Performance Review: Quarter ended December 31, 2024
January 25, 2025
Profit before tax excluding treasury grew by 12.8% year-on-year to ₹ 15,289 crore (US$ 1.8 billion) in the quarter ended December 31, 2024 (Q3-2025)
Core operating profit grew by 13.1% year-on-year to ₹ 16,516 crore (US$ 1.9 billion) in Q3-2025
Excluding dividend income from subsidiaries, core operating profit grew by 14.7% year-on-year in Q3-2025
Profit after tax grew by 14.8% year-on-year to ₹ 11,792 crore (US$ 1.4 billion) in Q3-2025
Total period-end deposits grew by 14.1% year-on-year to ₹ 15,20,309 crore (US $ 177.6 billion) at December 31, 2024
Average deposits grew by 13.7% year-on-year to ₹ 14,58,489 crore (US$ 170.3 billion) at December 31, 2024
Average current account and savings account (CASA) ratio was 39.0% in Q3-2025
Domestic loan portfolio grew by 15.1% year-on-year to ₹ 12,82,778 crore (US$ 149.8 billion) at December 31, 2024
Net NPA ratio was 0.42% at December 31, 2024 compared to 0.42% at September 30, 2024
Provisioning coverage ratio on non-performing loans was 78.2% at December 31, 2024
Including profits for the nine months ended December 31, 2024 (9M-2025), total capital adequacy ratio was 16.60% and CET-1 ratio was 15.93% on a standalone basis at December 31, 2024
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 December 31, 2024 (Q3- 2025). 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 December 31, 2024.
Profit & loss account
Profit before tax excluding treasury grew by 12.8% year-on-year to ₹ 15,289 crore (US$ 1.8 billion) in Q3-2025 from ₹ 13,551 crore (US$ 1.6 billion) in the quarter ended December 31, 2023 (Q3-2024)
Core operating profit grew by 13.1% year-on-year to ₹ 16,516 crore (US$ 1.9 billion) in Q3-2025 from ₹ 14,601 crore (US$ 1.7 billion) in Q3-2024
Excluding dividend income from subsidiaries, core operating profit grew by 14.7% year-on-year in Q3-2025
Net interest income (NII) increased by 9.1% year-on-year to ₹ 20,371 crore (US$ 2.4 billion) in Q3-2025 from ₹ 18,678 crore (US$ 2.2 billion) in Q3-2024
The net interest margin was 4.25% in Q3-2025 compared to 4.27% in Q2-2025 and 4.43% in Q3-2024
Non-interest income, excluding treasury, increased by 12.1% year-on-year to ₹ 6,697 crore (US$ 782 million) in Q3-2025 from ₹ 5,975 crore (US$ 698 million) in Q3-2024
Fee income grew by 16.3% year-on-year to ₹ 6,180 crore (US$ 722 million) in Q3-2025 from ₹ 5,313 crore (US$ 621 million) in Q3-2024. Fees from retail, rural and business banking customers constituted about 78% of total fees in Q3-2025
Treasury gains were ₹ 371 crore (US$ 43 million) in Q3-2025 as compared to 123 crore (US$14 million) in Q3-2024
Provisions (excluding provision for tax) were ₹ 1,227 crore (US$ 143 million) in Q3-2025 compared to ₹ 1,050 crore (US$ 123 million) in Q3-2024 and ₹ 1,233 crore (US$ 144 million) in Q2-2025
Profit before tax grew by 14.5% year-on-year to ₹ 15,660 crore (US$ 1.8 billion) in Q3-2025 from ₹ 13,674 crore (US$ 1.6 billion) in Q3-2024
Profit after tax grew by 14.8% year-on-year to ₹ 11,792 crore (US$ 1.4 billion) in Q3-2025 from ₹ 10,272 crore (US$ 1.2 billion) in Q3-2024
Credit growth
The net domestic advances grew by 15.1% year-on-year and 3.2% sequentially at December 31, 2024. The retail loan portfolio grew by 10.5% year-on-year and 1.4% sequentially, and comprised 52.4% of the total loan portfolio at December 31, 2024. Including non-fund outstanding, the retail portfolio was 43.9% of the total portfolio at December 31, 2024. The business banking portfolio grew by 31.9% year-on-year and 6.4% sequentially at December 31, 2024. The rural portfolio grew by 12.2% year-on-year and 0.9% sequentially at December 31, 2024. The domestic corporate portfolio grew by 13.2% year-on-year and 4.3% sequentially at December 31, 2024. Total advances increased by 13.9% year-on-year and 2.9% sequentially to ₹ 13,14,366 crore (US$ 153.5 billion) at December 31, 2024.
The Bank continued to enhance the use of technology in its operations to provide simplified solutions to customers. The Bank has introduced DigiEase, a digital platform designed to streamline the customer onboarding process for business banking. This enhances operational efficiency and customer experience by integrating multiple digital services into a single seamless workflow. iLens, the retail lending platform, is being upgraded on an ongoing basis, with retail credit cards now integrated in the platform along with mortgages, personal loans and education loans.
