Insurance Company Limited (‘ICICI General’), vide their audit report dated 18 October 2022, have expressed
an unmodified opinion and have reported in the 'Other Matter' section that, 'The actuarial valuation of liabilities in respect of Incurred
But Not Reported (‘IBNR'), Incurred But Not Enough Reported ('IBNER') and the Premium Deficiency Reserve ('PDR') is the responsibility
of the Company's Appointed Actuary (the 'Appointed Actuary'). The actuarial valuation of these liabilities, that are estimated using
statistical methods as at 30 September 2022 has been duly certified by the Appointed Actuary and in his opinion, the assumptions considered
by him for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India
in concurrence with IRDAI. The joint auditors have relied upon the Appointed Actuary's certificate in this regard for forming their opinion
on the valuation of liabilities for outstanding claims reserves and the PDR contained in the financial results of the Company’.
Our conclusion on the Statement is not modified in respect of this matter based on the opinion expressed by the joint statutory auditors
of ICICI General. |
| 8. | We did not review/audit the interim
financial statements / financial results of twelve subsidiaries, included in the Statement, whose interim financial statements / financial
results reflects total assets of Rs.350,933.87 crore (before consolidation adjustments) as at 30 September 2022 and total revenues of
Rs.14,933.51 crore and Rs.26,370.92 crore (before consolidation adjustments) and total net profit after tax of Rs.1,144.06 crore and
Rs.2,067.01crore (before consolidation adjustments) for the quarter and half year ended 30 September 2022, respectively, and cash outflows
(net) of Rs.1,675.31 crore for the half year ended 30 September 2022 as considered in the Statement. These interim financial statements/
financial results have been reviewed/ audited by other auditors whose review/ audit reports have been furnished to us by the management,
and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries
is based solely on the review reports of such other auditors, and the procedures performed by us as stated in paragraph 3 above. Further,
of these subsidiaries, three subsidiaries are located outside India whose interim financial statements/ information have been prepared
in accordance with accounting principles generally accepted in their respective countries and which have been reviewed/ audited by their
respective auditors under generally accepted auditing standards applicable in their respective countries. Our review report in so far
as it relates to the balances and affairs of such subsidiaries located outside India, is based on the reports of other auditors. According
to the information and explanations given to us by the management, the interim financial statements/ information of these three subsidiaries
are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter. |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 9. | The Statement also includes the
Group's share of net profit after tax of Rs.283.57 crore and Rs.451.18 crore for the quarter and half year ended 30 September 2022, respectively,
as considered in the Statement, in respect of an associate, whose interim financial information/ financial result have not been reviewed
by us. This interim financial statements/ information have been audited/reviewed by other auditors whose reports have been furnished
to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect
of this associate, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect of the above matter. |
| 10. | The Statement includes the interim
financial statements / information of four subsidiaries which have not been reviewed/audited by their auditors, whose interim financial
statements/financial results reflect total assets of Rs.88.57 crore (before consolidation adjustments) as at 30 September 2022, total
revenues of Rs.7.30 crore and Rs.16.25 crore (before consolidation adjustments) and total net profit/ (loss) after tax of Rs.(1.31) crore
and Rs.0.04 crore (before consolidation adjustments) for the quarter and half year ended 30 September 2022, respectively, and the cash
inflows (net) of Rs.0.13 crore for the half year ended 30 September 2022 as considered in the Statement. The Statement also includes
the Group's share of net profit after Tax of Rs.22.94 crore and Rs.66.60 crore for the quarter and half year ended 30 September 2022
respectively, as considered in the Statement, in respect of seven associates based on their interim financial statements / financial
results which have not been reviewed/audited by their auditors. According to the information and explanations given to us by the Management,
these interim financial statements / financial results are not material to the Group. Our conclusion on the Statement is not modified
in respect of the above matter. |
| For M S K A & Associates |
For KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| ICAI Firm Registration No.105047W |
