UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a
-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2023
Commission File Number: 001-15002
ICICI Bank Limited
(Translation of registrant’s name into English)
ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check mark whether the registrant files
or will file
annual reports under cover Form 20-F or Form 40-F.
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India. |
Tel.: (91-22) 2653 1414
Fax: (91-22) 2653 1122
Website www.icicibank.com
CIN.: L65190GJ1994PLC021012 |
Regd. Office: ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India |
Table of Contents
Items:
| 1. |
Other news. |
| 2. |
Unaudited financial results (standalone and consolidated) for the quarter and six months ended September 30, 2023. |
| 3. |
Limited review reports on the unaudited financial results (standalone and consolidated) issued by M S K A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants, the joint statutory auditors of the Bank for the corresponding period. |
| 4. |
News Release on the unaudited financial results for the quarter and six months ended September 30, 2023. |
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India. |
Tel.: (91-22) 2653 1414
Fax: (91-22) 2653 1122
Website www.icicibank.com
CIN.: L65190GJ1994PLC021012 |
Regd. Office: ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India |
OTHER NEWS
Subject: Outcome of Board Meeting held on October
21, 2023
IBN
ICICI Bank Limited (the ‘Bank’)
Report on Form 6-K
The Bank has made the below announcement to the
Indian stock exchanges:
In terms of Regulation 30, 33, 52(4) and other
applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (SEBI Listing Regulations), we
write to inform you that the Board of Directors of ICICI Bank Limited (the Bank), at its meeting held today, inter alia, approved
unaudited financial results (standalone and consolidated) for the quarter and six months ended September 30, 2023. We enclose herewith
the following:
| 1. | Unaudited financial results (standalone and consolidated) for the quarter and six months ended September
30, 2023; |
| 2. | Limited review reports on the unaudited financial results (standalone and consolidated) issued by M S
K A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants, the joint statutory auditors of the Bank
for the corresponding period; and |
| 3. | News Release on the unaudited financial results for the quarter and six months ended September 30, 2023. |
The Board Meeting
commenced at 10.30 a.m. and concluded at 3.26 p.m.
Please take the
above information on record.
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India. |
Tel.: (91-22) 2653 1414
Fax: (91-22) 2653 1122
Website www.icicibank.com
CIN.: L65190GJ1994PLC021012 |
Regd. Office: ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India |
ICICI Bank Limited
CIN-L65190GJ1994PLC021012
Registered Office:
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390 007.
Corporate Office:
ICICI Bank Towers, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.
Phone: 022-26538900,
Fax: 022-26531228, Email: companysecretary@icicibank.com
Website: www.icicibank.com
STANDALONE FINANCIAL RESULTS
(₹ in crore)
| Sr.
no. |
Particulars |
Three
months ended |
Six
months ended |
Year
ended |
September
30, 2023
(Q2-2024) |
June
30, 2023
(Q1-2024) |
September
30, 2022
(Q2-2023) |
September
30, 2023
(H1-2024) |
September
30, 2022
(H1-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Interest earned (a)+(b)+(c)+(d) |
34,920.39 |
33,327.61 |
26,033.04 |
68,248.00 |
49,704.58 |
109,231.34 |
| |
a) |
Interest/discount on advances/bills |
27,118.87 |
25,844.15 |
19,928.87 |
52,963.02 |
37,563.19 |
83,942.97 |
| |
b) |
Income on investments |
7,020.31 |
6,618.00 |
5,123.36 |
13,638.31 |
9,705.14 |
20,888.46 |
| |
c) |
Interest on balances with Reserve Bank of India and other inter-bank funds |
494.34 |
412.70 |
348.30 |
907.04 |
829.68 |
1,850.51 |
| |
d) |
Others |
286.87 |
452.76 |
632.51 |
739.63 |
1,606.57 |
2,549.40 |
| 2. |
Other income |
5,776.68 |
5,435.25 |
5,054.87 |
11,211.93 |
9,720.07 |
19,831.45 |
| 3. |
TOTAL
INCOME (1)+(2) |
40,697.07 |
38,762.86 |
31,087.91 |
79,459.93 |
59,424.65 |
129,062.79 |
| 4. |
Interest expended |
16,612.48 |
15,101.15 |
11,246.23 |
31,713.63 |
21,707.75 |
47,102.74 |
| 5. |
Operating expenses (e)+(f) |
9,855.32 |
9,522.59 |
8,161.36 |
19,377.91 |
15,727.69 |
32,873.24 |
| |
e) |
Employee cost |
3,725.42 |
3,883.66 |
2,888.53 |
7,609.08 |
5,737.74 |
12,059.93 |
| |
f) |
Other operating expenses |
6,129.90 |
5,638.93 |
5,272.83 |
11,768.83 |
9,989.95 |
20,813.31 |
| 6. |
TOTAL
EXPENDITURE (4)+(5) |
|
|
|
|
|
|
| |
(excluding
provisions and contingencies) |
26,467.80 |
24,623.74 |
19,407.59 |
51,091.54 |
37,435.44 |
79,975.98 |
| 7. |
OPERATING
PROFIT (3)–(6) |
14,229.27 |
14,139.12 |
11,680.32 |
28,368.39 |
21,989.21 |
49,086.81 |
| |
(Profit
before provisions and contingencies) |
| 8. |
Provisions (other than tax) and contingencies (refer note no. 4) |
582.63 |
1,292.44 |
1,644.52 |
1,875.07 |
2,788.34 |
6,665.58 |
| 9. |
PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) |
13,646.64 |
12,846.68 |
10,035.80 |
26,493.32 |
19,200.87 |
42,421.23 |
| 10. |
Exceptional items |
.. |
.. |
.. |
.. |
.. |
.. |
| 11. |
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10) |
13,646.64 |
12,846.68 |
10,035.80 |
26,493.32 |
19,200.87 |
42,421.23 |
| 12. |
Tax expense (g)+(h) |
3,385.64 |
3,198.48 |
2,477.96 |
6,584.12 |
4,738.09 |
10,524.73 |
| |
g) |
Current tax |
3,246.52 |
3,137.37 |
2,605.14 |
6,383.89 |
4,844.35 |
10,254.48 |
| |
h) |
Deferred tax |
139.12 |
61.11 |
(127.18) |
200.23 |
(106.26) |
270.25 |
| 13. |
NET PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12) |
10,261.00 |
9,648.20 |
7,557.84 |
19,909.20 |
14,462.78 |
31,896.50 |
| 14. |
Extraordinary items (net of tax expense) |
|
|
|
|
|
|
| 15. |
NET
PROFIT FOR THE PERIOD (13)–(14) |
10,261.00 |
9,648.20 |
7,557.84 |
19,909.20 |
14,462.78 |
31,896.50 |
