ICICI Bank: Financial Results - Quarter ended March 31, 2023

2

ICICI Bank Limited

CIN-L65190GJ1994PLC021012

Registered Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390 007.

Corporate Office: ICICI Bank Towers, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

Phone: [phone], Fax: [phone], Email: [e-mail]

Website: www.icicibank.com

STANDALONE FINANCIAL RESULTS

									(₹ in crore)
				Three months ended		Year ended
Sr.				March	December		March	March	March
		Particulars	31, 2023	31, 2022		31, 2022	31, 2023	31, 2022
no.
			(Q4-2023)	(Q3-2023)		(Q4-2022)	(FY2023)	(FY2022)
				(Audited)	(Unaudited)		(Audited)	(Audited)	(Audited)
1.	Interest earned (a)+(b)+(c)+(d)	31,021.13	28,505.63		22,674.90	109,231.34	86,374.55
	a)	Interest/discount on advances/bills	24,199.50	22,180.28		16,876.68	83,942.97	63,833.56
	b)	Income on investments	5,839.75	5,343.57		4,219.39	20,888.46	16,409.27
	c)	Interest on balances with Reserve Bank of India and other	550.75	470.08		612.98	1,850.51	1,560.83
		inter-bank funds
	d)	Others	431.13	511.70		965.85	2,549.40	4,570.89
2.	Other income	5,087.75	5,023.63		4,737.42	19,831.45	18,517.53
3.	TOTAL INCOME (1)+(2)	36,108.88	33,529.26		27,412.32	129,062.79	104,892.08
4.	Interest expended	13,354.34	12,040.65		10,070.34	47,102.74	38,908.45
5.	Operating expenses (e)+(f)	8,928.16	8,217.39		7,049.04	32,873.24	26,733.32
	e)	Employee cost	3,401.01	2,921.18		2,428.93	12,059.93	9,672.75
	f)	Other operating expenses	5,527.15	5,296.21		4,620.11	20,813.31	17,060.57
6.	TOTAL EXPENDITURE (4)+(5)
	(excluding provisions and contingencies)	22,282.50	20,258.04		17,119.38	79,975.98	65,641.77
7.	OPERATING PROFIT (3)-(6)	13,826.38	13,271.22		10,292.94	49,086.81	39,250.31
	(Profit before provisions and contingencies)
8.	Provisions (other than tax) and contingencies (refer note no. 3)	1,619.80	2,257.44		1,068.95	6,665.58	8,641.42
9.	PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL
	ITEMS AND TAX (7)-(8)	12,206.58	11,013.78		9,223.99	42,421.23	30,608.89
10.	Exceptional items	..	..		..	..	..
11.	PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (9)-(10)	12,206.58	11,013.78		9,223.99	42,421.23	30,608.89
12.	Tax expense (g)+(h)	3,084.71	2,701.93		2,205.28	10,524.73	7,269.40
	g)	Current tax	2,808.22	2,601.91		1,770.40	10,254.48	6,297.68
	h)	Deferred tax	276.49	100.02		434.88	270.25	971.72
13.	NET	PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (11)-(12)	9,121.87	8,311.85		7,018.71	31,896.50	23,339.49
14.	Extraordinary items (net of tax expense)	..	..		..	..	..
15.	NET PROFIT FOR THE PERIOD (13)-(14)	9,121.87	8,311.85		7,018.71	31,896.50	23,339.49
16.	Paid-up equity share capital (face value ₹ 2 each)	1,396.78	1,395.62		1,389.97	1,396.78	1,389.97
17.	Reserves excluding revaluation reserves	195,495.25	186,042.33		165,659.93	195,495.25	165,659.93
18.	Analytical ratios
	i)	Percentage of shares held by Government of India	0.20%	0.20%		0.19%	0.20%	0.19%
	ii)	Capital adequacy ratio (Basel III)	18.34%	16.26%		19.16%	18.34%	19.16%
	iii)	Earnings per share (EPS)
		a)	Basic EPS before and after extraordinary items, net of
			tax expense (in ₹)	13.07	11.92		10.10	45.79	33.66
		b)	Diluted EPS before and after extraordinary items, net of
			tax expense (in ₹)	12.83	11.68		9.90	44.89	32.98
19.	NPA Ratio1
	i)	Gross non-performing customer assets (net of write-off)	31,183.70	32,528.24		33,919.52	31,183.70	33,919.52
	ii)	Net non-performing customer assets	5,155.07	5,651.22		6,960.89	5,155.07	6,960.89
	iii)	% of gross non-performing customer assets (net of write-off)
		to gross customer assets	2.81%	3.07%		3.60%	2.81%	3.60%
	iv)	% of net non-performing customer assets to net customer
		assets	0.48%	0.55%		0.76%	0.48%	0.76%
20.	Return on assets (annualised)	2.39%	2.20%		2.11%	2.16%	1.84%
21.	Net worth2	189,125.63	179,246.33		158,769.75	189,125.63	158,769.75
22.	Outstanding redeemable preference shares	..	..		..	..	..
23.	Capital redemption reserve	350.00	350.00		350.00	350.00	350.00
24.	Debt-equity ratio3	0.37	0.38		0.44	0.37	0.44
25.	Total debts to total assets4	7.53%	8.58%		7.60%	7.53%	7.60%