ICAI Firm Registration No. 105146W/W100621 |
| |
|
| |
|
| |
|
| Tushar Kurani |
Gautam Shah |
| Partner |
Partner |
| ICAI Membership No.: 118580 |
ICAI Membership No.: 117348 |
| UDIN: 22118580BAQZXH5021 |
UDIN: 22117348BAQXEG5191 |
| |
|
| Place: Mumbai |
Place: Mumbai |
| Date: 22 October 2022 |
Date: 22 October 2022 |
Annexure 1
List of entities included in
the Statement
Parent Bank
Subsidiaries
| 4. | ICICI International
Limited |
| 5. | ICICI Prudential
Life Insurance Company Limited |
| 6. | ICICI Prudential
Pension Funds Management Company Limited |
| 7. | ICICI Securities
Primary Dealership Limited |
| 8. | ICICI Home
Finance Company Limited |
| 9. | ICICI Investment
Management Company Limited |
| 10. | ICICI Securities
Limited |
| 11. | ICICI Securities
Holdings Inc. |
| 13. | ICICI Venture
Funds Management Company Limited |
| 14. | ICICI Trusteeship
Services Limited |
| 15. | ICICI Prudential
Asset Management Company Limited |
| 16. | ICICI Prudential
Trust Limited |
| 17. | ICICI Strategic
Investments Limited |
Associates
| 18. | ICICI Lombard
General Insurance Company Limited |
| 19. | I-Process
Services (India) Private Limited |
| 20. | NIIT Institute
of Finance Banking and Insurance Trading Limited |
| 21. | ICICI Merchant
Services Private Limited |
| 22. | Arteria Technologies
Private Limited |
| 23. | India Infradebt
Limited |
| 24. | India Advantage
Fund III |
| 25. | India Advantage
Fund IV |
Item 4
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
| News
Release |
|
|
|
October
22, 2022 |
Performance Review: Quarter ended
September 30, 2022
| · | Core
operating profit (profit before provisions and tax, excluding treasury income) grew by 24%
year-on-year to ₹ 11,765 crore (US$ 1.4 billion) in the quarter ended September 30,
2022 (Q2-2023) |
| · | Profit
after tax grew by 37% year-on-year to ₹ 7,558 crore (US$ 929 million) in Q2-2023 |
| · | Total
period-end deposits grew by 12% year-on-year to ₹ 1,090,008 crore (US$ 134.0 billion)
at September 30, 2022 |
| · | Average
current account and savings account (CASA) ratio was 45.0% in Q2-2023 |
| · | Overall
loan portfolio grew by 23% year-on-year |
| · | Domestic
loan portfolio grew by 24% year-on-year |
| · | Net
NPA ratio declined to 0.61% at September 30, 2022 from 0.70% at June 30, 2022 |
| · | Provisioning
coverage ratio on non-performing assets was 80.6% at September 30, 2022 |
| · | Including
profits for the six months ended September 30, 2022 (H1-2023), total capital adequacy ratio
was 18.27% and Tier-1 capital adequacy ratio was 17.51%, on a standalone basis, at September
30, 2022 |
The
Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) at its meeting held at Mumbai today, approved the standalone
and consolidated accounts of the Bank for the quarter ended September 30, 2022 (Q2-2023). 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 September 30,
2022.
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
Profit & loss account
| · | The
core operating profit (profit before provisions and tax, excluding treasury income) increased
by 24% year-on-year to ₹
11,765 crore (US$ 1.4 billion) in Q2-2023 from ₹
9,518 crore (US$ 1.2 billion) in the quarter ended September 30, 2021 (Q2-2022) |
| · | Net
interest income (NII) increased by 26% year-on-year to ₹ 14,787 crore (US$ 1.8 billion) in Q2-2023 from ₹
11,690 crore (US$ 1.4 billion) in Q2-2022 |
| · | The
net interest margin was 4.31% in Q2-2023 compared to 4.00% in Q2-2022 and 4.01% in the quarter
ended June 30, 2022 (Q1-2023). The net interest margin was 4.16% in H1-2023 |
| · | Non-interest
income, excluding treasury income, increased by 17% year-on-year to ₹
5,139 crore (US$ 632 million) in Q2-2023 from ₹
4,400 crore (US$ 541 million) in Q2-2022 |
| · | Fee
income grew by 18% year-on-year to ₹
4,480 crore (US$ 551 million) in Q2-2023 from ₹
3,811 crore (US$ 468 million) in Q2-2022. Fees from retail, rural, business banking
and SME customers constituted about 79% of total fees in Q2-2023 |
| · | There
was a treasury loss of ₹ 85
crore (US$ 10 million) in Q2-2023 compared to a gain of ₹
397 crore (US$ 49 million) in Q2-2022 |
| · | Provisions
(excluding provision for tax) declined by 39% year-on-year to ₹ 1,644 crore (US$ 202 million)
in Q2-2023 from ₹ 2,714 crore (US$ 334 million) in Q2-2022. Provisions for Q2-2023 include
contingency provision of ₹ 1,500 crore (US$ 184 million) made on a prudent basis |
| · | The
profit before tax grew by 39% year-on-year to ₹ 10,036 crore (US$ 1.2 billion) in Q2-2023
from ₹ 7,201 crore (US$ 885 million) in Q2-2022 |
| · | On
a standalone basis, the profit after tax grew by 37% year-on-year to ₹ 7,558 crore (US$ 929
million) in Q2-2023 from ₹ 5,511 crore (US$ 677 million) in Q2-2022 |
Growth
in digital and payments platforms
In
December 2020, the Bank had expanded its mobile banking app, iMobile, to iMobile Pay which offers payment and banking services to customers
of any bank. There have been 80 lakh activations of iMobile Pay from non-ICICI Bank account holders as of September 30, 2022.