| 16. |
Paid-up equity share capital (face value ₹ 2 each) |
1,400.83 |
1,399.54 |
1,393.79 |
1,400.83 |
1,393.79 |
1,396.78 |
| 17. |
Reserves excluding revaluation reserves |
210,508.56 |
205,587.83 |
177,407.93 |
210,508.56 |
177,407.93 |
195,495.25 |
| 18. |
Analytical ratios |
|
|
|
|
|
|
| |
i) |
Percentage of shares held by Government of India |
0.21% |
0.20% |
0.20% |
0.21% |
0.20% |
0.20% |
| |
ii) |
Capital adequacy ratio (Basel III) |
16.07% |
16.71% |
16.93% |
16.07% |
16.93% |
18.34% |
| |
iii) |
Earnings per share (EPS) |
|
|
|
|
|
|
| |
|
a) |
Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹) |
14.66 |
13.80 |
10.86 |
28.46 |
20.79 |
45.79 |
| |
|
b) |
Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹) |
14.40 |
13.54 |
10.64 |
27.96 |
20.38 |
44.89 |
| 19. |
NPA Ratio1 |
|
|
|
|
|
|
| |
i) |
Gross non-performing customer assets (net of write-off) |
29,836.94 |
31,822.39 |
32,570.86 |
29,836.94 |
32,570.86 |
31,183.70 |
| |
ii) |
Net non-performing customer assets |
5,046.47 |
5,381.77 |
6,099.29 |
5,046.47 |
6,099.29 |
5,155.07 |
| |
iii) |
% of gross non-performing customer assets (net of write-off) to gross customer assets |
2.48% |
2.76% |
3.19% |
2.48% |
3.19% |
2.81% |
| |
iv) |
% of net non-performing customer assets to net customer assets |
0.43% |
0.48% |
0.61% |
0.43% |
0.61% |
0.48% |
| 20. |
Return on assets (annualised) |
2.41% |
2.39% |
2.06% |
2.40% |
2.02% |
2.16% |
| 21. |
Net worth2 |
204,617.01 |
199,443.22 |
170,442.17 |
204,617.01 |
170,442.17 |
189,125.63 |
| 22. |
Outstanding redeemable preference shares |
|
|
|
|
|
|
| 23. |
Capital redemption reserve |
350.00 |
350.00 |
350.00 |
350.00 |
350.00 |
350.00 |
| 24. |
Debt-equity ratio3 |
0.30 |
0.33 |
0.40 |
0.30 |
0.40 |
0.37 |
| 25. |
Total debts to total assets4 |
6.79% |
6.75% |
8.73% |
6.79% |
8.73% |
7.53% |
| 1. |
At September
30, 2023, the percentage of gross non-performing advances (net of write-off) to gross advances was 2.55% (June 30, 2023: 2.83%, March
31, 2023: 2.87%, September 30, 2022: 3.26%) and net non-performing advances to net advances was 0.45% (June 30, 2023: 0.51%, March
31, 2023: 0.51%, September 30, 2022: 0.65%). |
| 2. |
Net worth is computed as
per RBI Master Circular No. RBI/2015-16/70 DBR.No.Dir.BC.12/13.03.00/2015-16 on Exposure Norms dated July 1, 2015. |
| 3. |
Debt represents borrowings with residual maturity of
more than one year. |
| 4. |
Total debts represents total borrowings of the Bank. |
SUMMARISED STANDALONE BALANCE SHEET
(₹ in crore)
| Particulars |
At |
| September
30, 2023 |
June
30, 2023 |
March
31, 2023 |
September
30, 2022 |
| (Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
| Capital
and Liabilities |
|
|
|
|
| Capital |
1,400.83 |
1,399.54 |
1,396.78 |
1,393.79 |
| Employees
stock options outstanding |
1,078.01 |
916.04 |
760.89 |
510.09 |
| Reserves
and surplus |
213,570.08 |
208,650.29 |
198,557.72 |
180,603.03 |
| Deposits |
1,294,741.72 |
1,238,736.60 |
1,180,840.69 |
1,090,007.96 |
| Borrowings
(includes subordinated debt) |
116,758.02 |
111,252.36 |
119,325.49 |
129,933.91 |
| Other
liabilities and provisions |
93,230.90 |
86,045.51 |
83,325.08 |
86,225.46 |
| Total
Capital and Liabilities |
1,720,779.56 |
1,647,000.34 |
1,584,206.65 |
1,488,674.24 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Cash
and balances with Reserve Bank of India |
66,221.19 |
68,799.52 |
68,526.17 |
67,095.05 |
| Balances
with banks and money at call and short notice |
43,240.51 |
37,447.44 |
50,912.10 |
57,817.87 |
| Investments |
413,253.09 |
398,139.53 |
362,329.73 |
333,030.82 |
| Advances |
1,110,542.14 |
1,057,582.60 |
1,019,638.31 |
938,562.78 |
| Fixed
assets |
10,165.93 |
9,731.31 |
9,599.84 |
9,509.67 |
| Other
assets |
77,356.70 |
75,299.94 |
73,200.50 |
82,658.05 |
| Total
Assets |
1,720,779.56 |
1,647,000.34 |
1,584,206.65 |
1,488,674.24 |
STANDALONE CASH FLOW STATEMENTS
(₹ in crore)
| Particulars |
|
Period
ended |
September
30, 2023
(H1-2024) |
March
31, 2023
(FY2023) |
September
30, 2022
(H1-2023) |
| (Unaudited) |
(Audited) |
(Unaudited) |
| Cash
flow from/(used in) operating activities |
|
|
|
|
| Profit/(loss) before taxes |
|
26,493.32 |
42,421.23 |
19,200.87 |
| |
|
|
|
|
| Adjustments
for: |
|
|
|
|
| Depreciation and amortisation |
|
800.10 |
1,455.16 |
416.64 |
| Net (appreciation)/depreciation on investments |
|
471.19 |
2,594.71 |
1,734.38 |
| Provision in respect of non-performing and other assets |
|
842.68 |
(622.29) |
(530.21) |
| General provision for standard assets |
|
844.75 |
579.56 |
411.73 |
| Provision for contingencies & others |
|
328.79 |
5,408.77 |
1,931.95 |
| Employee Stock Options Expense |
|
355.69 |
517.24 |
259.52 |
| |
|
|
|
|
| Income from subsidiaries and consolidated entities |
|
(939.58) |
(1,784.56) |
(994.97) |
| (Profit)/loss on sale of fixed assets |
|
(7.50) |
(53.49) |
(12.57) |
| |
(i) |
29,189.44 |
50,516.33 |
22,417.34 |
| |
|
|
|
|
| Adjustments
for: |
|
|
|
|
| (Increase)/decrease in investments |
|
(25,712.82) |
11,814.28 |
16,788.42 |
| (Increase)/decrease in advances |
|
(91,746.52) |
(160,695.91) |
(79,727.92) |
| Increase/(decrease) in deposits |
|
113,901.03 |
116,274.95 |
25,436.35 |
| (Increase)/decrease in other assets |
|
(5,885.24) |
(8,797.44) |
(18,052.35) |
| Increase/(decrease) in other liabilities and provisions |
|
7,920.32 |
8,294.45 |
14,913.32 |
| |
(ii) |
(1,523.23) |
(33,109.67) |
(40,642.18) |
| |
|
|
|
|
| Refund/(payment)
of direct taxes |
(iii) |
(4,112.57) |
(9,716.35) |
(4,517.92) |
| Net
cash flow from/(used in) operating activities (i)+(ii)+(iii) |
(A) |
23,553.64 |
7,690.31 |
(22,742.76) |
| Cash
flow from/(used in) investing activities |
|
|
|
|
| Redemption/sale from/(investments in) subsidiaries (including application money) |
|
.. |
(529.98) |
(529.98) |
| Income from subsidiaries and consolidated entities |
|
939.58 |
1,784.56 |
994.97 |
| Purchase of fixed assets |
|
(1,492.96) |
(2,020.09) |
(838.22) |
| Proceeds from sale of fixed assets |
|
