Performance Review: Quarter ended September 30, 2024
October 26, 2024
Profit before tax excluding treasury grew by 7.9% year-on-year to ₹ 14,810 crore (US$ 1.8 billion) in the quarter ended September 30, 2024 (Q2-2025)
Core operating profit grew by 12.1% year-on-year to ₹ 16,043 crore (US$ 1.9 billion) in Q2-2025
Excluding dividend income from subsidiaries/associates, core operating profit grew by 13.4% year-on-year in Q2-2025
Profit after tax grew by 14.5% year-on-year to ₹ 11,746 crore (US$ 1.4 billion) in Q2-2025
Total period-end deposits grew by 15.7% year-on-year to ₹ 14,97,761 crore (US$ 178.7 billion) at September 30, 2024
Average deposits grew by 15.6% year-on-year to ₹ 14,28,095 crore (US$ 170.4 billion) at September 30, 2024
Average current account and savings account (CASA) ratio was 38.9% in Q2-2025
Domestic loan portfolio grew by 15.7% year-on-year to ₹ 12,43,090 crore (US$ 148.3 billion) at September 30, 2024
Net NPA ratio was 0.42% at September 30, 2024 compared to 0.43% at June 30, 2024
Provisioning coverage ratio on non-performing loans was 78.5% at September 30, 2024
Including profits for the six months ended September 30, 2024 (H1-2025), total capital adequacy ratio was 16.66% and CET-1 ratio was 15.96% on a standalone basis at September 30, 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 September 30, 2024 (Q2- 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 September 30, 2024.
Profit & loss account
Profit before tax excluding treasury grew by 7.9% year-on-year to ₹ 14,810 crore (US$ 1.8 billion) in Q2-2025 from ₹ 13,731 crore (US$ 1.6 billion) in the quarter ended September 30, 2023 (Q2-2024)
Core operating profit grew by 12.1% year-on-year to ₹ 16,043 crore (US$ 1.9 billion) in Q2-2025 from ₹ 14,314 crore (US$ 1.7 billion) in Q2-2024
Net interest income (NII) increased by 9.5% year-on-year to ₹ 20,048 crore (US$ 2.4 billion) in Q2-2025 from ₹ 18,308 crore (US$ 2.2 billion) in Q2-2024
The net interest margin was 4.27% in Q2-2025 compared to 4.36% in Q1-2025 and 4.53% in Q2-2024
Non-interest income, excluding treasury, increased by 10.8% year-on-year to ₹ 6,496 crore (US$ 775 million) in Q2-2025 from ₹ 5,861 crore (US$ 699 million) in Q2-2024
Fee income grew by 13.3% year-on-year to ₹ 5,894 crore (US$ 703 million) in Q2-2025 from ₹ 5,204 crore (US$ 621 million) in Q2-2024. Fees from retail, rural and business banking customers constituted about 78% of total fees in Q2-2025
Treasury gains were ₹ 680 crore (US$ 81 million) in Q2-2025 as compared to a treasury loss of ₹ 85 crore (US$10 million) in Q2-2024 reflecting realised and mark-to-market gains in equity and fixed income securities
Provisions (excluding provision for tax) were ₹ 1,233 crore (US$ 147 million) in Q2-2025 compared to ₹ 583 crore (US$ 70 million) in Q2-2024 and ₹ 1,332 (US$ 159 million) in Q1-2025
Profit before tax grew by 13.5% year-on-year to ₹ 15,490 crore (US$ 1.8 billion) in Q2-2025 from ₹ 13,646 crore (US$ 1.6 billion) in Q2-2024
Profit after tax grew by 14.5% year-on-year to ₹ 11,746 crore (US$ 1.4 billion) in Q2-2025 from ₹ 10,261 crore (US$ 1.2 billion) in Q2-2024
Credit growth
The Bank has revised the presentation of loans to reflect a consolidated view of the business banking portfolio. This comprises all borrowers with a turnover of upto ₹ 750 crore (US$ 90 million), which was earlier reflected in the reported SME and business banking portfolios, rural business credit forming part of the rural portfolio, dealer funding forming part of the retail portfolio and lending to mid-corporates forming part of the corporate portfolio. Over the past few years, the Bank has seen healthy loan growth in this category and has adopted an integrated approach to coverage, credit and delivery to these customers. Aligning with the same, the Bank would be reporting the retail, rural, business banking and corporate portfolios on this revised basis.