1. At March 31, 2023, the percentage of gross non-performing advances (net of write-off) to gross advances was 2.87% (December 31, 2022: 3.13%, March
   31, 2022: 3.76%) and net non-performing advances to net advances was 0.51% (December 31, 2022: 0.58%, March 31, 2022: 0.81%).
2. Net worth is computed as per RBI Master Circular No. RBI/2015-16/70DBR.No.Dir.BC.12/13.03.00/2015-16 on Exposure Norms dated July 1, 2015.
3. Debt represents borrowings with residual maturity of more than one year.
4. Total debt represents total borrowings of the Bank.

SUMMARISED STANDALONE BALANCE SHEET

			(₹ in crore)
		At
Particulars	March	December	March
31, 2023	31, 2022	31, 2022
	(Audited)	(Unaudited)	(Audited)
Capital and Liabilities
Capital	1,396.78	1,395.62	1,389.97
Employees stock options outstanding	760.89	635.49	266.41
Reserves and surplus	198,557.72	189,237.43	168,855.59
Deposits	1,180,840.69	1,122,049.48	1,064,571.61
Borrowings (includes subordinated debt)	119,325.49	130,550.00	107,231.36
Other liabilities and provisions	83,325.08	77,880.09	68,982.80
Total Capital and Liabilities	1,584,206.65	1,521,748.11	1,411,297.74
Assets
Cash and balances with Reserve Bank of India	68,526.17	62,281.19	109,522.82
Balances with banks and money at call and short notice	50,912.10	60,189.63	58,299.54
Investments	362,329.73	337,050.56	310,241.00
Advances	1,019,638.31	974,047.50	859,020.44
Fixed assets	9,599.84	9,574.52	9,373.82
Other assets	73,200.50	78,604.71	64,840.12
Total Assets	1,584,206.65	1,521,748.11	1,411,297.74

STANDALONE CASH FLOW STATEMENTS

				(₹ in crore)
			Year ended
			March	March
Particulars			31, 2023	31, 2022
			(FY2023)	(FY2022)
			(Audited)	(Audited)
Cash flow from/(used in) operating activities
Profit/(loss) before taxes			42,421.23	30,608.89
Adjustments for:
Depreciation and amortisation			1,455.16	1,316.21
Net (appreciation)/depreciation on investments			2,594.71	1,908.92
Provision in respect of non-performing and other assets			(622.29)	6,164.04
General provision for standard assets			579.56	449.25
Provision for contingencies & others			5,408.77	1,651.02
Employee Stock Options Expense			517.24	264.22
Income from subsidiaries and consolidated entities			(1,784.56)	(1,828.79)
(Profit)/loss on sale of fixed assets			(53.49)	(4.04)
	(i)		50,516.33	40,529.72
Adjustments for:
(Increase)/decrease in investments			11,814.28	4,431.16
(Increase)/decrease in advances			(160,695.91)	(131,475.82)
Increase/(decrease) in deposits			116,274.95	132,049.45
(Increase)/decrease in other assets			(8,797.44)	5,072.79
Increase/(decrease) in other liabilities and provisions			8,294.45	8,133.44
	(ii)		(33,109.67)	18,211.02
Refund/(payment) of direct taxes	(iii)	(9,716.35)	(3,693.82)
Net cash flow from/(used in) operating activities (i)+(ii)+(iii)	(A)		7,690.31	55,046.92
Cash flow from/(used in) investing activities
Redemption/sale from/(investments in) subsidiaries (including application money)			(529.98)	2,815.38
Income from subsidiaries and consolidated entities			1,784.56	1,828.79
Purchase of fixed assets			(2,020.09)	(1,610.99)
Proceeds from sale of fixed assets			281.60	20.87
(Purchase)/sale of held-to-maturity securities			(65,267.40)	(38,089.50)
Net cash flow from/(used in) investing activities	(B)		(65,751.31)	(35,035.45)
Cash flow from/(used in) financing activities
Proceeds from issue of share capital (including ESOPs)			942.07	797.98
Proceeds from long-term borrowings			32,987.26	25,260.17
Repayment of long-term borrowings			(18,307.33)	(23,314.47)
Net proceeds/(repayment) of short-term borrowings			(2,716.17)	13,509.59
Dividend paid			(3,479.45)	(1,385.23)
Net cash flow from/(used in) financing activities	(C)		9,426.38	14,868.04
Effect of exchange fluctuation on translation reserve	(D)		250.53	(185.40)
Net increase/(decrease) in cash and cash equivalents
(A) + (B) + (C) + (D)			(48,384.09)	34,694.11
Cash and cash equivalents at beginning of the year			167,822.36	133,128.25
Cash and cash equivalents at end of the year			119,438.27	167,822.36