36.55 |
281.60 |
70.45 |
| (Purchase)/sale of held-to-maturity securities |
|
(25,681.71) |
(65,267.40) |
(40,066.84) |
| Net
cash flow from/(used in) investing activities |
(B) |
(26,198.54) |
(65,751.31) |
(40,369.62) |
| Cash
flow from/(used in) financing activities |
|
|
|
|
| Proceeds from issue of share capital (including ESOPs) |
|
624.91 |
942.07 |
536.17 |
| Proceeds from long-term borrowings |
|
7,902.08 |
32,987.26 |
11,092.61 |
| Repayment of long-term borrowings |
|
(15,928.66) |
(18,307.33) |
(7,130.98) |
| Net proceeds/(repayment) of short-term borrowings |
|
5,625.32 |
(2,716.17) |
18,968.13 |
| Dividend paid |
|
(5,598.60) |
(3,479.45) |
(3,479.45) |
| Net
cash flow from/(used in) financing activities |
(C)
|
(7,374.95) |
9,426.38 |
19,986.48 |
| Effect
of exchange fluctuation on translation reserve |
(D) |
43.28 |
250.53 |
216.46 |
| |
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
(A) + (B) + (C) + (D) |
|
(9,976.57) |
(48,384.09) |
(42,909.44) |
| |
|
|
|
|
| Cash
and cash equivalents at beginning of the year |
|
119,438.27 |
167,822.36 |
167,822.36 |
| Cash
and cash equivalents at end of the year |
|
109,461.70 |
119,438.27 |
124,912.92 |
| 1. |
Cash and cash
equivalents include cash in hand, balances with RBI, balances with other banks and money at call and short notice. |
STANDALONE SEGMENTAL RESULTS
(₹ in crore)
| Sr. no. |
Particulars |
Three months ended |
Six months ended |
Year ended |
September
30, 2023
(Q2-2024) |
June
30, 2023
(Q1-2024) |
September
30, 2022
(Q2-2023) |
September
30, 2023
(H1-2024) |
September
30, 2022
(H1-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Segment revenue |
|
|
| a |
Retail Banking |
33,080.02 |
31,057.21 |
25,322.22 |
64,137.23 |
48,710.23 |
103,775.34 |
| b |
Wholesale Banking |
17,383.77 |
16,069.13 |
11,555.28 |
33,452.90 |
22,424.57 |
50,614.85 |
| c |
Treasury |
27,859.08 |
26,305.11 |
20,150.74 |
54,164.19 |
38,508.74 |
84,770.74 |
| d |
Other Banking |
727.96 |
844.19 |
750.09 |
1,572.15 |
985.34 |
2,383.06 |
| |
Total segment revenue |
79,050.83 |
74,275.64 |
57,778.33 |
153,326.47 |
110,628.88 |
241,543.99 |
| |
Less: Inter segment revenue |
38,353.76 |
35,512.78 |
26,690.42 |
73,866.54 |
51,204.23 |
112,481.20 |
| |
Income from operations |
40,697.07 |
38,762.86 |
31,087.91 |
79,459.93 |
59,424.65 |
129,062.79 |
| 2. |
Segmental results (i.e. Profit before tax) |
|
|
| a |
Retail Banking |
4,895.97 |
4,178.63 |
4,532.82 |
9,074.60 |
8,342.48 |
17,533.68 |
| b |
Wholesale Banking |
4,670.00 |
4,079.70 |
3,717.12 |
8,749.70 |
7,405.50 |
15,785.78 |
| c |
Treasury |
3,966.92 |
4,362.13 |
3,170.30 |
8,329.05 |
5,779.18 |
14,271.55 |
| d |
Other Banking |
113.75 |
226.22 |
115.56 |
339.97 |
223.71 |
480.22 |
| e |
Unallocated expenses |
.. |
.. |
(1,500.00) |
.. |
(2,550.00) |
(5,650.00) |
| |
Total segment results |
13,646.64 |
12,846.68 |
10,035.80 |
26,493.32 |
19,200.87 |
42,421.23 |
| 3. |
Segment assets |
|
| a |
Retail Banking |
668,057.40 |
630,477.85 |
547,304.40 |
668,057.40 |
547,304.40 |
603,959.37 |
| b |
Wholesale Banking |
463,638.43 |
446,455.06 |
391,612.01 |
463,638.43 |
391,612.01 |
432,874.35 |
| c |
Treasury |
550,912.76 |
531,436.54 |
512,586.29 |
550,912.76 |
512,586.29 |
508,469.75 |
| d |
Other Banking |
30,867.69 |
31,188.56 |
27,471.80 |
30,867.69 |
27,471.80 |
29,791.54 |
| e |
Unallocated |
7,303.28 |
7,442.33 |
9,699.74 |
7,303.28 |
9,699.74 |
9,111.64 |
| |
Total segment assets |
1,720,779.56 |
1,647,000.34 |
1,488,674.24 |
1,720,779.56 |
1,488,674.24 |
1,584,206.65 |
| 4. |
Segment liabilities |
|
|
| a |
Retail Banking |
940,334.15 |
918,274.84 |
830,053.25 |
940,334.15 |
830,053.25 |
891,354.54 |
| b |
Wholesale Banking |
416,050.16 |
380,883.03 |
321,677.03 |
416,050.16 |
321,677.03 |
347,276.49 |
| c |
Treasury |
129,456.51 |
120,918.90 |
142,018.14 |
129,456.51 |
142,018.14 |
129,240.96 |
| d |
Other Banking |
5,126.69 |
2,528.28 |
2,418.91 |
5,126.69 |
2,418.91 |
2,519.27 |
| e |
Unallocated |
13,763.13 |
13,429.41 |
10,000.00 |
13,763.13 |
10,000.00 |
13,100.00 |
| |
Total segment liabilities |
1,504,730.64 |
1,436,034.46 |
1,306,167.33 |
1,504,730.64 |
1,306,167.33 |
1,383,491.26 |
| 5. |
Capital employed |
216,048.92 |
210,965.88 |
182,506.91 |
216,048.92 |
182,506.91 |
200,715.39 |
| 6. |
Total (4)+(5) |
1,720,779.56 |
1,647,000.34 |
1,488,674.24 |
1,720,779.56 |
1,488,674.24 |
1,584,206.65 |
Notes on segmental results:
| 1. |
The disclosure on segmental reporting has been prepared in accordance with 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’s Master Direction on Financial Statements – Presentation and Disclosures, requires to sub-divide ‘Retail banking’ into (a) Digital Banking (as defined in RBI circular on Establishment of Digital Banking Units dated April 7, 2022) and (b) Other Retail Banking segment. Accordingly, the segmental results for retail banking segment is subdivided as below: |
(₹ in crore)
| Sr. no. |
Particulars |
Segment revenue |
Segment Results |
Segment assets |
Segment liabilities |
| Q2-2024 |
|
|
|
|
| |
Retail Banking |
33,080.02 |
4,895.97 |
668,057.40 |
940,334.15 |
| (i) |
Digital Banking |
7,644.09 |
1,162.52 |
99,513.41 |
161,717.18 |
| (ii) |
Other Retail Banking |
25,435.93 |
3,733.45 |
568,543.99 |
778,616.97 |
| Q1-2024 |
|
|
|
|
| |
Retail Banking |
31,057.21 |
4,178.63 |
630,477.85 |
918,274.84 |
| (i) |
Digital Banking |
7,069.30 |
1,175.94 |
99,428.98 |
148,151.01 |
| (ii) |
Other Retail Banking |
23,987.91 |
3,002.69 |
531,048.87 |
770,123.83 |
| 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" primarily includes the entire investment and derivative portfolio of the Bank. |
| 5. |
"Other Banking" includes leasing operations and other items not attributable to any particular business segment of the Bank. |
| 6. |
"Unallocated" includes items such as tax paid in advance net of provision, deferred tax and provisions to the extent reckoned at the entity level. |
CONSOLIDATED FINANCIAL RESULTS
(₹ in crore)
| Sr.
