ICICI Bank mentioned its March quarter consolidated web revenue grew 18.5 per cent to Rs 11,672 crore, helped by decrease provisions. On a standalone foundation, the second largest non-public sector lender confirmed a 17.4 per cent development in its revenue after tax at Rs 10,708 crore for the reporting quarter towards Rs 9,122 crore within the year-ago interval.
For fiscal 2023-24, its standalone web revenue grew to Rs 40,888 crore from Rs 31,896 crore a yr in the past. The core web curiosity revenue elevated 8.1 per cent to Rs 19,093 crore within the reporting quarter on a 16.8 per cent development in loans.
However, it was restricted by a compression in web curiosity margin to 4.40 per cent from 4.90 per cent within the year-ago interval. The non-interest revenue, excluding the efficiency of the treasury, got here at Rs 5,930 crore, which is 15.7 per cent greater than the year-ago interval.
The provisions greater than halved to Rs 718 crore for the reporting quarter, as per the trade submitting by the lender. In occasions of excessive competitors for deposits, the lender managed a deposit development of 19 per cent.
In feedback that come months after the RBI’s issues on unsecured lending, its govt director Sandeep Batra mentioned it “calibrated” the private mortgage development all the way down to 32.5 per cent from over 37 per cent earlier whereas the expansion in bank card excellent was 35.6 per cent.
Corporate loans grew 10 per cent in FY24 however had been flat within the March quarter from a sequential perspective due to some repayments by some state-run firms, Batra mentioned.
When requested concerning the high quality of the e-book, he mentioned the financial institution is snug with the efficiency of such unsecured loans. Batra declined to touch upon any conversations with the RBI on the difficulty of know-how glitches and outages however added that any spending on the important side won’t constrained by budgetary limitations.
The financial institution’s tech spending has gone as much as 9.4 per cent of the operational bills in FY24 from 5.6 per cent in 2019. Replying to a selected query, Batra mentioned there may be “nothing material” from the incident of mapping almost 17,000 bank cards to the fallacious customers.
On the asset high quality entrance, the financial institution reported contemporary slippages of Rs 5,139 crore, of which a majority of Rs 4,900 crore got here from the retail exposures. The gross non-performing belongings ratio improved to 2.16 per cent from 2.30 per cent in December 2023.
The total provisions greater than halved to Rs 718.49 crore from the Rs 1,619.80 crore within the year-ago interval, which helped within the revenue development. Without spelling out a precise stage, Batra mentioned the NIMs might be “range-bound” sooner or later until there may be any shock, and added that the financial institution expects a “shallow” fee minimize by the RBI.
There was additionally a Rs 100 crore write-back within the provisions from the Rs 650 crore put aside within the quarter-ago interval due to the investments in Alternative Investment Funds following an RBI round, which has subsequently been clarified.
It added 623 branches in FY24, taking its total community to over 6,500 branches, and Batra mentioned it will likely be including an identical variety of branches in FY25 as nicely. The total capital adequacy stood at 16.33 per cent as of March 31, with the CET-1 ratio at 15.60 per cent.
The board has advisable a dividend of Rs 10 per share for FY24, as per an official assertion. Among its subsidiaries, the revenue after tax of ICICI Prudential Asset Management Company got here at Rs 529 crore for the quarter towards Rs 385 crore within the year-ago interval, whereas the identical for ICICI Securities grew to Rs 537 crore from Rs 263 crore.
(With inputs from PTI)
ALSO READ | Whirlpool implements 1,000 job cuts amidst stagnant US equipment demand
ALSO READ | Stock market replace: Sensex climbs 176 factors to 74,515 in early commerce, Nifty up 50 factors to 22,620
Source: www.indiatvnews.com