The value
of credit card spends in Q2-2023 grew by 4% sequentially and 43% year-on-year. The Bank has seen healthy growth in retail credit card
spends driven by increase in discretionary spending and higher activation rate through digital onboarding of customers, including Amazon
Pay credit cards. The Bank has issued more than 3.5 million Amazon Pay credit cards since its launch.
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
The
business banking and SME franchise continues to grow on the back of digital offerings and platforms like InstaBIZ along with the Bank’s
extensive branch network. The value of financial transactions on InstaBIZ grew by 23% year-on-year in Q2-2023. There have been about
195,000 registrations from non-ICICI Bank account holders on InstaBIZ till September 30, 2022.
The
value of the Bank’s merchant acquiring transactions through UPI in Q2-2023 grew by 26% over Q1-2023 and was 2.2 times the value
of transactions in Q2-2022. The Bank is the market leader in electronic toll collections through FASTag. The Bank had a market share
of 31% by value in electronic toll collections through FASTag in Q2-2023, with a 20% year-on-year growth in collections.
The Bank
has created more than 20 industry specific STACKs which provide bespoke and purpose-based digital solutions to corporate clients and
their ecosystems. The Bank’s Trade Online and Trade Emerge platforms allow customers to perform most of their trade finance and
foreign exchange transactions digitally. About 70% of trade transactions were done digitally in Q2 of this year. The value of transactions
done through these platforms increased by 70% year-on-year in Q2 of this year.
Recently,
the Bank launched Campus Power, an online platform providing various banking solutions such as loans, bank accounts, foreign exchange
remittances and value added services to the student ecosystem for higher education in India and abroad. The Bank also launched ‘Smart
Wire’, a SWIFT based inward remittance system which allows non-resident Indians (NRIs) and resident customers to undertake inward
remittance transactions in an online and paperless manner. The beneficiaries can also use the service to submit online declaration /
documents, block the exchange rates in advance and track the status of the transaction.
As part
of the Government of India’s intiative to set up 75 Digital Banking Units (DBUs) in the 75 districts of the country to commemorate
75 years of India's independence, the Bank recently launched four DBUs in Dehradun in Uttarakhand, Karur in Tamil Nadu, Kohima in Nagaland
and Pondicherry to offer banking services to its customers digitally. At these DBUs, customers can undertake banking transactions digitally,
at a time of their convenience.
Credit
growth
The retail
loan portfolio grew by 25% year-on-year and 6% sequentially, and comprised 54% of the total loan portfolio at September 30, 2022. Including
non-fund outstanding, the retail portfolio was 44% of the total portfolio at September 30, 2022. The business banking portfolio grew
by 43% year-on-year and 11% sequentially at September 30, 2022. The SME business, comprising borrowers with a turnover of less than ₹
250 crore (US$ 31 million), grew by 27% year-on-year and 6% sequentially at September 30, 2022. The domestic corporate portfolio
grew by 23% year-on-year and 7% sequentially at September 30, 2022. The rural portfolio grew by 12% year-on-year and 4% sequentially
at September 30, 2022. The domestic advances grew by 24% year-on-year and 6% sequentially at September 30, 2022. Total advances increased
by 23% year-on-year and 5% sequentially to ₹ 938,563 crore (US$ 115.4 billion) at September 30, 2022.
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
Deposit
growth
Total
period-end deposits increased by 12% year-on-year to ₹ 1,090,008 crore (US$ 134.0 billion) at September 30, 2022. Average current
account and savings account deposits increased by 16% year-on-year in Q2-2023. Period-end term deposits increased by 11% year-on-year
to ₹ 582,168 crore (US$ 71.6 billion) at September 30, 2022.
The Bank
had a network of 5,614 branches and 13,254 ATMs at September 30, 2022.