no. |
Particulars |
Three
months ended |
Six
months ended |
Year
ended |
September
30, 2023
(Q2-2024) |
June
30, 2023
(Q1-2024) |
September
30, 2022
(Q2-2023) |
September
30, 2023
(H1-2024) |
September
30, 2022
(H1-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Interest earned (a)+(b)+(c)+(d) |
38,938.08 |
37,105.89 |
28,850.49 |
76,043.97 |
55,009.09 |
121,066.81 |
| |
a) |
Interest/discount on advances/bills |
28,501.06 |
27,087.69 |
20,861.83 |
55,588.75 |
39,315.57 |
87,929.24 |
| |
b) |
Income on investments |
9,279.96 |
8,831.05 |
6,814.58 |
18,111.01 |
12,940.87 |
27,905.03 |
| |
c) |
Interest on balances with Reserve Bank of India and other inter-bank funds |
699.56 |
582.21 |
440.19 |
1,281.77 |
1,002.93 |
2,305.46 |
| |
d) |
Others |
457.50 |
604.94 |
733.89 |
1,062.44 |
1,749.72 |
2,927.08 |
| 2. |
Other income |
18,354.18 |
14,978.11 |
16,327.73 |
33,332.29 |
29,387.46 |
65,111.99 |
| 3. |
TOTAL
INCOME (1)+(2) |
57,292.26 |
52,084.00 |
45,178.22 |
109,376.26 |
84,396.55 |
186,178.80 |
| 4. |
Interest expended |
17,908.01 |
16,367.66 |
11,996.97 |
34,275.67 |
23,086.03 |
50,543.39 |
| 5. |
Operating expenses (e)+(f) |
23,911.01 |
20,056.67 |
20,683.34 |
43,967.68 |
37,690.03 |
82,439.02 |
| |
e) |
Employee cost |
4,662.23 |
4,811.33 |
3,675.89 |
9,473.56 |
7,263.07 |
15,234.17 |
| |
f) |
Other operating expenses |
19,248.78 |
15,245.34 |
17,007.45 |
34,494.12 |
30,426.96 |
67,204.85 |
| 6. |
TOTAL
EXPENDITURE (4)+(5) |
41,819.02 |
36,424.33 |
32,680.31 |
78,243.35 |
60,776.06 |
132,982.41 |
| |
(excluding
provisions and contingencies) |
| 7. |
OPERATING
PROFIT (3)–(6) |
15,473.24 |
15,659.67 |
12,497.91 |
31,132.91 |
23,620.49 |
53,196.39 |
| |
(Profit
before provisions and contingencies) |
| 8. |
Provisions (other than tax) and contingencies (refer note no. 4) |
649.01 |
1,345.04 |
1,652.97 |
1,994.05 |
2,783.76 |
6,939.93 |
| 9. |
PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) |
14,824.23 |
14,314.63 |
10,844.94 |
29,138.86 |
20,836.73 |
46,256.46 |
| 10. |
Exceptional items |
.. |
.. |
.. |
.. |
.. |
.. |
| 11. |
Add: Share of profit in associates |
335.45 |
251.04 |
306.52 |
586.49 |
517.78 |
998.29 |
| 12. |
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX AND MINORITY INTEREST (9)–(10)+(11) |
15,159.68 |
14,565.67 |
11,151.46 |
29,725.35 |
21,354.51 |
47,254.75 |
| 13. |
Tax expense (g)+(h) |
3,808.82 |
3,551.22 |
2,790.25 |
7,360.04 |
5,295.11 |
11,793.44 |
| |
g) |
Current tax |
3,638.50 |
3,507.57 |
2,888.63 |
7,146.07 |
5,372.40 |
11,456.44 |
| |
h) |
Deferred tax |
170.32 |
43.65 |
(98.38) |
213.97 |
(77.29) |
337.00 |
| 14. |
Less: Share of profit/(loss) of minority shareholders |
454.73 |
378.33 |
354.22 |
833.06 |
667.88 |
1,424.67 |
| 15. |
NET PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (12)–(13)–(14) |
10,896.13 |
10,636.12 |
8,006.99 |
21,532.25 |
15,391.52 |
34,036.64 |
| 16. |
Extraordinary items (net of tax expense) |
.. |
.. |
.. |
.. |
.. |
.. |
| 17. |
NET
PROFIT FOR THE PERIOD (15)-(16) |
10,896.13 |
10,636.12 |
8,006.99 |
21,532.25 |
15,391.52 |
34,036.64 |
| 18. |
Paid-up equity share capital (face value ₹ 2/- each) |
1,400.83 |
1,399.54 |
1,393.79 |
1,400.83 |
1,393.79 |
1,396.78 |
| 19. |
Reserves excluding revaluation reserves |
226,314.47 |
220,658.14 |
190,007.24 |
226,314.47 |
190,007.24 |
209,248.29 |
| 20. |
Earnings per share (EPS) |
|
|
|
|
|
|
| |
Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹) |
15.57 |
15.22 |
11.50 |
30.79 |
22.13 |
48.86 |
| |
Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹) |
15.27 |
14.91 |
11.25 |
30.19 |
21.66 |
47.84 |
SUMMARISED CONSOLIDATED BALANCE SHEET
(₹ in crore)
| Particulars |
At |
September
30, 2023 |
June
30, 2023 |
March
31, 2023 |
September
30, 2022 |
| (Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
| Capital
and Liabilities |
|
|
|
|
| Capital |
1,400.83 |
1,399.54 |
1,396.78 |
1,393.79 |
| Employees stock options outstanding |
1,078.01 |
916.04 |
760.89 |
510.09 |
| Reserves and surplus |
229,405.37 |
223,749.98 |
212,340.13 |
193,235.18 |
| Minority interest |
7,203.63 |
6,997.14 |
6,686.75 |
6,328.99 |
| Deposits |
1,325,252.62 |
1,269,343.44 |
1,210,832.15 |
1,116,276.81 |
| Borrowings (includes subordinated debt) |
189,709.79 |
182,981.41 |
189,061.81 |
182,180.98 |
| Liabilities on policies in force |
259,349.87 |
253,673.57 |
238,867.36 |
232,811.31 |
| Other liabilities and provisions |
111,449.63 |
100,836.28 |
98,544.63 |
100,416.67 |
| Total
Capital and Liabilities |
2,124,849.75 |
2,039,897.40 |
1,958,490.50 |
1,833,153.82 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Cash and balances with Reserve Bank of India |
66,269.76 |
68,839.14 |
68,648.94 |
67,145.79 |
| Balances with banks and money at call and short notice |
62,832.19 |
58,589.88 |
67,807.55 |
71,399.78 |
| Investments |
715,263.84 |
692,709.14 |
639,551.97 |
594,192.38 |
| Advances |
1,182,108.54 |
1,124,875.06 |
1,083,866.32 |
1,000,290.80 |
| Fixed assets |
11,657.62 |
11,154.20 |
10,969.00 |
10,787.57 |
| Other assets |
86,616.47 |
83,628.65 |
87,545.39 |
89,236.17 |
| Goodwill on consolidation |
101.33 |
101.33 |
101.33 |
101.33 |
| Total
Assets |
2,124,849.75 |
2,039,897.40 |
1,958,490.50 |
1,833,153.82 |
CONSOLIDATED CASH
FLOW STATEMENTS
(₹ in crore)
| Particulars |
|
Period
ended |
September
30, 2023
(H1-2024) |
March
31, 2023
(FY2023) |
September
30, 2022
(H1-2023) |
| (Unaudited) |
(Audited) |
(Unaudited) |
| Cash
flow from/(used in) operating activities |
|
|
|
|
| Profit/(loss)
before taxes |
|
28,892.29 |
45,830.08 |
20,686.63 |
| |
|
|
|
|
| Adjustments
for: |
|
|
|
|
| Depreciation
and amortisation |
|
718.03 |
1,645.59 |
504.97 |
| Net
(appreciation)/depreciation on investments |
|
544.08 |
2,705.35 |
1,758.47 |
| Provision
in respect of non-performing and other assets |
|
912.46 |
(365.35) |
(437.11) |
| General
provision for standard assets |
|
845.42 |
489.89 |
313.04 |
| Provision
for contingencies & others |
|
338.00 |
5,423.69 |
1,941.38 |
| (Profit)/loss
on sale of fixed assets |
|
(7.49) |
(54.26) |
(12.70) |
| Employees
stock options expense |
|
355.73 |
518.05 |
260.10 |
| |
(i) |
32,598.52 |
56,193.04 |
25,014.78 |
| |
|
|
|
|
| Adjustments
for: |
|
|
|
|
| (Increase)/decrease
in investments |
|
(61,307.31) |
(15,828.63) |
8,887.37 |
| (Increase)/decrease
in advances |
|
(99,161.23) |
(163,893.16) |
(80,261.34) |
| Increase/(decrease)
in deposits |
|
114,420.47 |
119,466.36 |
24,911.02 |
| (Increase)/decrease
in other assets |
|
(1,174.66) |
(16,607.62) |
(18,106.37) |
| Increase/(decrease)
in other liabilities and provisions |
|
19,941.38 |
27,774.24 |
23,588.52 |
| |
(ii) |
(27,281.35) |
(49,088.81) |
(40,980.80) |
| |
|
|