The Bank will continue to make investments in the computing infrastructure and upgrade digital channels to further strengthen system resilience and simplify processes for enhancing customer experience.
Deposit growth
Total period-end deposits increased by 14.1% year-on-year and 1.5% sequentially to ₹ 15,20,309 crore (US$ 177.6 billion) at December 31, 2024. Average deposits increased by 13.7% year-on-year and 2.1% sequentially to ₹ 14,58,489 crore (US$ 170.3 billion) in Q3-2025. Average current account deposits increased by 13.1% year-on-year and 4.5% sequentially in Q3-2025. Average savings account deposits increased by 12.3% year-on-year and 1.3% sequentially in Q3-2025.
With the addition of 129 branches during Q3-2025, the Bank had a network of 6,742 branches and 16,277 ATMs & cash recycling machines at December 31, 2024.
Asset quality
The gross NPA ratio was 1.96% at December 31, 2024 compared to 1.97% at September 30, 2024. The net NPA ratio was 0.42% at December 31, 2024 compared to 0.42% at September 30, 2024. The gross NPA additions were ₹ 6,085 crore (US$ 711 million) in Q3-2025 compared to ₹ 5,916 (US$ 691 million) in Q1-2025 and ₹ 5,073 crore (US$ 593 million) in Q2-2025. The Bank typically witnesses higher NPA additions from the kisan credit card portfolio in the first and third quarter of a fiscal year. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹ 3,392 crore (US$ 396 million) in Q3-2025 compared to ₹ 3,292 crore (US$ 384 million) in Q1-2025 and ₹ 3,319 crore (US$ 388 million) in Q2-2025. The net additions to gross NPAs, excluding write-offs and sale, were ₹ 2,693 crore (US$ 315 million) in Q3-2025 compared to ₹ 2,624 (US$ 306 million) in Q1-2025 and ₹ 1,754 crore (US$ 205 million) in Q2-2025. The Bank has written-off gross NPAs amounting to ₹ 2,011 crore (US$ 235 million) in Q3-2025. The provisioning coverage ratio on non-performing loans was 78.2% at December 31, 2024.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹ 2,107 crore (US$ 246 million) or 0.2% of total advances at December 31, 2024 from ₹ 2,546 crore (US$ 297 million) at September 30, 2024. The Bank holds provisions amounting to ₹ 691 crore (US$ 81 million) against these borrowers under resolution, as of December 31, 2024. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.5 billion) at December 31, 2024.
The loan and non-fund based outstanding to performing corporate borrowers rated BB and below was ₹ 2,193 crore (US$ 256 million) at December 31, 2024 compared to ₹ 3,386 crore (US$ 395 million) at September 30, 2024.
Capital adequacy
Including profits for the nine months ended December 31, 2024 (9M-2025), the Bank’s total capital adequacy ratio at December 31, 2024 was 16.60% and CET-1 ratio was 15.93% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.
Consolidated results
The consolidated profit after tax increased by 16.6% year-on-year to ₹ 12,883 crore (US$ 1.5 billion) in Q2-2025 from ₹ 11,053 crore (US$ 1.3 billion) in Q3-2024.
Consolidated assets grew by 14.7% year-on-year to ₹ 25,31,488 crore (US$ 295.7 billion) at December 31, 2024 from ₹ 22,08,018 crore (US$ 257.9 billion) at December 31, 2023.
Key subsidiaries
The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) was ₹ 6,905 crore (US$ 806 million) in 9M-2025 compared to ₹ 5,430 crore (US$ 634 million) in 9M-2024. Value of New Business (VNB) of ICICI Life was ₹ 1,575 crore (US$ 184 million) in 9M-2025 compared to ₹ 1,451 crore (US$ 169 million) in 9M-2024. The VNB margin was 22.8% in 9M-2025 compared to 24.6% in FY2024 and 26.7% in 9M-2024. The profit after tax increased to ₹ 803 crore (US$ 94 million) in 9M-2025 compared to ₹ 679 crore (US$ 79 million) in 9M-2024 and ₹ 326 crore (US$ 38 million) in Q3-2025 compared to ₹ 227 crore (US$ 27 million) in Q3-2024.
The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) was ₹ 6,214 crore (US$ 726 million) in Q3-2025 as compared to ₹ 6,230 crore (US$ 728 million) in Q3-2024. The combined ratio stood at 102.7% in Q3-2025 compared to 103.6% in Q3-2024. The profit after tax of ICICI General increased by 67.9% to ₹ 724 crore (US$ 85 million) in Q3-2025 from ₹ 431 crore (US$ 50 million) in Q3-2024. With effect from October 1, 2024, long-term products are accounted on 1/n basis, as mandated by IRDAI, hence Q3 numbers are not fully comparable.
