ICICI Financial institution’s revenue after tax grew 17.4 per cent on 12 months and 4.2 per cent on quarter to ₹10,708 crore in This autumn FY24 on the again of sturdy mortgage progress and managed asset high quality.
Complete advances elevated 16.2 per cent y-o-y and a couple of.7 per cent q-o-q to ₹11.8-lakh crore, of which home loans have been at ₹11.5 lakh crore — 16.8 per cent greater on 12 months. The retail mortgage portfolio was up 19.4 y-o-y and three.7 per cent q-o-q to ₹6.6-lakh crore, comprising 54.9 per cent of complete loans.
Within the earnings name, Govt Director Sandeep Batra stated the financial institution continues to observe and recalibrate the product mixture of the retail portfolio primarily based on danger parameters equivalent to ticket dimension and bureau rating. As such, mortgage progress for the phase has moderated to 32.5 per cent in This autumn from 37 per cent within the earlier quarter, which is in-line with the market.
On the company aspect, sequential mortgage progress was muted as a result of repayments by some massive PSU NBFCs, nevertheless, as a complete the financial institution stays “pleased” with progress in its focus segments, Batra stated including that whereas authorities spending continues to steer capex progress, the financial institution hopes to draw extra non-public capex in FY25.
Enterprise banking loans rose 29.3 per cent on 12 months, SME loans by 24.6 per cent, rural portfolio 17.2 per cent, and home company loans by 10.0 per cent.
ICICI Financial institution’s excellent publicity to NBFCs accounted for six.5 per cent of complete loans at round ₹77,000 crore as on March 31. This was decrease than ₹78,000 crore 1 / 4 in the past and about ₹82,000 crore within the 12 months in the past interval.
Different metrics
Gross NPA ratio declined to 2.16 per cent on March 31 from 2.30 per cent a 12 months in the past. Internet NPA ratio declined to 0.42 per cent from 0.44 per cent within the earlier quarter and 0.48 per cent within the earlier 12 months.
Internet curiosity revenue (NII) elevated 8.1 per cent y-o-y to ₹19,093 crore for the reporting quarter. Internet curiosity margin (NIM) was 4.40 per cent decrease than 4.43 per cent within the earlier quarter and 4.90 per cent a 12 months in the past.
The NIM for FY24 was 4.53 per cent, which compares equally to 4.48 per cent for FY23, Batra stated, including that the target continues to be maximising profitability. The financial institution will proceed to reprice deposits and value its lending alternatives in an “applicable method”, because of which margins ought to stay range-bound in FY25.
“Going forward, we do count on RBI to undertake a shallow fee reduce and we’ll see how progress pans alongside the course of the 12 months,” Batra stated, including the autumn in margins has off-set a few of the advantages from the sturdy mortgage progress.
The financial institution incurred a treasury lack of ₹281 crore in This autumn as a result of switch of detrimental steadiness of ₹340 crore in Overseas Foreign money Translation Reserve associated to the Offshore Unit that’s proposed to be closed.
Deposits grew 19.6 per cent y-o-y and 6 per cent q-o-q to ₹14.1-lakh crore. CASA deposits grew 10.1 per cent to ₹5.9-lakh crore, with common CASA ratio of 38.9 per cent. Time period deposits have been up 27.7 per cent on 12 months and 1.6 per cent on quarter to ₹8.2-lakh crore.
Batra stated that the financial institution is not going to be “elevating deposits at any value” however expects to proceed to see sustained deposit progress.