|
|
| Refund/(payment)
of direct taxes |
(iii) |
(5,114.50) |
(10,875.43) |
(5,021.79) |
| Net
cash flow from/(used in) operating activities (i)+(ii)+(iii) |
(A) |
202.67 |
(3,771.20) |
(20,987.81) |
| Cash
flow from/(used in) investing activities |
|
|
|
|
| Purchase
of fixed assets |
|
(1,887.32) |
(2,467.68) |
(1,020.02) |
| Proceeds
from sale of fixed assets |
|
39.66 |
287.42 |
74.03 |
| (Purchase)/sale
of held to maturity securities |
|
(1,624.00) |
(65,825.06) |
(40,762.15) |
| Net
cash flow from/(used in) investing activities |
(B) |
(3,471.66) |
(68,005.32) |
(41,708.14) |
| Cash
flow from/(used in) financing activities |
|
|
|
|
| Proceeds
from issue of share capital (including ESOPs) |
|
624.91 |
942.07 |
536.18 |
| Proceeds
from long-term borrowings |
|
13,217.32 |
41,736.20 |
15,046.27 |
| Repayment
of long-term borrowings |
|
(19,730.64) |
(26,891.80) |
(12,734.03) |
| Net
proceeds/(repayment) of short-term borrowings |
|
7,327.24 |
12,483.70 |
18,492.84 |
| Dividend
paid |
|
(5,598.60) |
(3,479.45) |
(3,479.45) |
| Net
cash flow from/(used in) financing activities |
(C)
|
(4,159.77) |
24,790.72 |
17,861.81 |
| Effect
of exchange fluctuation on translation reserve |
(D) |
74.22 |
316.31 |
253.73 |
| |
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
(A) + (B) + (C) + (D) |
|
(7,354.54) |
(46,669.49) |
(44,580.41) |
| |
|
|
|
|
| Cash
and cash equivalents at beginning of the year |
|
136,456.49 |
183,125.98 |
183,125.98 |
| Cash
and cash equivalents at end of the year |
|
129,101.95 |
136,456.49 |
138,545.57 |
| 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, 2023
(Q2-2024) |
June
30, 2023
(Q1-2024) |
September
30, 2022
(Q2-2023) |
September
30, 2023
(H1-2024) |
September
30, 2022
(H1-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Segment
revenue |
|
|
|
|
|
|
| a |
Retail
Banking |
33,080.02 |
31,057.21 |
25,322.22 |
64,137.23 |
48,710.23 |
103,775.34 |
| b |
Wholesale
Banking |
17,383.77 |
16,069.13 |
11,555.28 |
33,452.90 |
22,424.57 |
50,614.85 |
| c |
Treasury |
27,718.83 |
26,305.52 |
20,022.25 |
54,024.35 |
38,380.32 |
84,536.92 |
| d |
Other
Banking |
1,497.57 |
1,566.63 |
1,186.06 |
3,064.20 |
1,811.60 |
4,464.00 |
| e |
Life
Insurance |
13,413.14 |
9,937.69 |
12,054.15 |
23,350.83 |
21,051.94 |
47,930.17 |
| f |
Others |
3,287.17 |
3,129.78 |
2,446.68 |
6,416.95 |
4,500.68 |
9,725.98 |
| |
Total
segment revenue |
96,380.50 |
88,065.96 |
72,586.64 |
184,446.46 |
136,879.34 |
301,047.26 |
| |
Less:
Inter segment revenue |
39,088.24 |
35,981.96 |
27,408.42 |
75,070.20 |
52,482.79 |
114,868.46 |
| |
Income
from operations |
57,292.26 |
52,084.00 |
45,178.22 |
109,376.26 |
84,396.55 |
186,178.80 |
| 2. |
Segmental
results (i.e. Profit before tax and minority interest) |
|
| a |
Retail
Banking |
4,895.97 |
4,178.63 |
4,532.82 |
9,074.60 |
8,342.48 |
17,533.68 |
| b |
Wholesale
Banking |
4,670.00 |
4,079.70 |
3,717.12 |
8,749.70 |
7,405.50 |
15,785.78 |
| c |
Treasury |
3,826.64 |
4,362.51 |
3,041.78 |
8,189.15 |
5,650.70 |
14,037.21 |
| d |
Other
Banking |
323.65 |
431.66 |
235.00 |
755.31 |
439.76 |
1,001.45 |
| e |
Life
Insurance |
248.31 |
208.48 |
199.48 |
456.79 |
355.17 |
896.89 |
| f |
Others |
1,367.63 |
1,344.40 |
1,139.43 |
2,712.03 |
2,060.59 |
4,202.37 |
| g |
Unallocated
expenses |
.. |
.. |
(1,500.00) |
.. |
(2,550.00) |
(5,650.00) |
| |
Total
segment results |
15,332.20 |
14,605.38 |
11,365.63 |
29,937.58 |
21,704.20 |
47,807.38 |
| |
Less:
Inter segment adjustment |
507.97 |
290.75 |
520.69 |
798.72 |
867.47 |
1,550.92 |
| |
Add:
Share of profit in associates |
335.45 |
251.04 |
306.52 |
586.49 |
517.78 |
998.29 |
| |
Profit
before tax and minority interest |
15,159.68 |
14,565.67 |
11,151.46 |
29,725.35 |
21,354.51 |
47,254.75 |
| 3. |
Segment
assets |
|
| a |
Retail
Banking |
668,057.40 |
630,477.85 |
547,304.40 |
668,057.40 |
547,304.40 |
603,959.37 |
| b |
Wholesale
Banking |
463,638.43 |
446,455.06 |
391,612.01 |
463,638.43 |
391,612.01 |
432,874.35 |
| c |
Treasury |
556,107.71 |
536,365.17 |
516,823.60 |
556,107.71 |
516,823.60 |
512,940.50 |
| d |
Other
Banking |
85,485.62 |
85,997.13 |
77,931.47 |
85,485.62 |
77,931.47 |
83,696.05 |
| e |
Life
Insurance |
276,072.97 |
270,187.94 |
247,827.69 |
276,072.97 |
247,827.69 |
255,689.90 |
| f |
Others |
79,509.73 |
74,421.79 |
52,124.46 |
79,509.73 |
52,124.46 |
71,134.84 |
| g |
Unallocated |
7,409.61 |
7,589.80 |
10,294.09 |
7,409.61 |
10,294.09 |
9,656.72 |
| |
Total |
2,136,281.47 |
2,051,494.74 |
1,843,917.72 |
2,136,281.47 |
1,843,917.72 |
1,969,951.73 |
| |
Less:
Inter segment adjustment |
11,431.72 |
11,597.34 |
10,763.90 |
11,431.72 |
10,763.90 |
11,461.23 |
| |
Total
segment assets |
2,124,849.75 |
2,039,897.40 |
1,833,153.82 |
2,124,849.75 |
1,833,153.82 |
1,958,490.50 |
| 4. |
Segment
liabilities |
|
| a |
Retail
Banking |
940,334.15 |
918,274.84 |
830,053.25 |
940,334.15 |
830,053.25 |
891,354.54 |
| b |
Wholesale
Banking |
416,050.16 |
380,883.03 |
321,677.03 |
416,050.16 |
321,677.03 |
347,276.49 |
| c |
Treasury |
145,118.41 |
136,353.59 |
156,709.28 |
145,118.41 |
156,709.28 |
144,338.32 |
| d |
Other
Banking |
54,431.14 |
52,110.28 |
48,111.03 |
54,431.14 |
48,111.03 |
51,378.80 |
| e |
Life
Insurance |
265,576.06 |
259,852.31 |
238,362.01 |
265,576.06 |
238,362.01 |
245,755.62 |
| f |
Others |
69,541.69 |
64,855.12 |
43,866.06 |
69,541.69 |
43,866.06 |
62,250.16 |
| g |
Unallocated |
13,345.66 |
13,100.00 |
10,000.00 |
13,345.66 |
10,000.00 |
13,100.00 |
| |
Total |
1,904,397.27 |
1,825,429.17 |
1,648,778.66 |
1,904,397.27 |
1,648,778.66 |
1,755,453.93 |
| |
Less:
Inter segment adjustment |
11,431.72 |
11,597.34 |
10,763.90 |
11,431.72 |
10,763.90 |
11,461.23 |
| |
Total
segment liabilities |
1,892,965.55 |
1,813,831.83 |
1,638,014.76 |
1,892,965.55 |
1,638,014.76 |
1,743,992.70 |
| 5. |
Capital
employed |
231,884.20 |
226,065.57 |
195,139.06 |
231,884.20 |
195,139.06 |
214,497.80 |
| 6. |
Total
(4)+(5) |
2,124,849.75 |
2,039,897.40 |
1,833,153.82 |
2,124,849.75 |
1,833,153.82 |
1,958,490.50 |
Notes on segmental results:
| 1. |
The disclosure
on segmental reporting has been prepared in accordance with 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. |
| 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' primarily includes
the entire investment and derivative portfolio of the Bank. |
| 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. |
Notes:
| 1. |
The above standalone
and consolidated financial results have been approved by the Board of Directors at its meeting held on October 21, 2023. The joint
statutory auditors have conducted limited review and issued an unmodified report on the standalone and consolidated financial results