The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, increased to ₹ 632 crore (US$ 74 million) in Q3-2025 from ₹ 546 crore (US$ 64 million) in Q3-2024.
The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, increased to ₹ 504 crore (US$ 59 million) in Q3-2025 from ₹ 466 crore (US$ 54 million) in Q3-2024.
Summary Profit and Loss Statement (as per standalone Indian GAAP accounts)
FY2024 |
Q3-2024 |
9M-2024 |
Q2-2025 |
Q3-2025 |
9M-2025 |
|
Audited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net interest income |
74,306 |
18,678 |
55,213 |
20,048 |
20,371 |
59,972 |
Non-interest income |
22,949 |
5,975 |
17,019 |
6,496 |
6,697 |
19,582 |
- Fee income |
20,796 |
5,313 |
15,360 |
5,894 |
6,180 |
17,564 |
- Dividend income from subsidiaries |
2,073 |
650 |
1,589 |
541 |
509 |
1,944 |
- Other income |
80 |
12 |
70 |
61 |
8 |
74 |
Less: |
||||||
Operating expense |
39,133 |
10,052 |
29,430 |
10,501 |
10,552 |
31,583 |
Core operating profit1 |
58,122 |
14,601 |
42,802 |
16,043 |
16,516 |
47,971 |
Total net provision |
3,643 |
1,050 |
2,924 |
1,233 |
1,227 |
3,792 |
- Contingency provisions2 |
- |
- |
- |
- |
- |
- |
- Other provisions |
3,643 |
1,050 |
2,924 |
1,233 |
1,227 |
3,792 |
Profit before tax excl. treasury |
54,479 |
13,551 |
39,878 |
14,810 |
15,289 |
44,179 |
Treasury |
93 |
123 |
290 |
680 |
371 |
1,664 |
Profit before tax |
54,488 |
13,674 |
40,168 |
15,490 |
15,660 |
45,843 |
Less: |
||||||
Provision for taxes |
13,600 |
3,402 |
9,987 |
3,744 |
3,868 |
11,246 |
Profit after tax |
40,888 |
10,272 |
30,181 |
11,746 |
11,792 |
34,597 |
Excluding treasury
The Bank continues to hold contingency provision of ₹ 13,100 crore (US$ 1.5 billion) at December 31, 2024
The treasury loss during Q4-2024 includes the impact of transfer of negative balance of ₹ 340 crore (US$ 40 million) in Foreign Currency Translation Reserve related to Bank’s Offshore Unit in Mumbai to profit and loss account in view of the proposed closure of the Unit
Prior period numbers have been re-arranged wherever necessary
Summary balance sheet
31-Dec-23 |
31-Mar-24 |
30-Sep-24 |
31-Dec-24 |
|
Unaudited |
Audited |
Unaudited |
Unaudited |
|
Capital and liabilities |
||||
Capital |
1,403 |
1,405 |
1,409 |
1,412 |
Employee stock options outstanding |
1,243 |
1,405 |
1,651 |
1,802 |
Reserves and surplus |
2,24,191 |
2,35,589 |
2,56,480 |
2,68,429 |
Deposits |
13,32,315 |
14,12,825 |
14,97,761 |
15,20,309 |
Borrowings (includes subordinated debt) |
1,26,871 |
1,24,968 |
1,24,493 |
1,27,731 |
Other liabilities and provisions |
97,199 |
95,323 |
95,064 |
93,660 |
Total capital and liabilities |
17,83,222 |
18,71,515 |
19,76,858 |
20,13,343 |
Assets |
||||
Cash and balances with Reserve Bank of India |
64,869 |
89,712 |
89,102 |
75,780 |
Balances with banks and money at call and short notice |
34,459 |
50,214 |
47,697 |
67,635 |
Investments |
4,36,650 |
4,61,942 |
4,79,098 |
4,71,978 |
Advances |
11,53,771 |
11,84,406 |
12,77,240 |
13,14,366 |
Fixed assets |
10,354 |
10,860 |
11,546 |
11,922 |
Other assets |
83,119 |
74,381 |
72,175 |
71,662 |
Total assets |
17,83,222 |
18,71,515 |
19,76,858 |
20,13,343 |
- Prior period figures have been re-grouped/re-arranged wherever necessary
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 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 the Bank has operations or which affect global or Indian economic conditions, increase in nonperforming 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 the Bank believes to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov
This release does not constitute an offer of securities.
For further press queries please email Sujit Ganguli / Kausik Datta at sujit.ganguli@icicibank.com / datta.kausik@icicibank.com or corporate.communications@icicibank.com
For investor queries please email Abhinek Bhargava at abhinek.bhargava@icicibank.com or Nitesh Kalantri at nitesh.kalantri@icicibank.com or ir@icicibank.com.
1 crore = 10.0 million
US$ amounts represent convenience translations at US$1= ₹ 85.62