1. Cash and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and short notice.

STANDALONE SEGMENTAL RESULTS

							(₹ in crore)
		Three months ended		Year ended
Sr.		March	December		March	March	March
Particulars	31, 2023	31, 2022		31, 2022	31, 2023	31, 2022
no.
	(Q4-2023)	(Q3-2023)		(Q4-2022)	(FY2023)	(FY2022)
		(Audited)	(Unaudited)		(Audited)	(Audited)	(Audited)
1.	Segment revenue
a	Retail Banking	28,739.34	26,325.77		22,283.09	103,775.34	84,639.22
b	Wholesale Banking	14,596.64	13,593.64		10,487.16	50,614.85	39,971.49
c	Treasury	24,008.70	22,253.30		17,443.63	84,770.74	67,504.11
d	Other Banking	713.34	684.37		288.90	2,383.06	1,313.90
	Total segment revenue	68,058.02	62,857.08		50,502.78	241,543.99	193,428.72
	Less: Inter segment revenue	31,949.14	29,327.82		23,090.46	112,481.20	88,536.64
	Income from operations	36,108.88	33,529.26		27,412.32	129,062.79	104,892.08
2.	Segmental results (i.e. Profit before tax)
a	Retail Banking	4,902.63	4,288.56		4,643.24	17,533.68	11,400.39
b	Wholesale Banking	4,503.59	3,876.69		3,277.46	15,785.78	9,052.93
c	Treasury	4,235.25	4,257.14		2,323.47	14,271.55	9,820.22
d	Other Banking	165.11	91.39		4.83	480.22	310.35
e	Unallocated expenses	(1,600.00)	(1,500.00)		(1,025.00)	(5,650.00)	25.00
	Total segment results (i.e. Profit before tax)	12,206.58	11,013.78		9,223.99	42,421.23	30,608.89
3.	Segment assets
a	Retail Banking	603,959.37	564,925.73		487,651.93	603,959.37	487,651.93
b	Wholesale Banking	432,874.35	407,505.95		379,091.80	432,874.35	379,091.80
c	Treasury	508,469.75	510,710.02		518,129.70	508,469.75	518,129.70
d	Other Banking	29,791.54	28,646.13		16,504.73	29,791.54	16,504.73
e	Unallocated	9,111.64	9,960.28		9,919.58	9,111.64	9,919.58
	Total segment assets	1,584,206.65	1,521,748.11		1,411,297.74	1,584,206.65	1,411,297.74
4.	Segment liabilities
a	Retail Banking	891,354.54	851,158.87		791,894.25	891,354.54	791,894.25
b	Wholesale Banking	347,276.49	327,091.38		321,390.70	347,276.49	321,390.70
c	Treasury	129,240.96	138,455.45		119,062.56	129,240.96	119,062.56
d	Other Banking	2,519.27	2,273.87		2,202.80	2,519.27	2,202.80
e	Unallocated	13,100.00	11,500.00		6,235.46	13,100.00	6,235.46
	Total segment liabilities	1,383,491.26	1,330,479.57		1,240,785.77	1,383,491.26	1,240,785.77
5.	Capital employed	200,715.39	191,268.54		170,511.97	200,715.39	170,511.97
6.	Total (4)+(5)	1,584,206.65	1,521,748.11		1,411,297.74	1,584,206.65	1,411,297.74

Notes on segmental results:

1. The disclosure on segmental reporting has been prepared in accordance with Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities.
2. "Retail Banking" includes exposures of the Bank which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid down in Basel Committee on Banking Supervision document 'International Convergence of Capital Measurement and Capital Standards: A Revised Framework'. This segment also includes income from credit cards, debit cards, third party product distribution and the associated costs.
   RBI's Master Direction on Financial Statements - Presentation and Disclosures, requires to sub-divide 'Retail banking' into (a) Digital Banking (as defined in RBI circular on Establishment of Digital Banking Units dated April 7, 2022) and (b) Other Retail Banking segment. Accordingly, the segmental results for retail banking segment for Q4-2023 is subdivided as below:

					(₹ in crore)
Sr.	Particulars	Segment	Segment results	Segment assets	Segment
no.		revenue			liabilities
	Retail Banking	28,739.34	4,902.63	603,959.37	891,354.54
(i)	Digital Banking	6,474.87	1,535.48	94,132.35	130,670.32
(ii)	Other Retail Banking	22,264.47	3,367.15	509,827.02	760,684.22

1. "Wholesale Banking" includes all advances to trusts, partnership firms, companies and statutory bodies, by the Bank which are not included under Retail Banking.
2. "Treasury" primarily includes the entire investment and derivative portfolio of the Bank.
3. "Other Banking" includes leasing operations and other items not attributable to any particular business segment of the Bank.
4. "Unallocated" includes items such as tax paid in advance net of provision, deferred tax and provisions to the extent reckoned at the entity level.

CONSOLIDATED FINANCIAL RESULTS

								(₹ in crore)
			Three months ended		Year ended
Sr.			March	December		March	March	March
	Particulars	31, 2023	31, 2022		31, 2022	31, 2023	31, 2022
no.
		(Q4-2023)	(Q3-2023)		(Q4-2022)	(FY2023)	(FY2022)
			(Audited)	(Unaudited)		(Audited)	(Audited)	(Audited)
1.	Interest earned (a)+(b)+(c)+(d)	34,438.91	31,618.81		24,999.46	121,066.81	95,406.87
	a)	Interest/discount on advances/bills	25,353.68	23,259.99		17,680.63	87,929.24	66,886.54
	b)	Income on investments	7,827.87	7,136.29		5,623.55	27,905.03	21,990.64
	c)	Interest on balances with Reserve Bank of India and other
		inter-bank funds	707.14	595.39		684.42	2,305.46	1,819.60
	d)	Others	550.22	627.14		1,010.86	2,927.08	4,710.09
2.	Other income	19,483.84	16,240.69		17,834.60	65,111.99	62,129.45
3.	TOTAL INCOME (1)+(2)	53,922.75	47,859.50		42,834.06	186,178.80	157,536.32
4.	Interest expended	14,479.47	12,977.89		10,633.93	50,543.39	41,166.67
5.	Operating expenses (e)+(f)	24,237.09	20,511.90		20,672.09	82,439.02	73,151.73
	e)	Employee cost	4,248.00	3,723.10		3,115.32	15,234.17	12,341.60
	f)	Other operating expenses	19,989.09	16,788.80		17,556.77	67,204.85	60,810.13
6.	TOTAL EXPENDITURE (4)+(5)
	(excluding provisions and contingencies)	38,716.56	33,489.79		31,306.02	132,982.41	114,318.40
7.	OPERATING PROFIT (3)-(6)
	(Profit before provisions and contingencies)	15,206.19	14,369.71		11,528.04	53,196.39	43,217.92
8.	Provisions (other than tax) and contingencies (refer note no. 3)	1,722.05	2,434.12		1,103.27	6,939.93	8,976.65
9.	PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL	13,484.14	11,935.59		10,424.77	46,256.46	34,241.27
	ITEMS AND TAX (7)-(8)
10.	Exceptional items	..	..		..	..	..
11.	Add: Share of profit in associates	251.07	229.44		178.76	998.29	754.43
12.	PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX AND	13,735.21	12,165.03		10,603.53	47,254.75	34,995.70
	MINORITY INTEREST (9)-(10)+(11)
13.	Tax expense (g)+(h)	3,498.92	2,999.41		2,514.42	11,793.44	8,457.44
	g)	Current tax	3,178.06	2,905.98		2,021.74	11,456.44	7,404.45
	h)	Deferred tax	320.86	93.43		492.68	337.00	1,052.99
14.	Less: Share of profit/(loss) of minority shareholders	383.59	373.20		370.17	1,424.67	1,428.16
15.	NET PROFIT FROM ORDINARY ACTIVITIES AFTER TAX
	(12)-(13)-(14)	9,852.70	8,792.42		7,718.94	34,036.64	25,110.10
16.	Extraordinary items (net of tax expense)	..	..		..	..	..
17.	NET PROFIT FOR THE PERIOD (15)-(16)	9,852.70	8,792.42		7,718.94	34,036.64	25,110.10
18.	Paid-up equity share capital (face value ₹ 2/- each)	1,396.78	1,395.62		1,389.97	1,396.78	1,389.97
19.	Reserves excluding revaluation reserves	209,248.29	199,333.21		177,167.61	209,248.29	177,167.61
20.	Earnings per share (EPS)
	Basic EPS before and after extraordinary items, net of tax
	expense (in ₹)	14.12	12.61		11.11	48.86	36.21
	Diluted EPS before and after extraordinary items, net of tax
	expense (in ₹)	13.84	12.35		10.88	47.84	35.44