for Q2-2024 and H1-2024. |
| 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, 2023 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, 2023
(A) |
Of
(A), aggregate debt that slipped into NPA during H1-20241 |
Of
(A) amount written off during H1-2024 |
Of (A) amount paid by the borrowers during H1-20242
|
Exposure
to accounts classified as Standard consequent to implementation of resolution plan – September 30, 2023 |
| Personal
Loans3 |
1,960.78 |
111.98 |
4.98 |
281.75 |
1,567.05 |
| Corporate
persons |
810.90 |
.. |
.. |
13.32 |
797.58 |
| Of
which, MSMEs |
.. |
.. |
.. |
.. |
.. |
| Others |
568.76 |
42.20 |
2.59 |
95.26 |
431.30 |
| Total |
3,340.44 |
154.18 |
7.57 |
390.33 |
2,795.93 |
| |
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. |
At September 30, 2023, the
Bank holds contingency provision of ₹ 13,100.00 crore (June 30, 2023 and March 31, 2023: ₹ 13,100.00 crore; September 30, 2022:
₹ 10,000.00 crore). |
| 5. |
During Q2-2024, the Bank
has allotted 6,437,365 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, Chartered Accountants. |
| 9. |
₹ 1.00 crore = ₹ 10.0
million. |
| |
|
For
and on behalf of the Board of Directors
|
| |
|
|
| |
|
|
| |
|
Sandeep Batra |
| |
|
Executive
Director
|
| |
|
DIN-03620913 |
| |
|
|
| Mumbai |
|
|
October 21, 2023
|
|
|
| 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 2023 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 2023 (‘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 disclosures as at 30 September 2023, 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. | This Statement, which is the responsibility of the Bank's Management and approved by the Board of Directors
of the Bank, has been prepared in accordance with the recognition and measurement principles laid down in the Accounting Standard 25 ‘Interim
Financial Reporting’(‘AS 25’), prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued
thereunder, in so far as they apply to Banks, 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 Regulation 33 and Regulation 52(4) read with Regulation 63 of
the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review 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 the Bank’s 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 stated in paragraph 3 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 thereunder, the RBI Guidelines and other accounting
principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation
52(4) read with Regulation 63 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 disclosures
as at 30 September 2023, 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 |
Vinit Jain |
| Partner |
Partner |
| ICAI Membership No.: 118580 |
ICAI Membership No.: 145911 |
| UDIN: 23118580BGXRUA8819 |
UDIN: 23145911BGYCCX3763 |
| |
|
| Place: Mumbai |
Place: Mumbai |
| Date: 21 October 2023 |
Date: 21 October 2023 |
| 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 2023 of ICICI Bank Limited pursuant to the 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 Bank’ or ‘the Bank’), its subsidiaries (the Parent Bank 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 2023 (the ‘Statement’), being submitted by the Bank 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 disclosures as at 30 September 2023,
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. | This 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 the Accounting Standard (‘AS’) 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 Regulation 33 of 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 Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended,
to the extent applicable.
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 4. | The Statement includes the results/information of the entities referred
in Annexure 1. |
| 5. | Based on our review conducted and procedures performed as stated in paragraph
3 above and based on the 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 Regulation 33 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 disclosures as at 30 September 2023, 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. |
| 6. | The joint statutory auditors of ICICI Prudential Life Insurance Company
Limited (‘ICICI Life’), vide their audit report dated 17 October 2023 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 2023 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 2023 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 of 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 2023, have expressed an unmodified opinion and have reported
in the 'Other Matter' section that, 'The actuarial valuation of liabilities in respect of Claims Incurred But Not Reported (‘IBNR'),
Claims 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, which are estimated using statistical methods as at 30
September 2023 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. |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 8. | We did not review / audit the interim financial statements / financial results
of eleven subsidiaries, included in the Statement, whose interim financial statements / financial results reflects total assets of Rs.
4,10,636.81 crore (before consolidation adjustments) as at 30 September 2023 and total revenues of Rs. 17,466.01 crore and Rs. 31,252.18
crore (before consolidation adjustments) and total net profit after tax of Rs. 1,409.33 crore and Rs. 2,815.55 crore (before consolidation
adjustments) for the quarter and half year ended 30 September 2023 respectively and the cash inflow (net) of Rs. 2,554.93 crore (before
consolidation adjustments) for the half year ended 30 September 2023 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. |
Further, one subsidiary company whose
financial statement reflects total assets of Rs. 16.55 crore (before consolidation adjustments) as at 30 September 2023 and total revenues
of Rs. 0.12 crore and Rs. 0.53 crore (before consolidation adjustments) and total net profit after tax of Rs. 0.09 crore and Rs. 0.46
(before consolidation adjustments) for the quarter and half year ended 30 September 2023 respectively and the cash inflows (net) of Rs.
0.0004 crore (before consolidation adjustments) for the half year ended 30 September 2023, as considered in the Statement has been audited
by M S K A & Associates, one of the joint auditors of the Bank. Accordingly, conclusion of KKC & Associates LLP (formerly Khimji
Kunverji & Co LLP), the other joint auditor of the Bank, in so far as it relates to the amounts and disclosures included in respect
of this subsidiary, is based solely on the audit report issued by the joint auditors of the subsidiary company and the procedures performed
as stated in paragraph 3 above.
