Icici Bank Limited · NSE:ICICIBANK
Icici Bank — Q2 2025 Earnings Presentation
68 slides from Icici Bank's earnings presentation, Oct 26, 2024
Slide 1: Cover letter to stock exchanges
October 26, 2024 BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor Dalal Street Plot No. C/1, G Block Mumbai 400 001 Bandra-Kurla Complex Bandra(East Mumbai 400 051 Dear Sir/Madam, Sub: Investor Presentation
Slide 2: Q2-2025: Performance review
Q2-2025: Performance review October 26, 2024
Slide 3: Forward-looking statements
Certain definitions 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 Litiga
Slide 4: Highlights for Q2-2025
Highlights for Q2-2025 3
Slide 5: Key highlights for Q2-2025 (1/2)
Key highlights for Q2-2025 (1/2) • Profit before tax excluding treasury grew by 7.9% y-o-y and 5.2% q-o-q to ₹ 148.10 bn in Q2-2025 Earnings • Core operating profit grew by 12.1% y-o-y and 4.1% q-o-q to ₹ 160.43 bn • Excluding dividend income from subsidiaries and associates, core operating profit g
Slide 6: Key highlights for Q2-2025 (2/2)
Key highlights for Q2-2025 (2/2) • Net NPA ratio was 0.42% at Sep 30, 2024 (Jun 30, 2024: 0.43%) • Net additions of ₹ 17.54 bn to gross NPAs in Q2-2025 (Q1-2025: ₹ 26.24 bn) Asset • Provisions of ₹ 12.33 bn in Q2-2025 (0.38% of average advances) quality • Provision coverage was 78.5% at Sep 30, 2024
Slide 7: Operating performance
Operating performance 6
Slide 8: Profit & loss statement
Profit & loss statement (₹ billion) FY2024 Q2- H1- Q1- Q2- H1- Q2-o-Q2 2024 2024 2025 2025 2025 (%) Net interest income1 743.06 183.08 365.35 195.53 200.48 396.01 9.5% Non-interest income 229.49 58.61 110.44 63.89 64.96 128.85 10.8% - Fee income 207.96 52.04 100.47 54.90 58.94 113.84 13.3% - Dividen
Slide 9: Profit & loss statement
Profit & loss statement ₹ in billion FY2024 Q2- H1- Q1- Q2- H1- Q2-o-Q2 2024 2024 2025 2025 2025 (%) Core operating profit 581.22 143.14 282.01 154.12 160.43 314.55 12.1% Net provisions 36.43 5.83 18.75 13.32 12.33 25.65 - - Contingency provisions - - - - - - - - Other provisions 36.43 5.83 18.75 13
Slide 10: Key ratios
Key ratios Q2- H1- Q1- Q2- H1- Percent FY2024 2024 2024 2025 2025 2025 Net interest margin1,2 4.53 4.53 4.65 4.36 4.27 4.31 Cost of deposits2 4.61 4.53 4.43 4.84 4.88 4.87 Cost-to-income 40.2 40.9 40.6 39.7 38.6 39.1 Core operating profit/average assets2 3.37 3.36 3.40 3.29 3.27 3.28 Provisions/core
Slide 11: Unconsolidated segment-wise PBT
Unconsolidated segment-wise PBT Profit before tax FY2024 Q2-2024 H1-2024 Q1-2025 Q2-2025 H1-2025 (₹ billion) Retail 188.49 48.95 90.74 42.39 55.56 97.95 Wholesale 199.72 46.70 87.50 49.12 51.98 101.10 Treasury 148.99 39.67 83.29 54.74 46.03 100.77 Others 7.68 1.14 3.40 0.68 1.33 2.01 Unallocated1 -
Slide 12: Balance sheet growth
Balance sheet growth 11
Slide 13: Outstanding deposits
Outstanding deposits (₹ billion) Sep 30, Jun 30, Sep 30, Y-o-Y % share at Sep 2023 2024 2024 growth 30, 2024 CASA 5,276.30 5,836.71 6,087.23 15.4% 40.6% - Current 1,553.04 1,760.28 1,830.90 17.9% 12.2% - Savings 3,723.26 4,076.43 4,256.33 14.3% 28.4% Term 7,671.12 8,424.79 8,890.38 15.9% 59.4% Total
Slide 14: Average deposits
Average deposits (₹ billion) Y-o-Y Q2-2024 Q1-2025 Q2-2025 growth CASA 5,038.86 5,464.47 5,560.48 10.4% Term 7,310.37 8,322.11 8,720.47 19.3% Total deposits 12,349.22 13,786.58 14,280.95 15.6% Average CASA ratio 40.8% 39.6% 38.9% - • Average current account deposits increased by 10.8% y-o-y and 0.3%
