Icici Bank Limited · NSE:ICICIBANK
Icici Bank — Q1 2025 Earnings Presentation
68 slides from Icici Bank's earnings presentation, Jul 28, 2024
Slide 1: Cover letter to stock exchanges: Investor Presentation
July 27, 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 Pl
Slide 2: Q1-2025: Performance review
Q1-2025: Performance review July 27, 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 Q1-2025
Highlights for Q1-2025 3
Slide 5: Key highlights for Q1-2025 (1/2)
Key highlights for Q1-2025 (1/2) • Profit before tax excluding treasury, grew by 11.8% y-o-y to ₹ 140.80 bn in Q1- Earnings 2025 • Core operating profit grew by 11.0% y-o-y to ₹ 154.12 bn in Q1-2025 • Average deposits grew by 17.8% y-o-y and 3.3% q-o-q at June 30, 2024 • Average savings account depo
Slide 6: Key highlights for Q1-2025 (2/2)
Key highlights for Q1-2025 (2/2) • Net NPA ratio was 0.43% at Jun 30, 2024 (Mar 31, 2024: 0.42%) • Net additions of ₹ 26.24 bn to gross NPAs in Q1-2025 (Q4-2024: ₹ 12.21 bn) Asset • Provisions of ₹ 13.32 bn in Q1-2025 (0.43% of average advances) quality • Provision coverage was 79.7% at Jun 30, 2024
Slide 7: Operating performance
Operating performance 6
Slide 8: Profit & loss statement
Profit & loss statement (₹ billion) FY2024 Q1-2024 Q4-2024 Q1-2025 Q1-o-Q1 (%) Net interest income1 743.06 182.27 190.93 195.53 7.3% Non-interest income 229.49 51.83 59.30 63.89 23.3% - Fee income 207.96 48.43 54.36 54.90 13.4% - Dividend income from 20.73 2.91 4.84 8.94 - subsidiaries/associates -
Slide 9: Profit & loss statement
Profit & loss statement ₹ in billion FY2024 Q1-2024 Q4-2024 Q1-2025 Q1-o-Q1 (%) Core operating profit 581.22 138.87 153.20 154.12 11.0% Net provisions 36.43 12.92 7.18 13.32 3.1% - Contingency provisions - - - - - - Other provisions 36.43 12.92 7.18 13.32 3.1% Profit before tax excluding 544.79 125.
Slide 10: Key ratios
Key ratios FY Q1- Q4- Q1- Percent 2024 2024 2024 2025 Net interest margin1,2 4.53 4.78 4.40 4.36 Cost of deposits2 4.61 4.31 4.82 4.84 Cost-to-income 40.2 40.2 39.2 39.7 Core operating profit/average assets2 3.37 3.44 3.37 3.29 Provisions/core operating profit 6.3 9.3 4.7 8.6 Provisions/average adva
Slide 11: Unconsolidated segment-wise PBT
Unconsolidated segment-wise PBT Profit before tax FY2024 Q1-2024 Q4-2024 Q1-2025 (₹ billion) Retail 188.49 41.79 54.86 42.39 Wholesale 199.72 40.80 54.76 49.12 Treasury 148.99 43.62 32.42 54.74 Others 7.68 2.26 1.17 0.68 Unallocated1 - - - - Total 544.88 128.47 143.21 146.93 1. Represents contingenc
Slide 12: Balance sheet growth
Balance sheet growth 11
Slide 13: Outstanding deposits
Outstanding deposits (₹ billion) Jun 30, Mar 31, Jun 30, Y-o-Y % share at Jun 2023 2024 2024 growth 30, 2024 CASA 5,362.26 5,958.72 5,836.71 8.8% 40.9% - Current 1,610.33 1,935.72 1,760.28 9.3% 12.3% - Savings 3,751.93 4,023.00 4,076.43 8.6% 28.6% Term 7,025.11 8,169.53 8,424.79 19.9% 59.1% Total de
Slide 14: Average deposits
Average deposits (₹ billion) Y-o-Y Q1-2024 Q4-2024 Q1-2025 growth CASA 4,983.16 5,197.22 5,464.47 9.7% Term 6,721.58 8,146.20 8,322.11 23.8% Total deposits 11,704.75 13,343.42 13,786.58 17.8% Average CASA ratio 42.6% 38.9% 39.6% - • Average current account deposits increased by 13.3% y-o-y and 3.1%
Slide 15: Loan portfolio
Loan portfolio Jun 30, Mar 31, Jun 30, Y-o-Y % share at (₹ billion) 2023 2024 2024 growth Jun 30, 20244 Retail 5,827.93 6,662.61 6,823.43 17.1% 54.4% Rural loans 905.54 1,024.46 1,058.80 16.9% 8.4% Business banking 748.71 932.28 1,014.97 35.6% 8.1% SME1 506.15 600.95 625.14 23.5% 5.0% Domestic corpo
Slide 16: Retail portfolio
Retail portfolio (₹ billion) Jun 30, Mar 31, Jun 30, Y-o-Y % share at 2023 2024 2024 growth Jun 30, 2024 Mortgages 3,556.46 3,959.21 4,059.96 14.2% 59.5% Vehicle loans 830.00 926.35 940.72 13.3% 13.8% - Auto finance 524.65 592.19 602.04 14.8% 8.8% - Commercial vehicle and 281.95 314.26 321.18 13.9%