Our conclusion on the statement is
not modified in respect of the above matter.
| 9. | The Statement also includes the Group's share of net profit after tax of
Rs. 276.99 crore and Rs. 464.42 crore for the quarter and half year ended 30 September 2023 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. |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 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. 87.56 crore (before consolidation adjustments) as at 30 September 2023, total revenues of Rs. 8.87 crore and Rs. 17.47
crore (before consolidation adjustments) and total net (loss) after tax of Rs. (2.09) crore and Rs. (3.79) crore (before consolidation
adjustments) for the quarter and half year ended 30 September 2023 respectively and the cash outflow (net) of Rs. 2.74 crore (before consolidation
adjustments) for the half year ended 30 September 2023, as considered in the Statement. The Statement also includes the Group's share
of net profit after tax of Rs. 58.46 crore and Rs. 122.07 crore for the quarter and half year ended 30 September 2023 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 |
Vinit Jain |
| Partner |
Partner |
| ICAI Membership No.: 118580 |
ICAI Membership No.: 145911 |
| UDIN: 23118580BGXRUB2119 |
UDIN: 23145911BGYCCW2134 |
| |
|
| Place: Mumbai |
Place: Mumbai |
| Date: 21 October 2023 |
Date: 21 October 2023 |
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
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 |
| News
Release |
October
21, 2023 |
Performance Review: Quarter ended September
30, 2023
| · | Profit
before tax excluding treasury grew by 35.7% year-on-year to ₹ 13,731 crore (US$ 1.6 billion) in the quarter ended September 30,
2023 (Q2-2024) |
| · | Core
operating profit grew by 21.7% year-on-year to ₹ 14,314 crore (US$ 1.7 billion) in Q2-2024 |
| · | Profit
after tax grew by 35.8% year-on-year to ₹ 10,261 crore (US$ 1.2 billion) in Q2-2024 |
| · | Total
period-end deposits grew by 18.8% year-on-year to ₹ 12,94,742 crore (US$ 155.9 billion) at September 30, 2023 |
| · | Average
current account and savings account (CASA) ratio was 40.8% in Q2-2024 |
| · | Domestic
loan portfolio grew by 19.3% year-on-year to ₹ 10,74,206 crore (US$ 129.4 billion) at September 30, 2023 |
| · | Net
NPA ratio declined to 0.43% at September 30, 2023 from 0.48% at June 30, 2023 |
| · | Provision
coverage ratio on non-performing assets was 82.6% at September 30, 2023 |
| · | Including
profits for the six months ended September 30, 2023 (H1-2024), total capital adequacy ratio
was 17.59% and Tier-1 capital adequacy ratio was 16.86% on a standalone basis at September
30, 2023 |
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, 2023 (Q2-2024). 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 September 30,
2023.
 | ICICI Bank Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
Profit & loss account
| · | Profit
before tax excluding treasury grew by 35.7% year-on-year to ₹ 13,731 crore (US$ 1.6 billion) in Q2-2024 from ₹ 10,121 crore
(US$ 1.2 billion) in the quarter ended September 30, 2022 (Q2-2023) |
| · | The
core operating profit grew by 21.7% year-on-year to ₹ 14,314 crore (US$ 1.7 billion) in Q2-2024 from ₹ 11,765 crore (US$
1.4 billion) in Q2-2023; excluding dividend income from subsidiaries/associates, core operating profit grew by 22.9% year-on-year in
Q2-2024 |
| · | Net
interest income (NII) increased by 23.8% year-on-year to ₹ 18,308 crore (US$ 2.2 billion) in Q2-2024 from ₹ 14,787 crore
(US$ 1.8 billion) in Q2-2023 |
| · | The
net interest margin was 4.53% in Q2-2024 compared to 4.31% in Q2-2023 and 4.78% in Q1-2024. The net interest margin was 4.65% in H1-2024 |
| · | Non-interest
income excluding treasury increased by 14.0% year-on-year to ₹ 5,861 crore (US$ 706 million) in Q2-2024 from ₹ 5,139 crore
(US$ 619 million) in Q2-2023 |
| · | Fee
income grew by 16.2% year-on-year to ₹ 5,204 crore (US$ 627 million) in Q2-2024 from ₹ 4,480 crore (US$ 539 million) in Q2-2023.
Fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q2-2024 |
| · | Provisions
(excluding provision for tax) were ₹ 583 crore (US$ 70 million) in Q2-2024 compared to ₹ 1,644 crore (US$ 198 million) in
Q2-2023 |
| · | There
was a treasury loss of ₹ 85 crore (US$ 10 million) in Q2-2024, similar to Q2-2023 |
| · | The
profit before tax grew by 36.0% year-on-year to ₹ 13,646 crore (US$ 1.6 billion) in Q2-2024 from ₹ 10,036 crore (US$ 1.2
billion) in Q2-2023 |
| · | The
profit after tax grew by 35.8% year-on-year to ₹ 10,261 crore (US$ 1.2 billion) in Q2-2024 from ₹ 7,558 crore (US$ 910 million)
in Q2-2023 |
Growth in digital and payments platforms
There
have been more than one crore activations of iMobile Pay by non-ICICI Bank account holders at end-September 2023.
ICICI
Bank’s Merchant STACK offers an array of banking and value-added services to retailers, online businesses and large e-commerce firms
such as digital current account opening, instant overdraft facilities based on point-of-sale transactions, connected banking services
and digital store management, among others. The value of the Bank’s merchant acquiring transactions through UPI grew by 69.5% year-on-year
and 13.9% sequentially in Q2-2024. The Bank had a market share of about 30% by value in electronic toll collections through FASTag in
Q2-2024, with a 15.4% year-on-year growth in collections in Q2-2024.
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. The Bank’s digital solutions integrate the export transaction lifecycle with bespoke
solutions providing frictionless experience to the clients and simplify customer journeys. About 71% of trade transactions were done digitally
in Q2-2024. The volume of transactions done through Trade Online and Trade Emerge platforms in Q2-2024 grew by 29.7% year-on-year.
Credit growth
The net domestic advances grew by 19.3%
year-on-year and 4.8% sequentially at September 30, 2023. The retail loan portfolio grew by 21.4% year-on-year and 5.5% sequentially,
and comprised 54.3% of the total loan portfolio at September 30, 2023. Including non-fund outstanding, the retail portfolio was 46.0%
of the total portfolio at September 30, 2023. The business banking portfolio grew by 30.3% year-on-year and 10.6% sequentially at September
30, 2023. The SME business, comprising borrowers with a turnover of less than ₹ 250 crore (US$ 30 million), grew by 29.4% year-on-year
and 7.2% sequentially at September 30, 2023. The rural portfolio grew by 17.3% year-on-year and 3.5% sequentially at September 30, 2023.
The domestic corporate portfolio grew by 15.3% year-on-year and 3.1% sequentially at September 30, 2023. Total advances increased by 18.3%
year-on-year and 5.0% sequentially to ₹ 11,10,542 crore (US$ 133.7 billion) at September 30, 2023.
Deposit growth
Total period-end deposits increased by
18.8% year-on-year and 4.5% sequentially to ₹ 12,94,742 crore (US$ 155.9 billion) at September 30, 2023. Period end term deposits
increased by 31.8% year-on-year and 9.2% sequentially to ₹ 7,67,112 crore (US$ 92.4 billion) at September 30, 2023. Average current
account deposits increased by 14.0% year-on-year in Q2-2024. Average savings account deposits increased by 4.5% year-on-year in Q2-2024.
With an addition of 174 branches during
Q2-2024, the Bank had a network of 6,248 branches and 16,927 ATMs and cash recycling machines at September 30, 2023.
Asset quality
The gross NPA ratio declined to 2.48%
at September 30, 2023 from 2.76% at June 30, 2023. The net NPA ratio declined to 0.43% at September 30, 2023 from 0.48% at June 30, 2023
and 0.61% at September 30, 2022. The net addition to gross NPAs, excluding write-offs and sale, were ₹ 116 crore (US$ 14 million)
in Q2-2024 compared to ₹ 1,807 crore (US$ 218 million) in Q1-2024. The gross NPA additions were ₹ 4,687 crore (US$ 564 million)
in Q2-2024 compared to ₹ 5,318 crore (US$ 640 million) in Q1-2024. Recoveries and upgrades of NPAs, excluding write-offs and sale,
were ₹ 4,571 crore (US$ 550 million) in Q2-2024 compared to ₹ 3,511 crore (US$ 423 million) in Q1-2024. The Bank has written
off gross NPAs amounting to ₹ 1,922 crore (US$ 231 million) in Q2-2024. The provision coverage ratio on NPAs was 82.6% at September
30, 2023.