Slide 15: Loan portfolio
Loan portfolio Sep 30, Jun 30, Sep 30, Y-o-Y % share at (₹ billion) 2023 2024 2024 growth Sep 30, 20244 Retail 6,071.28 6,741.38 6,935.07 14.2% 53.0% Rural loans 676.36 774.63 787.89 16.5% 6.0% Business banking1 1,793.12 2,105.59 2,330.25 30.0% 17.8% Domestic corporate and others 2,406.25 2,563.77 2
Slide 16: Retail portfolio
Retail portfolio (₹ billion) Sep 30, Jun 30, Sep 30, Y-o-Y % share at 2023 2024 2024 growth Sep 30, 2024 Mortgages 3,703.51 4,059.96 4,191.05 13.2% 60.4% Vehicle loans 870.43 940.72 943.19 8.4% 13.6% - Auto finance 553.61 602.04 606.87 9.6% 8.8% - Commercial vehicle and 294.67 321.18 321.34 9.1% 4.6
Slide 17: Growing digital platforms
Growing digital platforms 16
Slide 18: Digital sourcing for retail products in Q2-2025
Digital sourcing for retail products in Q2-2025 Personal loan Credit cards (by volume) SIPs initiated (by volume) disbursements (by volume) 1 1 Mortgages Fixed deposits (Number of sanctions) (by volume) 17 1. Represents insignificant number
Slide 19: Digital payments: credit and debit cards
Digital payments: credit and debit cards Credit card spends Debit card spends 1 Credit card Issued 5.2 mn+ partnerships Amazon Pay cards 1. Excluding proprietory cards 18
Slide 20: Digital payments
Digital payments UPI: P2M1 transactions Electronic toll collections 27.9% y-o-y 19.6% y-o-y Market share by value was 16.3% in Sep Market share by value was 32.4% in 2024 Q2-2025 1. Payments to merchants 19
Slide 21: Asset quality trends
Asset quality trends 20
Slide 22: NPA trends
NPA trends (₹ billion) Sep 30, Jun 30, Sep 30, 2023 2024 2024 Gross NPAs1 298.37 287.19 271.21 Less: cumulative provisions 247.91 230.34 214.36 Net NPAs1 50.46 56.85 56.85 Gross NPA ratio1 2.48% 2.15% 1.97% Net NPA ratio1 0.43% 0.43% 0.42% Provision coverage ratio 82.6% 79.7% 78.5% Non-fund o/s to N
Slide 23: NPA movement
NPA movement1 ₹ billion FY2024 Q2-2024 Q1-2025 Q2-2025 Opening gross NPA 311.84 318.22 279.62 287.19 Add: gross additions (1) 190.27 46.87 59.16 50.73 - Retail and rural 152.40 35.99 52.042 43.41 - Corporate and business banking 37.87 10.88 7.12 7.32 Less: recoveries, upgrades and others (2) 156.23
Slide 24: Resolution under RBI frameworks
Resolution under RBI frameworks (₹ billion) Sep 30, 2023 Jun 30, 2024 Sep 30, 2024 Retail and rural1 30.00 23.25 21.29 Corporate and business banking1 5.36 4.10 4.17 Total fund based o/s1 35.36 27.35 25.46 Total fund based o/s1 as % of total advances 0.3% 0.2% 0.2% Provisions held on loans under res
Slide 25: Standard asset and other provisions
Standard asset and other provisions (₹ billion) Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, 2023 2023 2024 2024 2024 Contingency provisions1 131.00 131.00 131.00 131.00 131.00 Provision on non-fund based o/s to 20.64 20.61 20.90 19.64 19.11 NPAs Provisions on fund based o/s to 11.07 10.32 9.75 8.63 8.12
Slide 26: Loan portfolio information
Loan portfolio information 25
Slide 27: Diversified and granular loan book
Diversified and granular loan book Breakup of loan portfolio1 at Sep 30, 2024 53.0% of total loans are retail3 2 1. Proportions are gross of BRDS/IBPC 2. This portfolio comprises borrowers with turnover of upto ₹ 7.50 bn and incorporates business banking, SME, mid-corporate, rural business credit an
