ICICI Bank reported its second gain on Saturday afternoon, beating all expectations. ICICI Bank shares traded at Rs 909.80 per share on Friday. In 2022, ICICI Bank’s stock price has increased by almost 20% and in the last five years, ICICI Bank stock has increased by more than 200%.
ICICI Bank benefits from 2: Weekend
Below are details of the last four events:
Revenue beat estimates and net profit rose 37% year-on-year to Rs.7,558 crore, beating expectations of Rs.7,405 crore. Last year, for the July-September quarter, the bank’s net profit was Rs 5,511 crore. ICICI Bank made a healthy profit thanks to the healthy growth of its lending network.
Increasing Network Loan Revenue: The main activity of banking is to borrow money from various sources and lend it to other sources at a higher interest rate than borrowed. The income that the bank receives from this difference is the net interest income.
- ICICI Bank Q1 revenue: Up 50% YoY to Rs 6,905 crore; NII exceeded 21%
- ICICI Bank shares hit an all-time high as the market rallied after two trading sessions.
- Rs 10,000 crore from ICICI Bank in one or more phases.
- ICICI Prudential Life Insurance buys about 10 Cr shares
ICICI Bank’s net profit rose 26% to Rs.14,787 crore from Rs.11,690 crore last year. After that, the NII rose from 13,210 crores. The bank reported a net margin of 4.31% in Q2 2023 compared to 4% in Q2 2022 and 4.01% in Q1 2023. Non-operating income (excluding tax revenue) was Rs 5,139 crore, an 17% increase over the previous year. Fees and commissions income increased by 18% YoY to Rs.4,480 crore in the second quarter of 2023 compared to Rs.3,811 crore in the second quarter of 2022.
Asset Quality Improved: The asset quality has improved in K2FI23 for ICICI Bank. Net NPAs decreased to 0.61% in the September quarter from 0.70% in the first quarter of fiscal 23 and 0.99% in the second quarter of fiscal 23. In the September quarter, the gross NPA ratio fell from 4.82 percent in the second quarter of fiscal 2022 and 3.41 percent through June 30, 2022, to 3.19 percent.
Capital Adequacy: Capital adequacy (CAR) is the ratio of the bank’s capital to its risky assets and short-term liabilities. ICICI reported a capital adequacy ratio of 18.27 percent for the September quarter and a capital adequacy ratio of 17.51 percent for the first quarter.
Profit of ICICI Bank in the period July-September: the most important
Reserves: Reserves (excluding reserve tax) fell 39% YoY to Rs.1,644 crore in the second quarter of FY23 from Rs.2,714 crore in the second quarter of FY22. The second tranche for the fourth quarter of FY2023 includes a rationale provision for contingencies of Rs.1,500 crore.
Business growth: The bank’s internal developments increased 24% year-on-year and 6% year-on-year in the quarter to September. The total advances announced by the bank increased from RSD 8.95 million in the first quarter of the 2023 financial year to RSD 9.38 million in the second quarter of the 2023 financial year. The portfolio of family loans with annual growth of 25% and 6% continuously accounts for 54% of the total loan portfolio. The portfolio of domestic companies grew by 23% compared to the previous year and by 7% in a row. The agricultural portfolio has grown by 12% annually and continuously by 4%.
Deposits: The bank shows great results in terms of deposits. The total amount of deposits increased by 12% compared to last year and amounted to 10.90 million crowns. Average deposits in checking and savings accounts are up 16% in the second quarter of fiscal 2023. Time deposits reached 5.82 million riyals at the end of the period, up 11% year-on-year.
ICICI Bank Results: Industry News
ICICI Prudential Life Insurance: Value of New Business (VNB) increased by 25% YoY from Rs 1,621 crore in FY21 to Rs 1,092 crore in FY23. VNB increased its profit margin to FY2022 from 28.0% in FY31, and 0% in H1 FY23. Annual premium equivalent increased by 10% YoY in 1H23 to Rs.3,519 crore. Profit after tax in the second quarter of 2023 was RSD 199 million compared to USD 445 million in the second quarter of 2022.
ICICI General Lombardi Insurance: Gross Direct Premiums (GDPI) increased 17% YoY to Rs.5,185 crore in the second quarter of FY23 from Rs.4,424 crore in the second quarter of FY22. The combined ratio was flat in the second quarter of 2020 at 105.1 percent. Compare
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ICICI Bank’s Q2 net income rose 37% to Rs 7,558 crore on healthy credit growth.
ICICI Bank’s advances rose 23 percent year-on-year and 5 percent year-on-year to 9.38 trillion rupees at the end of the September quarter.
Private sector lender ICICI Bank said its net income for July-September (Q2 2023) rose 37% year-on-year to Rs 7,558 billion. Increases healthy self-confidence. Net profit met forecasts for the quarter, while analysts polled by Bloomberg had estimated the bank’s net profit at 7,416 billion rupees.
The bank reported a net profit of Rs 5,511 crore in the same period last year.
NII’s lending rose 26% year-on-year to Rs 14,787 crore in the second quarter of 2023 from Rs 11,690 crore in the same period last year. The bank’s net profit margin, a measure of profitability, was 4.31 percent in the fourth quarter, compared with 4.01 percent in the previous quarter.
Non-interest income, excluding finance charges, rose 17% year-on-year to Rs 5,139 crore in the second quarter of 2023, from Rs 4,400 crore in the same period last year. Fee and commission income grew 18 percent year-on-year to 448 billion rupees. However, the lender reported a financial loss of Rs 850 crore for the period under review compared to a profit of Rs 397 crore in the same period last year.
Credit provisions fell 39% year-on-year to Rs 1,644 crore in Q2 FY23 from Rs 2,714 crore in the same period last year. Provisions for the second quarter of 2023 include a reasonable contingency reserve of Sh1,500, the lender said in a statement.
Advances from lenders rose 23% and 5% year-on-year to 9.38 trillion rupees at the end of the ninth quarter. The retail portfolio, which accounts for 54% of loan balances, grew 25% year-on-year and six per quarter. The commercial banking sector has had continuous growth of 43% compared to the previous year and 11%.
In the corporate segment, it grew by 23% YoY and 7% YoY, while the rural loan portfolio grew by 12% YoY and 4% YoY.
Deposit growth has lagged behind credit growth, with deposits growing 12 percent year-on-year to 10.9 trillion rupees. Average deposits in current and savings accounts have increased by 16% compared to the second quarter of 2023.
Due to liquidity constraints, loan growth depends largely on the growth of deposits and loans we can take. We have a risk adjustment system. So whatever is put into this structure, we will grow,” said Sandeep Batra, CEO of ICICI Bank.
“As repo rates increased, borrowers increased. At the end of the period, the loan and deposit rates will be the same. It is also fast and we benefit from increased network margins.
The bank’s gross non-performing assets (GNPA) ratio decreased by 22 points to 3.19 percent at the end of the September quarter. Similarly, net NPA improved to 0.61%. Growth in gross bad debt in the second quarter was 436.6 billion rupees, while its improvement and upgrading were 376.1 billion rupees. From July to September, the bank has taken out 1.13 million in loans.
The board of directors of the bank in its meeting approved the remuneration of Sandeep Bakshi as director and managing director for a period of three years from October 4, 2023, to October 3, 2026. Reserve Bank of India (RBI) and shareholders approved. banks