Excluding NPAs, the total fund based
outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹ 3,536 crore (US$ 426
million) or 0.3% of total advances at September 30, 2023 from ₹ 3,946 crore (US$ 475 million) at June 30, 2023. The Bank holds provisions
amounting to ₹ 1,107 crore (US$ 133 million) against these borrowers under resolution. In addition, the Bank continues to hold contingency
provisions of ₹ 13,100 crore (US$ 1.6 billion) at September 30, 2023. The loan and non-fund based outstanding to performing corporate
and SME borrowers rated BB and below was ₹ 4,789 crore (US$ 581 million) at September 30,
2023 from ₹ 4,276 crore (US$ 515
million) at June 30, 2023. The increase is due to the upgrade of one borrower from non-performing status. The loan and non-fund based
outstanding of ₹ 4,789 crore (US$ 581 million) at September 30, 2023 includes ₹ 682 crore (US$
82 million) to borrowers under resolution.
Capital adequacy
Including profits for the six months
ended (H1-2024), the Bank’s total capital adequacy ratio at September 30, 2023 was 17.59% and Tier-1 capital adequacy was 16.86%
compared to the minimum regulatory requirements of 11.70% and 9.70% respectively.
Consolidated results
The consolidated profit after tax increased
by 36.1% year-on-year to ₹ 10,896 crore (US$ 1.3 billion) in Q2-2024 from ₹ 8,007 crore (US$ 964 million) in Q2-2023.
Consolidated total assets grew by 15.9%
year-on-year to ₹ 21,24,850 crore (US$ 255.9 billion) at September 30, 2023 from ₹ 18,33,154 crore (US$ 220.7 billion) at
September 30, 2022.
Key subsidiaries and associates
Value of New Business (VNB) of ICICI
Prudential Life Insurance Company (ICICI Life) decreased year-on-year by 7.1% to ₹ 1,015 crore (US$ 122 million) in H1-2024 compared
to ₹ 1,092 crore (US$ 131 million) in H1-2023. The annualised premium equivalent was ₹ 3,523 crore (US$ 424 million) in H1-2024
compared to ₹ 3,519 crore (US$ 424 million) in H1-2023. The VNB margin was 28.8% in H1-2024 compared to 32.0% in FY2023. The profit
after tax increased by 22.6% year-on-year to ₹ 244 crore (US$ 29 million) in Q2-2024 from ₹ 199 crore (US$ 24 million) in
Q2-2023.
The Gross Direct Premium Income (GDPI)
of ICICI Lombard General Insurance Company (ICICI General) grew by 17.4% year-on-year to ₹ 6,086 crore (US$ 733 million) in Q2-2024
from ₹ 5,185 crore (US$ 624 million) in Q2-2023. The combined ratio stood at 103.9% in Q2-2024 compared to 105.1% in Q2-2023. Excluding
the impact of catastrophic losses of ₹ 48 crore (US$ 6 million) in Q2-2024 and ₹ 28 crore in Q2-2023 (US$ 3 million), the
combined ratio was 102.8% and 104.3% respectively. The profit after tax of ICICI General was ₹ 577 crore (US$ 69 million) in Q2-2024
compared to ₹ 591 crore (US$ 71 million) in Q2-2023. The profit after tax of Q2-2023 included reversal of tax provisions of ₹
128 crore (US$15 million).
The profit after tax of ICICI Prudential
Asset Management Company, as per Ind AS, grew by 23.5% year-on-year to ₹ 501 crore (US$ 60 million) in Q2-2024 from ₹ 406
crore (US$ 49 million) in Q2-2023.
The profit after tax of ICICI Securities,
on a consolidated basis, as per Ind AS, was ₹ 424 crore (US$ 51 million) in Q2-2024 compared to ₹ 300 crore (US$ 36 million)
in Q2-2023.
Summary Profit and Loss Statement (as per standalone
Indian GAAP accounts)
| |
|
|
|
|
|
₹ crore |
| |
FY2023 |
Q2-2023 |
H1-2023 |
Q1-2024 |
Q2-2024 |
H1-2024 |
| |
Audited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
| Net
interest income |
62,129 |
14,787 |
27,997 |
18,227 |
18,308 |
36,535 |
| Non-interest
income |
19,883 |
5,139 |
9,768 |
5,183 |
5,861 |
11,044 |
| - Fee income |
18,001 |
4,480 |
8,723 |
4,843 |
5,204 |
10,047 |
| - Dividend income from subsidiaries/associates |
1,784 |
648 |
995 |
291 |
648 |
939 |
| - Other income |
98 |
11 |
50 |
49 |
9 |
58 |
| Less: |
|
|
|
|
|
|
| Operating expense |
32,873 |
8,161 |
15,727 |
9,523 |
9,855 |
19,378 |
| Core
operating profit1 |
49,139 |
11,765 |
22,038 |
13,887 |
14,314 |
28,201 |
| Total net provision |
6,666 |
1,644 |
2,788 |
1,292 |
583 |
1,875 |
| - Contingency provisions2 |
5,650 |
1,500 |
2,550 |
- |
- |
- |
| - Other provisions |
1,016 |
144 |
238 |
1,292 |
583 |
1,875 |
| Profit
before tax excl. treasury |
42,473 |
10,121 |
19,250 |
12,595 |
13,731 |
26,326 |
| Treasury |
(52) |
(85) |
(49) |
252 |
(85) |
167 |
| Profit
before tax |
42,421 |
10,036 |
19,201 |
12,847 |
13,646 |
26,493 |
| Less: |
|
|
|
|
|
|
| Provision for taxes |
10,525 |
2,478 |
4,738 |
3,199 |
3,385 |
6,584 |
| Profit
after tax |
31,896 |
7,558 |
14,463 |
9,648 |
10,261 |
19,909 |
| 2. | The
Bank continues to hold contingency
provision of ₹ 13,100 crore (US$ 1.6 billion) at September 30, 2023 |
| 3. | Prior period numbers have been re-arranged
wherever necessary |
Summary balance sheet
| |
|
|
|
₹ crore |
| |
30-Sep-22 |
31-Mar-23 |
30-Jun-23 |
30-Sep-23 |
| |
Unaudited |
Audited |
Unaudited |
Unaudited |
| Capital
and liabilities |
|
|
|
|
| Capital |
1,394 |
1,397 |
1,400 |
1,401 |
| Employee stock options outstanding |
510 |
761 |
916 |
1,078 |
| Reserves and surplus |
1,80,603 |
1,98,558 |
2,08,650 |
2,13,570 |
| Deposits |
10,90,008 |
11,80,841 |
12,38,737 |
12,94,742 |
| Borrowings (includes subordinated debt) |
1,29,934 |
1,19,325 |
1,11,252 |
1,16,758 |
| Other liabilities and provisions |
86,225 |
83,325 |
86,045 |
93,231 |
| Total
capital and liabilities |
14,88,674 |
15,84,207 |
16,47,000 |
17,20,780 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Cash and balances with Reserve Bank of India |
67,095 |
68,526 |
68,800 |
66,221 |
| Balances with banks and money at call and short notice |
57,818 |
50,912 |
37,447 |
43,241 |
| Investments |
3,33,031 |
3,62,330 |
3,98,140 |
4,13,253 |
| Advances |
9,38,563 |
10,19,638 |
10,57,583 |
11,10,542 |
| Fixed assets |
9,510 |
9,600 |
9,730 |
10,166 |
| Other assets |
82,657 |
73,201 |
75,300 |
77,357 |
| Total
assets |
14,88,674 |
15,84,207 |
16,47,000 |
17,20,780 |
| 1. | Prior period figures have been re-grouped/re-arranged wherever necessary |
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, 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 at sujit.ganguli@icicibank.com or Kausik Datta
at datta.kausik@icicibank.com or corporate.communications@icicibank.com
For
investor queries please email Abhinek Bhargava at abhinek.bhargava@icicibank.com or Nitesh Kalantri
at nitesh.kalantri@icicibank.com or ir@icicibank.com.
1
crore = 10.0 million
US$
amounts represent convenience translations at US$1= ₹ 83.05
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 21, 2023 |
|
By: |
/s/ Prachiti Lalingkar |
| |
|
|
|
|
| |
|
|
|
Name : |
Prachiti Lalingkar
|
| |
|
|
|
Title : |
Company Secretary |
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