Slide 28: Rating-wise loan book for corporate portfolio
Rating-wise loan book for corporate portfolio Mar 31, Mar 31, Mar 31, Mar 31, Jun 30, Sep 30, Rating category1 2021 2022 2023 2024 2024 2024 AA- and above 43.4% 46.4% 45.0% 38.3% 36.6% 39.4% A+, A, A- 27.2% 31.0% 35.6% 40.2% 39.9% 38.1% A- and above 70.6% 77.4% 80.6% 78.5% 76.5% 77.5% BBB+,BBB, BBB-
Slide 29: Corporate: BB and below
Corporate: BB and below (₹ billion) Sep 30, Jun 30, Sep 30, 2023 2024 2024 BB and below outstanding1 36.93 41.64 33.86 - Fund and non-fund o/s to borrowers with loans 6.23 5.43 - under resolution - Other borrowers with o/s greater than ₹ 1.00 bn2 21.91 27.22 25.53 - Other borrowers with o/s less tha
Slide 30: Mortgage portfolio
Mortgage portfolio Mortgage portfolio includes home loans ~68%, top-up loans given to existing home loan customers 6%, office premises loans ~5% and loan against property ~20% Home loans are geographically well diversified, built on fundamental premises of cashflow assessment of underlying borrower
Slide 31: Auto and two wheeler finance
Auto and two wheeler finance Auto loan portfolio comprises 87% new vehicles and 13% used vehicles Instant car loan disbursement, a industry first proposition, for pre-approved customers; delivery order is generated digitally in a seamless manner. The product won the ‘Best Automobile/Car Loan Product
Slide 32: Rural and personal loan and credit card portfolio
Rural and personal loan and credit card portfolio Rural loans Personal loans and credit cards Gold loans comprise ~2% and kisan credit cards Personal loan disbursements comprise ~2% of the total loan book increased sequentially with focus on cross-selling to our existing customers Leverage opportuni
Slide 33: Business banking portfolio
Business banking portfolio Growth driven by leveraging branch network and digital platforms such as InstaBIZ, Merchant STACK and Trade Online and efforts towards process decongestion such as e- signing of disbursement documents through EazySign Focus on parameterised and programme based lending, gra
Slide 34: Exposure to power sector
Exposure to power sector (₹ billion) Sep 30, Jun 30, Sep 30, Share at Sep 2023 2024 2024 30, 2024 (%) Borrowers classified as NPA or part of BB 43.82 9.90 9.23 1.8% and below portfolio1 Other borrowers 399.07 507.02 492.81 98.2% Total 442.89 516.92 502.04 100.0% • Of the other borrowers aggregating
Slide 35: NBFCs, HFCs and builder portfolio
NBFCs, HFCs and builder portfolio Sep 30, Jun 30, Sep 30, Outstanding (₹ billion) 2023 2024 2024 NBFCs/HFCs1 837.49 854.12 880.27 Builder portfolio (construction finance, lease rental 430.58 521.30 542.16 discounting, term loans and working capital) • Proportion of the NBFCs/HFCs portfolio internall
Slide 36: Portfolio of overseas branches
Portfolio of overseas branches Total outstanding1 at Sep 30, 2024: USD 3.30 billion The overseas non-India linked corporate portfolio reduced by 18.1% year-on-year or about USD 57 million at Sep 30, 2024 1. Corporate fund and non-fund outstanding of overseas branches, net of cash/bank/insurance back
Slide 37: Concentration risk ratios