The net domestic advances grew by 15.7% year-on-year and 4.6% sequentially at September 30, 2024. The retail loan portfolio grew by 14.2% year-on-year and 2.9% sequentially, and comprised 53.0% of the total loan portfolio at September 30, 2024. Including non-fund outstanding, the retail portfolio was 44.9% of the total portfolio at September 30, 2024. The business banking portfolio grew by 30.0% year-on-year and 10.7% sequentially at September 30, 2024. The rural portfolio grew by 16.5% year-on-year and 1.7% sequentially at September 30, 2024. The domestic corporate portfolio grew by 11.8% year-on-year and 4.9% sequentially at September 30, 2024. Total advances increased by 15.0% year-on-year and 4.4% sequentially to ₹ 12,77,240 crore (US$ 152.4 billion) at September 30, 2024.
The Bank continued to enhance the use of technology in its operations to provide simplified solutions to customers. About 72% of trade transactions were done digitally in Q2-2025. The volume of transactions done through Trade Online platform grew by 20.0% year-on-year in Q2-2025. The value of the Bank’s merchant acquiring transactions through UPI grew by 27.9% year-on-year in Q2-2025.
Deposit growth
Total period-end deposits increased by 15.7% year-on-year and 5.0% sequentially to ₹ 14,97,761 crore (US$ 178.7 billion) at September 30, 2024. Period-end term deposits increased by 15.9% year-on-year and 5.5% sequentially to ₹ 8,89,038 crore (US$ 106.1 billion) at September 30, 2024. Average deposits increased by 15.6% year-on-year and 3.6% sequentially to ₹ 14,28,095 crore (US$ 170.4 billion) in Q2-2025. Average current account deposits increased by 10.8% year-on-year and 0.3% sequentially in Q2-2025. Average savings account deposits increased by 10.2% year-on-year and 2.3% sequentially in Q2-2025.
With the addition of 90 branches during H1-2025, the Bank had a network of 6,613 branches and 16,120 ATMs & cash recycling machines at September 30, 2024.
Asset quality
The gross NPA ratio was 1.97% at September 30, 2024 compared to 2.15% at June 30, 2024. The net NPA ratio was 0.42% at September 30, 2024 compared to 0.43% at June 30, 2024. The gross NPA additions were ₹ 5,073 crore (US$ 605 million) in Q2-2025 compared to ₹ 5,916 crore (US$ 706 million) in Q1-2025. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹ 3,319 crore (US$ 396 million) in Q2-2025 compared ₹ 3,292 crore (US$ 393 million) in Q1-2025. The net additions to gross NPAs, excluding write-offs and sale, were ₹ 1,754 crore (US$ 209 million) in Q2-2025 compared to ₹ 2,624 crore (US$ 313 million) in Q1-2025. The Bank has written-off gross NPAs amounting to ₹ 3,336 crore (US$ 398 million) in Q2-2025. The provisioning coverage ratio on non-performing loans was 78.5% at September 30, 2024.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹ 2,546 crore (US$ 304 million) or 0.2% of total advances at September 30, 2024 from ₹ 2,735 crore (US$ 326 million) at June 30, 2024. The Bank holds provisions amounting to ₹ 812 crore (US$ 97 million) against these borrowers under resolution, as of September 30, 2024. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.6 billion) at September 30, 2024.
In line with the revised presentation of composition of the loan portfolio, the Bank would be providing the BB and below corporate portfolio from the current quarter onwards. The loan and non-fund based outstanding to performing corporate borrowers rated BB and below was ₹ 3,386 crore (US$ 404 million) at September 30, 2024 compared to ₹ 4,164 crore (US$ 497 million) at June 30, 2024.
Capital adequacy
Including profits for the six months ended September 30, 2024 (H1-2025), the Bank’s total capital adequacy ratio at September 30, 2024 was 16.66% and CET-1 ratio was 15.96% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.
Consolidated results
The consolidated profit after tax increased by 18.8% year-on-year to ₹ 12,948 crore (US$ 1.5 billion) in Q2-2025 from ₹ 10,896 crore (US$ 1.3 billion) in Q2-2024.
Consolidated assets grew by 18.4% year-on-year to ₹ 25,16,512 crore (US$ 300.3 billion) at September 30, 2024 from ₹ 21,24,850 crore (US$ 253.6 billion) at September 30, 2023.
Key subsidiaries
The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) was ₹ 4,467 crore (US$ 533 million) in H1-2025 as compared to ₹ 3,523 crore (US$ 420 million) in H1-2024. Value of New Business (VNB) of ICICI Life increased year-on-year by 4.2% to ₹ 1,058 crore (US$ 126 million) in H1-2025 compared to ₹ 1,015 crore (US$ 121 million) in H1-2024. The VNB margin was 23.7% in H1-2025 compared to 24.6% in FY2024. The profit after tax increased to ₹ 252 crore (US$ 30 million) in Q2-2025 from ₹ 244 crore (US$ 29 million) in Q2-2024.
