ICICI Bank Q4 Results: Net profit jumps 17% to Rs 10,707 crore
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 March 31, 2024 (Q4- 2024) and the year ended March 31, 2024 (FY2024).
The statutory auditors have audited the standalone and consolidated financial statements and have issued an unmodified report on the standalone and consolidated financial statements for Q4-2024 and FY2024.
The net domestic advances grew by 16.8% year-on-year and 3.2% sequentially at March 31, 2024. The retail loan portfolio grew by 19.4% year-on-year and 3.7% sequentially, and comprised 54.9% of the total loan portfolio at March 31, 2024. Including non-fund outstanding, the retail portfolio was 46.8% of the total portfolio at March 31, 2024. The business banking portfolio grew by 29.3% year-on-year and 5.7% sequentially at March 31, 2024.
The SME business, comprising borrowers with a turnover of less than ₹ 250 crore (US$ 30 million), grew by 24.6% year-on-year and 3.8% sequentially at March 31, 2024. The rural portfolio grew by 17.2% year-on-year and 4.5% sequentially at March 31, 2024. The domestic corporate portfolio grew by 10.0% year-on-year and was flat sequentially at March 31, 2024. Total advances increased by 16.2% year-on-year and 2.7% sequentially to ₹ 11,84,406 crore (US$ 142.0 billion) at March 31, 2024.
The Bank continues to enhance the use of technology in its operations and to provide solutions to customers. iLens, the retail lending platform, is being upgraded on an ongoing basis, with personal loans and education loans now integrated in the platform along with mortgages. About 71% of trade transactions were done digitally in FY2024. The volume of transactions done through Trade Online platform grew by 29.2% year-on-year in FY2024.
The Bank has further simplified bank guarantee journeys with new enhancements. Smart BG Assist is a solution to enable digital
execution of bank guarantees for creating and validating text, e-stamping, digital signatures among others.
Deposit growth -Total period-end deposits increased by 19.6% year-on-year and 6.0% sequentially to ₹ 14,12,825 crore (US$ 169.4 billion) at March 31, 2024. Period-end term deposits increased by 27.7% year-on-year and 1.6% sequentially to ₹ 8,16,953 crore (US$ 98.0 billion) at March 31, 2024. Average current account deposits increased by 13.0% year-on-year in Q4-2024. Average savings account deposits increased by 4.6% year- on-year in Q4-2024.