Concentration risk ratios Mar 31, Mar 31, Mar 31, Mar 31, Jun 30, Sep 30, Advances 2021 2022 2023 2024 2024 2024 Exposure to top 20 borrowers1 as a % of total 12.1% 9.6% 8.5% 8.3% 8.3% 7.8% exposure Exposure to top 10 groups 11.6% 10.3% 10.1% 10.0% 10.1% 9.8% as a % of total exposure • All top 20 bo
Slide 38: Capital
Capital 37
Slide 39: Standalone capital adequacy
Standalone capital adequacy Jun 30, 20241 Sep 30, 20242 (₹ billion) % (₹ billion) % Total capital 2,269.62 15.96% 2,273.43 15.35% - Tier I 2,167.81 15.24% 2,170.44 14.65% - of which: CET1 2,167.81 15.24% 2,170.44 14.65% - Tier II 101.81 0.72% 102.99 0.70% Risk weighted assets 14,219.90 14,812.96 - O
Slide 40: Group companies
Group companies 39
Slide 41: Profit after tax of key subsidiaries
Profit after tax of key subsidiaries Profit after tax (₹ billion) Q2- H1- Q1- Q2- H1- FY2024 2024 2024 2025 2025 2025 ICICI Prudential Life Insurance 8.52 2.44 4.51 2.25 2.52 4.77 ICICI Lombard General Insurance 19.19 5.77 9.68 5.80 6.94 12.74 ICICI Prudential Asset Management1 20.50 5.01 9.75 6.33
Slide 42: Insurance entities
Insurance entities ICICI Prudential Life Insurance • Annualised premium equivalent (APE) grew by 26.8% to ₹ 44.67 billion in H1- 2025 from ₹ 35.23 billion in H1-2024 • Value of new business (VNB) grew by 4.2% to ₹ 10.58 billion in H1-2025 from ₹ 10.15 billion in H1-2024 • VNB margin was 23.7% in H1-
Slide 43: ICICI Securities and ICICI AMC
ICICI Securities and ICICI AMC ICICI Securities • Total assets grew by 25.2% y-o-y to ₹ 8.14 trillion in Q2-2025 • Market share in MTF1 of about 18% at September 30, 2024 ICICI AMC • AAUM2 grew by 44.6% y-o-y to ₹ 8412.27 billion in Q2-2025 • Market leader in equity and hybrid AUM with market share
Slide 44: Environmental, Social and Governance (ESG) initiatives
Environmental, Social and Governance (ESG) initiatives 43
Slide 45: ESG @ ICICI Bank
ESG @ ICICI Bank Social Governance Environment Being responsible & Striving to create enhanced Promoting sustainability transparent value for stakeholders • Goal to become carbon neutral in • Credit facilities extended to • Risk Committee oversight on ESG; Scope 1, 2 emissions by FY2032 2,67,027 wom
Slide 46: Thank you
PICICI Bank Thank you
Slide 47: Additional financial information
Additional financial information 46
Slide 48: Yield, cost and margin
Yield, cost and margin Movement in yield, costs & FY2024 Q2-2024 H1-2024 Q1-2025 Q2-2025 H1-2025 margins (Percent)1 Yield on total interest-earning 8.71 8.64 8.69 8.69 8.63 8.66 assets2 - Yield on advances 9.83 9.81 9.83 9.80 9.73 9.76 Cost of funds 4.86 4.78 4.69 5.05 5.09 5.07 - Cost of deposits 4
Slide 49: Consolidated profit & loss statement (1/2)
Consolidated profit & loss statement (1/2) Q2- H1- Q1- Q2- H1- Q2-o-Q2 (₹ billion) FY2024 2024 2024 2025 2025 2025 growth Net interest income 854.08 210.30 417.68 234.60 241.00 475.60 14.6% Non-interest income 765.22 183.54 333.32 226.88 266.17 493.05 45.0% - Fee income 274.92 68.88 130.84 75.53 80.
Slide 50: Consolidated profit & loss statement (2/2)
Consolidated profit & loss statement (2/2) (₹ billion) Q2- H1- Q1- Q2- H1- Q2-o-Q2 FY2024 2024 2024 2025 2025 2025 growth Operating profit 641.47 154.74 311.33 180.77 198.78 379.55 28.5% Contingency - - - - - - - provisions Other provisions 37.13 6.49 19.94 13.16 13.82 26.98 - Profit before tax 604.