Slide 17: Growing digital platforms
Growing digital platforms 16
Slide 18: Digital sourcing for retail products in Q1-2025
Digital sourcing for retail products in Q1-2025 Personal loan Credit cards (by volume) SIPs initiated (by volume) disbursements (by volume) 1 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 5.0 mn+ partnerships Amazon Pay cards 1. Excluding proprietory cards 18
Slide 20: Digital payments
Digital payments UPI: P2M1 transactions Electronic toll collections 51.6% y-o-y 16.9% y-o-y Market share by value was 18.5% in Jun Market share by value was 32.1% in 2024 Q1-2025 1. Payments to merchants 19
Slide 21: Asset quality trends
Asset quality trends 20
Slide 22: NPA trends
NPA trends (₹ billion) Jun 30, Mar 31, Jun 30, 2023 2024 2024 Gross NPAs1 318.22 279.62 287.19 Less: cumulative provisions 264.40 225.84 230.34 Net NPAs1 53.82 53.78 56.85 Gross NPA ratio1 2.76% 2.16% 2.15% Net NPA ratio1 0.48% 0.42% 0.43% Provision coverage ratio 82.4% 80.3% 79.7% Non-fund o/s to N
Slide 23: NPA movement
NPA movement1 ₹ billion FY2024 Q1-2024 Q4-2024 Q1-2025 Opening gross NPA 311.84 311.84 287.75 279.62 Add: gross additions (1) 190.27 53.18 51.39 59.16 - Retail, rural and business banking 180.36 50.722 49.28 57.323 - Corporate and SME 9.91 2.46 2.11 1.84 Less: recoveries, upgrades and others 156.23
Slide 24: Resolution under RBI frameworks
Resolution under RBI frameworks (₹ billion) Jun 30, 2023 Mar 31, 2024 Jun 30, 2024 Retail, rural and business banking1 34.06 25.45 23.25 Corporate and SME1 5.40 5.14 4.10 Total fund based o/s1 39.46 30.59 27.35 Total fund based o/s1 as % of total advances 0.4% 0.3% 0.2% Provisions held on loans unde
Slide 25: Standard asset and other provisions
Standard asset and other provisions (₹ billion) Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, 2023 2023 2023 2024 2024 Contingency provisions1 131.00 131.00 131.00 131.00 131.00 Provision on non-fund based o/s to 19.64 20.64 20.61 20.90 19.64 NPAs Provisions on fund based o/s to 12.24 11.07 10.32 9.75 8.6
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 Jun 30, 2024 54.4% of total loans are retail3 2 1. Proportions are gross of BRDS/IBPC 2. Includes dealer funding, loan against shares and others 3. Including non-fund based outstanding, the share of retail portfolio was 46.3% of the to
Slide 28: Rating-wise loan book, excluding retail and rural portfolio
Rating-wise loan book, excluding retail and rural portfolio Mar 31, Mar 31, Mar 31, Mar 31, Jun 30, Rating category1 2021 2022 2023 2024 2024 AA- and above 35.3% 36.1% 46.9% 39.8% 41.2% A+, A, A- 33.7% 35.7% 26.6% 27.9% 27.2% A- and above 69.1% 71.8% 73.5% 67.7% 68.4% BBB+,BBB, BBB- 25.6% 24.5% 24.3
Slide 29: Corporate and SME: BB and below
Corporate and SME: BB and below (₹ billion) Jun 30, Mar 31, Jun 30, 2023 2024 2024 BB and below outstanding1 42.76 55.28 52.86 - Fund and non-fund o/s to borrowers with loans under resolution 7.27 6.45 5.72 - Other borrowers with o/s greater than ₹ 1.00 bn2 15.03 26.89 27.22 - Other borrowers with o
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 85% new vehicles and 15% used vehicles Instant car loan disbursement, a industry first proposition, for pre-approved customers; delivery order is generated digitally in a seamless manner. “Dream Car Search”, a one stop digital solution to as
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: SME and business banking portfolio
SME and 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 lend
Slide 34: Exposure to power sector
Exposure to power sector (₹ billion) Jun 30, Mar 31, Jun 30, Share at Jun 2023 2024 2024 30, 2024 (%) Borrowers classified as NPA or part of BB and below portfolio1 44.79 10.00 9.90 1.9% Other borrowers 418.28 520.96 507.02 98.1% Total 463.07 530.96 516.92 100.0% • Of the other borrowers aggregating
Slide 35: NBFCs, HFCs and builder portfolio