Asset
quality
The gross
NPA ratio declined to 3.19% at September 30, 2022 from 3.41% at June 30, 2022 and 4.82% at September 30, 2021. The net NPA ratio declined
to 0.61% at September 30, 2022 from 0.70% at June 30, 2022 and 0.99% at September 30, 2021. During Q2-2023, there were net additions
of ₹ 605 crore (US$ 74 million) to gross NPAs compared to ₹
382 crore (US$ 47 million) in Q1-2023. The gross NPA additions were ₹
4,366 crore (US$ 537 million) in Q2-2023 compared to ₹ 5,825 crore
(US$ 716 million) in Q1-2023. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹
3,761 crore (US$ 462 million) in Q2-2023 compared to ₹ 5,443 crore
(US$ 669 million) in Q1-2023. The gross NPAs written-off in Q2-2023 were ₹ 1,103 crore (US$ 136 million). The provisioning coverage
ratio on NPAs was 80.6% at September 30, 2022.
Excluding
NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to
₹ 6,713 crore (US$ 825 million) or 0.7% of total advances at September
30, 2022 from ₹ 7,376 crore (US$ 907 million) at June 30, 2022. The Bank holds provisions amounting to ₹
2,059 crore (US$ 253 million) against these borrowers under resolution, as of September 30, 2022. In addition, the Bank held contingency
provisions of ₹ 10,000 crore (US$ 1.2 billion) at September 30, 2022.
The loan and non-fund based outstanding to performing borrowers rated BB and below reduced to ₹ 7,638 crore (US$ 939 million) at
September 30, 2022 from ₹ 8,209 crore (US$ 1.0 billion) at June 30, 2022.
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
Capital
adequacy
Including
profits for the six months ended (H1-2023), the Bank’s total capital adequacy ratio at September 30, 2022 was 18.27% and Tier-1
capital adequacy was 17.51% compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.
Consolidated
results
The consolidated
profit after tax increased by 31% year-on-year to ₹ 8,007 crore (US$ 984
million) in Q2-2023 from ₹ 6,092 crore (US$ 749 million) in Q2-2022.
Consolidated
assets grew by 14% year-on-year to ₹ 1,833,154 crore (US$ 225.4 billion)
at September 30, 2022 from ₹ 1,604,053 crore (US$ 197.2 billion) at September
30, 2021.
Key subsidiaries
and associates
Value
of New Business (VNB) of ICICI Prudential Life Insurance (ICICI Life) increased by 25% year-on-year to ₹
1,092 crore (US$ 134 million) in H1-2023. The VNB margin increased from 28.0% in FY2022 to 31.0% in H1-2023. The annualised premium
equivalent increased by 10% year-on-year to ₹ 3,519 crore (US$ 433 million)
in H1-2023. The profit after tax was ₹ 199 crore (US$ 24 million) in Q2-2023
compared to ₹ 445 crore (US$ 55 million) in Q2-2022.
The Gross
Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) grew by 17% year-on-year to ₹
5,185 crore (US$ 637 million) in Q2-2023 from ₹ 4,424 crore
(US$ 544 million) in Q2-2022. The combined ratio was 105.1% in Q2-2023 compared to 105.3% in Q2-2022. The profit after tax of ICICI General
grew by 32% to ₹ 591 crore (US$ 73 million) in Q2-2023 from ₹
447 crore (US$ 55 million) in Q2-2022. The profit after tax includes reversal of tax provisions of ₹
128 crore (US$ 16 million). Excluding this reversal, profit after tax grew by 3.4% year-on-year in Q2 of this year.
The profit
after tax of ICICI Prudential Asset Management Company, as per Ind AS, grew by 6% year-on-year to ₹
406 crore (US$ 50 million) in Q2-2023 from ₹ 383 crore (US$
47 million) in Q2-2022.
The profit
after tax of ICICI Securities, on a consolidated basis, as per Ind AS, was ₹
300 crore (US$ 37 million) in Q2-2023 compared to ₹ 351 crore
(US$ 43 million) in Q2-2022.