Slide 51: Key ratios (consolidated)
Key ratios (consolidated) Percent Q2- H1- Q1- Q2- H1- FY2024 2024 2024 2025 2025 2025 Return on equity1 18.9 18.9 19.2 17.7 18.6 18.2 Weighted average EPS1 (₹) 63.2 61.9 61.6 66.7 73.6 70.1 Book value (₹) 361 331 331 383 393 393 slide 9 1. Annualised for all interim periods 50
Slide 52: Balance sheet: liabilities
Balance sheet: liabilities (₹ billion) Sep 30, 2023 Jun 30, 2024 Sep 30, 2024 Net worth 2,160.49 2,539.94 2,595.40 - Equity capital 14.01 14.07 14.09 - Reserves 2,146.48 2,525.87 2,581.31 Deposits 12,947.42 14,261.50 14,977.61 - Current 1,553.04 1,760.28 1,830.90 - Savings 3,723.26 4,076.43 4,256.33
Slide 53: Composition of borrowings
Composition of borrowings (₹ billion) Sep 30, 2023 Jun 30, 2024 Sep 30, 2024 Domestic 883.38 935.71 985.70 - Capital instruments 39.66 28.62 28.71 - Other borrowings 843.73 907.09 957.00 - Long term infrastructure bonds 459.09 456.19 440.30 - Refinance 325.81 358.85 390.96 Overseas borrowings1 284.2
Slide 54: Consolidated balance sheet
Consolidated balance sheet (₹ billion) Sep 30, 2023 Jun 30, 2024 Sep 30, 2024 Cash & bank balances 1,291.02 1,345.09 1,643.85 Investments 7,152.64 8,577.94 8,747.60 Advances 11,821.09 13,030.46 13,600.46 Fixed & other assets 983.75 1,120.46 1,173.21 Total assets 21,248.50 24,073.95 25,165.12 , Net w
Slide 55: Branch and ATM network
Branch and ATM network Branches Mar Mar Mar Mar % share Jun 30, Sep 30, 31, 31, 31, 31, at Sep 30, 2024 2024 2021 2022 2023 2024 2024 Metro 1,542 1,567 1,709 1,907 1,937 1,955 29.6% Urban 1,063 1,074 1,160 1,310 1,326 1,333 20.2% Semi urban 1,537 1,599 1,712 1,838 1,846 1,839 27.8% Rural 1,124 1,178
Slide 56: Balance sheet: assets
Balance sheet: assets (₹ billion) Sep 30, 2023 Jun 30, 2024 Sep 30, 2024 Cash & bank balances 1,094.62 1,106.63 1,367.99 Investments 4,132.53 4,752.56 4,790.98 - SLR investments 3,480.84 3,794.37 3,916.77 - Equity investment in subsidiaries 69.78 121.411,2 121.41 Advances 11,105.42 12,231.54 12,772.