NBFCs, HFCs and builder portfolio Jun 30, Mar 31, Jun 30, Outstanding (₹ billion) 2023 2024 2024 NBFCs1 749.04 693.64 752.64 HFCs1 125.14 77.04 101.48 Builder portfolio (construction finance, lease rental discounting, term loans and working capital) 427.12 482.92 521.30 • Proportion of the NBFC and
Slide 36: Portfolio of overseas branches
Portfolio of overseas branches Total outstanding1 at Jun 30, 2024: USD 3.20 billion The overseas non-India linked corporate portfolio reduced by 9.0% year-on-year or about USD 25 million at Jun 30, 2024 1. Corporate fund and non-fund outstanding of overseas branches, net of cash/bank/insurance backe
Slide 37: Concentration risk ratios
Concentration risk ratios Mar 31, Mar 31, Mar 31, Dec 31, Mar 31, Jun 30, Advances 2021 2022 2023 2023 2024 2024 Exposure to top 20 borrowers1 as a % of total 12.1% 9.6% 8.5% 8.2% 8.3% 8.3% exposure Exposure to top 10 groups 11.6% 10.3% 10.1% 10.0% 10.0% 10.1% as a % of total exposure • All top 20 b
Slide 38: Capital
Capital 37
Slide 39: Standalone capital adequacy
Standalone capital adequacy Mar 31, 20241 Jun 30, 20242 (₹ billion) % (₹ billion) % Total capital 2,242.27 16.33% 2,269.62 15.96% - Tier I 2,142.17 15.60% 2,167.81 15.24% - of which: CET1 2,142.17 15.60% 2,167.81 15.24% - Tier II 100.10 0.73% 101.81 0.72% Risk weighted assets 13,727.62 14,219.90 - 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) Q1- Q4- Q1- FY2024 2024 2024 2025 ICICI Prudential Life Insurance 8.52 2.07 1.74 2.25 ICICI Lombard General Insurance 19.19 3.90 5.20 5.80 ICICI Prudential Asset Management1 20.50 4.74 5.29 6.33 ICICI Securities (Consolidated)1 16.97
Slide 42: Insurance entities
Insurance entities ICICI Prudential Life Insurance • Annualised premium equivalent (APE) grew by 34.4% to ₹ 19.63 billion in Q1-2025 from ₹ 14.61 billion in Q1-2024 • Value of new business (VNB) grew by 7.8% to ₹ 4.72 billion in Q1-2025 from ₹ 4.38 billion in Q1-2024 • VNB margin was 24.0% in Q1-202
Slide 43: ICICI Securities and ICICI AMC
ICICI Securities and ICICI AMC ICICI Securities • Total assets grew by 20% y-o-y to ₹ 7.4 trillion in Q1-2025 • Market leader in MTF1 with market share of about 20% at June 30, 2024 ICICI AMC • AAUM2 grew by 40.7% y-o-y to ₹ 7,473.96 billion in Q1-2025 • Market leader in equity and hybrid AUM with m
Slide 44: Environmental, Social and Governance (ESG) initiatives
Environmental, Social and Governance (ESG) initiatives 43
Slide 45: ESG @ ICICI Bank (1/2)
ESG @ ICICI Bank (1/2) Environment - Promoting sustainability • Green financing portfolio (as per internal Framework for Sustainable Financing) was ₹ 193.66 billion as on March 31, 2024 o Financing for renewable energy was about 50% of the Green portfolio • Reduction in the Bank’s total Scope 1 and
Slide 46: ESG @ ICICI Bank (2/2)
ESG @ ICICI Bank (2/2) Social - Striving to create enhanced value for stakeholders • Credit facilities extended to 2,52,438 women through 23,279 SHG1 loans in Q1-2025 • Continued efforts on capacity building of employees through various initiatives led to an average of around 12 learning days of tra
Slide 47: Thank you
PICICI Bank Thank you
Slide 48: Additional financial information
Additional financial information 47
Slide 49: Yield, cost and margin
Yield, cost and margin Movement in yield, costs & margins FY2024 Q1-2024 Q4-2024 Q1-2025 (Percent)1 Yield on total interest-earning assets2 8.71 8.74 8.74 8.69 - Yield on advances 9.83 9.86 9.88 9.80 Cost of funds 4.86 4.60 5.05 5.05 - Cost of deposits 4.61 4.31 4.82 4.84 Net interest margin2 4.53 4
Slide 50: Consolidated profit & loss statement (1/2)
Consolidated profit & loss statement (1/2) Q1-o-Q1 (₹ billion) FY2024 Q1-2024 Q4-2024 Q1-2025 growth Net interest income 854.08 207.38 221.83 234.60 13.1% Non-interest income 765.22 149.78 245.75 226.88 51.5% - Fee income 274.92 61.96 73.44 75.53 21.9% - Premium income 458.53 76.97 168.89 135.67 76.