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
Summary
Profit and Loss Statement (as per standalone Indian GAAP accounts)
₹
crore
| |
FY2022 |
Q2-2022 |
H1-2022 |
Q1-2023 |
Q2-2023 |
H1-2023 |
| |
Audited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
| Net
interest income |
47,466 |
11,690 |
22,626 |
13,210 |
14,787 |
27,997 |
| Non-interest
income |
17,614 |
4,400 |
8,106 |
4,629 |
5,139 |
9,768 |
| -
Fee income |
15,687 |
3,811 |
7,030 |
4,243 |
4,480 |
8,723 |
| -
Dividend income from subsidiaries/associates |
1,829 |
583 |
993 |
347 |
648 |
995 |
| -
Other income |
98 |
6 |
83 |
39
|
11 |
50 |
| Less: |
|
|
|
|
|
|
| Operating
expense |
26,733 |
6,572 |
12,609 |
7,566 |
8,161 |
15,727 |
| Core
operating profit1 |
38,347 |
9,518 |
18,123 |
10,273 |
11,765 |
22,038 |
| -
Treasury income |
903 |
397 |
686 |
36 |
(85) |
(49) |
| Operating
profit |
39,250 |
9,915 |
18,809 |
10,309 |
11,680 |
21,989 |
| Less: |
|
|
|
|
|
|
| Total
net provision |
8,641 |
2,714 |
5,565 |
1,144 |
1,644 |
2,788 |
| Contingency
provisions2 |
(25) |
- |
(1,050) |
1,050 |
1,500 |
2,550 |
| Other
provisions |
8,666 |
2,714 |
6,615 |
94 |
144 |
238 |
| Profit
before tax |
30,609 |
7,201 |
13,244 |
9,165 |
10,036 |
19,201 |
| Less: |
|
|
|
|
|
|
| Provision
for taxes |
7,270 |
1,690 |
3,117 |
2,260 |
2,478 |
4,738 |
| Profit
after tax |
23,339 |
5,511 |
10,127 |
6,905 |
7,558 |
14,463 |
| 1. | Excluding
treasury income |
| 2. | The Bank has made an additional contingency provision of ₹
1,050 crore (US$ 133 million) Q1-2023, and ₹ 1,500 crore (US$ 184 million)
in Q2-2023 (H1-2023: ₹ 2,550 crore (US$ 313 million)) on a prudent basis.
Accordingly, the Bank holds contingency provision of ₹ 10,000 crore
(US$ 1.2 billion) at September 30, 2022. |
| 3. | Prior period numbers have been re-arranged wherever necessary |
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
Summary balance
sheet
₹
crore
| |
30-Sep-21 |
31-Mar-22 |
30-Jun-22 |
30-Sep-22 |
| |
Unaudited |
Audited |
Unaudited |
Unaudited |
| Capital
and liabilities |
|
|
|
|
| Capital |
1,387 |
1,390 |
1,391 |
1,394 |
| Employee stock options outstanding |
127 |
266 |
387 |
510 |
| Reserves and surplus |
155,270 |
168,856 |
176,100 |
180,603 |
| Deposits |
977,449 |
1,064,572 |
1,050,349 |
1,090,008 |
| Borrowings (includes subordinated debt) |
82,989 |
107,231 |
115,454 |
129,934 |
| Other liabilities |
58,780 |
68,983 |
71,900 |
86,225 |
| Total
capital and liabilities |
1,276,002 |
1,411,298 |
1,415,581 |
1,488,674 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Cash and balances with Reserve Bank of India |
107,270 |
109,523 |
90,759 |
67,095 |
| Balances with banks and money at call and short notice |
42,774 |
58,300 |
22,464 |
57,818 |
| Investments |
285,220 |
310,241 |
321,252 |
333,031 |
| Advances |
764,937 |
859,020 |
895,625 |
938,563 |
| Fixed assets |
9,153 |
9,374 |
9,400 |
9,510 |
| Other assets |
66,648 |
64,840 |
76,081 |
82,657 |
| Total
assets |
1,276,002 |
1,411,298 |
1,415,581 |
1,488,674 |
| 1. | Prior period figures have been re-grouped/re-arranged wherever necessary |
|
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 |
Certain statements in this
release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are
forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private
Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could
cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but
are not limited to statutory and regulatory changes, international economic and business conditions, political or economic
instability in the jurisdictions where we have operations, increase in non-performing loans, unanticipated changes in interest
rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our
allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow
projections, our exposure to market risks, changes in India’s sovereign rating, and the impact of the Covid-19 pandemic which
could result in fewer business opportunities, lower revenues, and an increase in the levels of non-performing assets and provisions,
depending inter alia upon the period of time for which the pandemic extends, the remedial measures adopted by governments and
central banks, and the sustenance of economic activity at normal levels after the pandemic, as well as other risks detailed in the
reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are
based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future
operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings
are available at www.sec.gov.
This release does not constitute
an offer of securities.
For further press queries please
email Sujit Ganguli / Kausik Datta at sujit.ganguli@icicibank.com / datta.kausik@icicibank.com
or corporate.communications@icicibank.com
For investor queries please email
Abhinek Bhargava at abhinek.bhargava@icicibank.com or Aashwij Mallya at aashwij.mallya@icicibank.com
or ir@icicibank.com.
1 crore = 10.0 million
US$ amounts represent convenience
translations at US$1= ₹ 81.35
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorised.
| |
|
|
For
ICICI Bank Limited |
| |
|
|
|
| Date: |
October 23, 2022 |
|
By: |
/s/Vivek Ranjan |
| |
|
|
|
Name : |
Vivek Ranjan |
| |
|
|
|
Title : |
Chief Manager |
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