Slide 57: Equity investment in subsidiaries
Equity investment in subsidiaries (₹ billion) Sep 30, Jun 30, Sep 30, 2023 2024 2024 ICICI Prudential Life Insurance 32.75 32.75 32.75 1 ICICI Lombard General Insurance - 46.50 46.50 ICICI Bank Canada 9.96 9.96 9.96 ICICI Bank UK 9.70 9.70 9.70 2 ICICI Home Finance 13.62 18.62 18.62 ICICI Securities
Slide 58: Portfolio composition
Portfolio composition Sep 30, 2023 Jun 30, 2024 Sep 30, 2024 Domestic 93.4% 94.3% 94.5% International 6.6% 5.7% 5.5% Total consolidated advances 11,821 13,030 13,600 (₹ billion) slide 14 57
Slide 59: Retail and rural NPAs
Retail and rural NPAs Sep 30, Jun 30, Sep 30, ₹ in billion 2023 2024 2024 Gross retail and rural NPAs 106.19 127.87 127.39 - as a % of gross advances 1.56% 1.68% 1.63% Net retail and rural NPAs 34.98 43.32 43.42 - as a % of net advances 0.52% 0.58% 0.56% slide 21 58
Slide 60: Sector-wise exposures
Sector-wise exposures Top 10 sectors1: % of total Mar 31, Mar 31, Mar 31, Mar 31, Jun 30, Sep 30, exposure of the Bank 2021 2022 2023 2024 2024 2024 Retail finance2 29.8% 35.9% 37.9% 39.1% 38.8% 38.6% Services – finance 10.2% 9.1% 8.9% 8.1% 8.4% 8.3% Wholesale/retail trade 4.8% 4.2% 5.1% 5.8% 6.0% 6
Slide 61: Consolidated capital adequacy
Consolidated capital adequacy Basel III (%) Jun 30, Sep 30, 20241 20242 Total capital 15.76% 15.12% - Tier I 15.07% 14.44% - of which: CET 1 15.07% 14.44% - Tier II 0.69% 0.68% • Including profits for H1-2025, CET 1 ratio was 15.71%, Tier I ratio was 15.71% and total capital adequacy ratio was 16.39
Slide 62: Insurance entities
Insurance entities ICICI Life (₹ billion) FY2024 Q2-2024 Q1-2025 Q2-2025 Annualised premium equivalent 90.46 20.62 19.63 25.04 - Of which: protection 15.25 3.90 3.55 4.21 Assets under management 2,941.40 2,719.03 3,088.75 3,204.91 Expense ratio1 24.0% 25.0% 32.6% 27.1% ICICI General (₹ billion) FY20
Slide 63: ICICI Bank UK
ICICI Bank UK (USD million) FY2024 Q2-2024 H1-2024 Q1-2025 Q2-2025 H1-2025 Net interest income 66.7 16.5 33.9 16.2 16.3 32.5 Operating profit 38.2 8.0 19.0 9.1 10.5 19.6 Loans and advances 1,047.3 1,056.6 1,056.6 1,102.6 1,228.4 1,228.4 Deposits 1,668.6 1,591.1 1,591.1 1,599.4 1,752.8 1,752.8 - Reta
Slide 64: ICICI Bank UK asset and liability profile
ICICI Bank UK1 Asset profile Liability profile 2 3 Total assets: USD 2.25 bn Total liabilities: USD 2.25 bn 1. At Sep 30, 2024 2. Includes cash & advances to banks and T Bills 3. Includes Interbank lending of more than 3 months 63
Slide 65: ICICI Bank Canada
ICICI Bank Canada (CAD million) FY2024 Q2-2024 H1-2024 Q1-2025 Q2-2025 H1-2025 Net interest income 119.6 30.7 58.1 31.2 29.8 61.0 Operating profit 98.4 27.4 49.1 27.2 25.9 53.1 Loans and advances 5,248.1 5,269.8 5,269.8 5,063.3 4,862.7 4,862.7 - Residential mortgages 3,607.7 3,706.9 3,706.9 3,417.4
Slide 66: ICICI Bank Canada asset and liability profile
ICICI Bank Canada1 Asset profile Liability profile 2 4 3 Total assets: CAD 5.55 bn Total liabilities: CAD 5.55 bn 1. At Sep 30, 2024 2. Includes government securities and cash & placements with banks 3. Insured mortgages include CAD 1950.4 million of securitised mortgages at Sep 30, 2024 (Jun 30, 20
Slide 67: ICICI Home Finance
ICICI Home Finance1 (₹ billion) Jun 30, 2024 Sep 30, 2024 Loans and advances 237.62 253.74 Gross impaired loans (stage 3) 4.05 4.11 Net impaired loans (stage 3) 2.48 2.58 Capital adequacy ratio 22.2% 21.0% slide 40 1. As per Ind AS 66
Slide 68: Trend of loan portfolio
Trend of loan portfolio Mar 31, Mar 31, Mar 31, Sep 30, Mar 31, Jun 30, Sep 30, (₹ billion) 2021 2022 2023 2023 2024 2024 2024 Retail 3,761 4,508 5,523 6,071 6,589 6,741 6,935 Rural loans 580 579 635 677 746 775 788 Business banking 903 1,247 1,596 1,793 1,970 2,105 2,330 Domestic corporate and 1,71