Slide 51: Consolidated profit & loss statement (2/2)
Consolidated profit & loss statement (2/2) (₹ billion) Q1-o-Q1 FY2024 Q1-2024 Q4-2024 Q1-2025 growth Operating profit 641.47 156.59 168.52 180.77 15.4% Contingency provisions - - - - - Other provisions 37.13 13.45 6.98 13.16 (2.2)% Profit before tax 604.34 143.14 161.54 167.61 17.1% Tax 154.28 35.51
Slide 52: Key ratios (consolidated)
Key ratios (consolidated) Percent FY2024 Q1-2024 Q4-2024 Q1-2025 Return on equity1 18.9 19.4 18.8 17.7 Weighted average EPS1 (₹) 63.2 61.2 66.9 66.7 Book value (₹) 361 323 361 383 slide 9 1. Annualised for all interim periods 51
Slide 53: Balance sheet: liabilities
Balance sheet: liabilities (₹ billion) Jun 30, 2023 Mar 31, 2024 Jun 30, 2024 Net worth 2,109.66 2,383.99 2,539.94 - Equity capital 14.00 14.05 14.07 - Reserves 2,095.66 2,369.94 2,525.87 Deposits 12,387.37 14,128.25 14,261.50 - Current 1,610.33 1,935.72 1,760.28 - Savings 3,751.93 4,023.00 4,076.43
Slide 54: Composition of borrowings
Composition of borrowings (₹ billion) Jun 30, 2023 Mar 31, 2024 Jun 30, 2024 Domestic 876.14 953.96 935.71 - Capital instruments 39.54 28.50 28.62 - Other borrowings 836.60 925.46 907.09 - Long term infrastructure bonds 457.39 460.18 456.19 - Refinance 338.65 387.14 358.85 Overseas borrowings1 236.3
Slide 55: Consolidated balance sheet
Consolidated balance sheet (₹ billion) Jun 30, 2023 Mar 31, 2024 Jun 30, 2024 Cash & bank balances 1,274.29 1,627.69 1,345.09 Investments 6,927.09 8,271.63 8,577.94 Advances 11,248.75 12,607.76 13,030.46 Fixed & other assets 948.84 1,133.55 1,120.46 Total assets 20,398.97 23,640.63 24,073.95 , Net w
Slide 56: Branch and ATM network
Branch and ATM network Branches % share at Mar 31, Mar 31, Mar 31, Mar 31, Jun 30, Jun 30, 2021 2022 2023 2024 2024 2024 Metro 1,542 1,567 1,709 1,907 1,937 29.4% Urban 1,063 1,074 1,160 1,310 1,326 20.1% Semi urban 1,537 1,599 1,712 1,838 1,846 28.0% Rural 1,124 1,178 1,319 1,468 1,478 22.5% Total
Slide 57: Balance sheet: assets
Balance sheet: assets (₹ billion) Jun 30, 2023 Mar 31, 2024 Jun 30, 2024 Cash & bank balances 1,062.47 1,399.26 1,106.63 Investments 3,981.40 4,619.42 4,752.56 - SLR investments 3,346.24 3,755.74 3,794.37 1 - Equity investment in subsidiaries 111.32 111.322 121.412,3 Advances 10,575.83 11,844.06 12,
Slide 58: Equity investment in subsidiaries
Equity investment in subsidiaries (₹ billion) Jun 30, Mar 31, Jun 30, 2023 2024 2024 ICICI Prudential Life Insurance 32.75 32.75 32.75 ICICI Lombard General Insurance -1 41.422 46.50 ICICI Bank Canada 9.96 9.96 9.96 ICICI Bank UK 9.70 9.70 9.70 3 ICICI Home Finance 13.62 13.62 18.62 ICICI Securities
Slide 59: Portfolio composition
Portfolio composition Jun 30, 2023 Mar 31, 2024 Jun 30, 2024 Domestic 93.5% 94.1% 94.3% International 6.5% 5.9% 5.7% Total consolidated advances 11,249 12,608 13,030 (₹ billion) slide 14 58