The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) increased by 10.4% year-on-year to ₹ 6,721 crore (US$ 802 million) in Q2-2025 from ₹ 6,086 crore (US$ 726 million) in Q2-2024. The combined ratio stood at 104.5% in Q2-2025 compared to 103.9% in Q2-2024. The profit after tax of ICICI General increased by 20.2% to ₹ 694 crore (US$ 83 million) in Q2-2025 from ₹ 577 crore (US$ 69 million) in Q2-2024.
The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, increased to ₹ 694 crore (US$ 83 million) in Q2-2025 from ₹ 501 crore (US$ 60 million) in Q2-2024.
The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, increased to ₹ 529 crore (US$ 63 million) in Q2-2025 from ₹ 424 crore (US$ 51 million) in Q2-2024.
Summary Profit and Loss Statement (as per standalone Indian GAAP accounts)
₹ crore |
||||||
FY2024 |
Q2-2024 |
H1-2024 |
Q1-2025 |
Q2-2025 |
H1-2025 |
|
Audited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net interest income |
74,306 |
18,308 |
36,535 |
19,553 |
20,048 |
39,601 |
Non-interest income |
22,949 |
5,861 |
11,044 |
6,389 |
6,496 |
12,885 |
- Fee income |
20,796 |
5,204 |
10,047 |
5,490 |
5,894 |
11,384 |
- Dividend income from subsidiaries/associates |
2,073 |
648 |
939 |
894 |
541 |
1,435 |
- Other income |
80 |
9 |
58 |
5 |
61 |
66 |
Less: |
||||||
Operating expense |
39,133 |
9,855 |
19,378 |
10,530 |
10,501 |
21,031 |
Core operating profit1 |
58,122 |
14,314 |
28,201 |
15,412 |
16,043 |
31,455 |
Total net provision |
3,643 |
583 |
1,875 |
1,332 |
1,233 |
2,565 |
- Contingency provisions2 |
- |
- |
- |
- |
- |
- |
- Other provisions |
3,643 |
583 |
1,875 |
1,332 |
1,233 |
2,565 |
Profit before tax excl. treasury |
54,479 |
13,731 |
26,326 |
14,080 |
14,810 |
28,890 |
Treasury |
93 |
(85) |
167 |
613 |
680 |
1,293 |
Profit before tax |
54,488 |
13,646 |
26,493 |
14,693 |
15,490 |
30,183 |
Less: |
||||||
Provision for taxes |
13,600 |
3,385 |
6,584 |
3,634 |
3,744 |
7,378 |
Profit after tax |
40,888 |
10,261 |
19,909 |
11,059 |
11,746 |
22,805 |
Excluding treasury
The Bank continues to hold contingency provision of ₹ 13,100 crore (US$ 1.6 billion) at September 30, 2024
The treasury loss during Q4-2024 includes the impact of transfer of negative balance of ₹ 340 crore (US$ 41 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
₹ crore |
||||
30-Sep-23 |
31-Mar-24 |
30-Jun-24 |
30-Sep-24 |
|
Unaudited |
Audited |
Unaudited |
Unaudited |
|
Capital and liabilities |
||||
Capital |
1,401 |
1,405 |
1,407 |
1,409 |
Employee stock options outstanding |
1,078 |
1,405 |
1,516 |
1,651 |
Reserves and surplus |
2,13,570 |
2,35,589 |
2,51,071 |
2,56,480 |
Deposits |
12,94,742 |
14,12,825 |
14,26,150 |
14,97,761 |
Borrowings (includes subordinated debt) |
1,16,758 |
1,24,968 |
1,20,147 |
1,24,493 |
Other liabilities and provisions |
93,231 |
95,323 |
92,406 |
95,064 |
Total capital and liabilities |
17,20,780 |
18,71,515 |
18,92,697 |
19,76,858 |
Assets |
||||
Cash and balances with Reserve Bank of India |
66,221 |
89,712 |
80,439 |
89,102 |
Balances with banks and money at call and short notice |
43,241 |
50,214 |
30,224 |
47,697 |
Investments |
4,13,253 |
4,61,942 |
4,75,256 |
4,79,098 |
Advances |
11,10,542 |
11,84,406 |
12,23,154 |
12,77,240 |
Fixed assets |
10,166 |
10,860 |
11,101 |
11,546 |
Other assets |
77,357 |
74,381 |
72,523 |
72,175 |
Total assets |
17,20,780 |
18,71,515 |
18,92,697 |
19,76,858 |
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 nitesh.kalantri@icicibank.com or ir@icicibank.com.
1 crore = 10.0 million
US$ amounts represent convenience translations at US$1=₹ 83.80