Slide 60: Retail, rural and business banking NPAs
Retail, rural and business banking NPAs Jun 30, Mar 31, Jun 30, ₹ in billion 2023 2024 2024 Gross retail, rural and business banking NPAs 129.35 139.14 150.20 - as a % of gross advances 1.71% 1.60% 1.67% Net retail, rural and business banking NPAs 43.83 49.15 52.35 - as a % of net advances 0.59% 0.5
Slide 61: Sector-wise exposures
Sector-wise exposures Top 10 sectors1: % of total Mar 31, Mar 31, Mar 31, Dec 31, Mar 31, Jun 30, exposure of the Bank 2021 2022 2023 2023 2024 2024 Retail finance2 33.9% 36.3% 38.3% 39.8% 39.5% 39.2% Services – finance 9.9% 8.9% 8.7% 8.2% 8.0% 8.4% Rural 6.3% 5.8% 6.2% 6.2% 6.3% 6.3% Wholesale/reta
Slide 62: Consolidated capital adequacy
Consolidated capital adequacy Basel III (%) Mar 31, Jun 30, 20241 20242 Total capital 16.14% 15.76% - Tier I 15.43% 15.07% - of which: CET 1 15.43% 15.07% - Tier II 0.71% 0.69% • Including profits for Q1-2025, CET 1 ratio was 15.71%, Tier I ratio was 15.71% and total capital adequacy ratio was 16.41
Slide 63: Insurance entities
Insurance entities ICICI Life (₹ billion) FY2024 Q1-2024 Q4-2024 Q1-2025 Annualised premium equivalent 90.46 14.61 36.15 19.63 - Of which: protection 15.25 3.44 4.33 3.55 Assets under management 2,941.40 2,664.20 2,941.40 3,088.75 Expense ratio1 24.0% 27.7% 21.8% 32.6% ICICI General (₹ billion) FY20
Slide 64: ICICI Bank UK
ICICI Bank UK (USD million) FY2024 Q1-2024 Q4-2024 Q1-2025 Net interest income 66.7 17.4 16.1 16.2 Operating profit 38.2 11.0 9.2 9.1 Loans and advances 1,047.3 1,083.6 1,047.3 1,102.6 Deposits 1,668.6 1,660.7 1,668.6 1,599.4 - Retail term deposits 683.1 652.1 683.1 656.2 Capital adequacy ratio 23.4
Slide 65: ICICI Bank UK asset and liability profile
ICICI Bank UK1 Asset profile Liability profile 2 3 Total assets: USD 2.14 bn Total liabilities: USD 2.14 bn 1. At Jun 30, 2024 2. Includes cash & advances to banks and T Bills 3. Includes Interbank lending of more than 3 months 64
Slide 66: ICICI Bank Canada
ICICI Bank Canada (CAD million) FY2024 Q1-2024 Q4-2024 Q1-2025 Net interest income 119.6 27.4 31.2 31.2 Operating profit 98.4 21.7 24.9 27.2 Loans and advances 5,248.1 5,191.8 5,248.1 5,063.3 - Residential mortgages 3,607.7 3,729.4 3,607.7 3,417.4 Deposits 3,192.3 3,082.8 3,192.3 3,142.8 Capital ade
Slide 67: ICICI Bank Canada asset and liability profile
ICICI Bank Canada1 Asset profile Liability profile 2 4 3 Total assets: CAD 5.79 bn Total liabilities: CAD 5.79 bn 1. At Jun 30, 2024 2. Includes government securities and cash & placements with banks 3. Insured mortgages include CAD 2,084.1 million of securitised mortgages at Jun 30, 2024 (Mar 31, 2
Slide 68: ICICI Home Finance
ICICI Home Finance1 (₹ billion) Mar 31, 2024 Jun 30, 2024 Loans and advances 225.22 237.62 Gross impaired loans (stage 3) 3.91 4.05 Net impaired loans (stage 3) 2.39 2.48 Capital adequacy ratio 19.9% 22.2% slide 40 1. As per Ind AS 67