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01/10 19:45
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary reveals a stable financial performance with range-bound margins and improving asset quality. However, the lack of specific guidance and vague management responses in the Q&A session, particularly regarding CEO tenure and NIM projections, introduces uncertainty. No significant positive catalysts like partnerships or strong guidance were mentioned, and the absence of market cap data limits insight into potential stock reactions. Thus, the prediction remains neutral.
Profit Before Tax (excluding treasury) INR 161.64 billion, grew by 9.1% year-on-year. The growth is attributed to the bank's 360-degree customer-centric approach and operational resilience.
Core Operating Profit INR 170.78 billion, increased by 6.5% year-on-year. The increase reflects the bank's focus on simplicity and operational resilience.
Profit After Tax INR 123.59 billion, grew by 5.2% year-on-year. The growth is due to improved operational performance and risk-calibrated profitable growth.
Average Deposits Grew by 9.1% year-on-year and 1.6% sequentially. Growth driven by increased customer deposits and savings.
Domestic Loan Portfolio Grew by 10.6% year-on-year and 3.3% sequentially. Growth attributed to increased retail and business banking loans.
Retail Loan Portfolio Grew by 6.6% year-on-year and 2.6% sequentially. Growth driven by higher demand for retail credit.
Rural Portfolio Declined by 1% year-on-year but grew by 0.8% sequentially. Decline attributed to lower rural credit demand.
Business Banking Portfolio Grew by 24.8% year-on-year and 6.5% sequentially. Growth driven by increased business activities.
Net NPA Ratio 0.39% at September 30, 2025, compared to 0.41% at June 30, 2025, and 0.42% at September 30, 2024. Improvement due to better credit quality and recoveries.
Net Interest Income INR 215.29 billion, increased by 7.4% year-on-year. Growth due to reduction in deposit rates and cost of borrowings.
Non-Interest Income (excluding treasury) INR 73.56 billion, grew by 13.2% year-on-year. Growth driven by higher fee income and dividend income from subsidiaries.
Operating Expenses Increased by 12.4% year-on-year. Increase reflects retail business-related expenses and festive season-related marketing spends.
Provisions INR 9.14 billion, declined sequentially. Decline reflects the impact of KCC seasonality and healthy asset quality.
Capital Adequacy Ratio 17% at September 30, 2025, including profits for H1 2026. Indicates strong capital position.
Domestic loan portfolio growth: Grew by 10.6% year-on-year and 3.3% quarter-on-quarter as of September 30, 2025.
Retail loan portfolio: Grew by 6.6% year-on-year and 2.6% sequentially, constituting 42.9% of the total portfolio.
Business banking portfolio: Grew by 24.8% year-on-year and 6.5% sequentially.
Overseas loan portfolio: Constituted 2.3% of the overall loan book as of September 30, 2025.
Profit before tax (excluding treasury): Increased by 9.1% year-on-year to INR 161.64 billion.
Core operating profit: Increased by 6.5% year-on-year to INR 170.78 billion.
Net NPA ratio: Improved to 0.39% as of September 30, 2025, compared to 0.41% in the previous quarter.
Provisions: Total provisions during the quarter were INR 9.14 billion, reflecting a decline from the previous quarter.
Net interest income: Increased by 7.4% year-on-year to INR 215.29 billion.
Focus on risk-calibrated growth: The bank aims to grow market share across key segments while maintaining a strong balance sheet and prudent provisioning.
Branch expansion: Added 263 branches in H1 FY 2026, bringing the total to 7,246 branches as of September 30, 2025.
Rural Portfolio Decline: The rural portfolio declined by 1% year-on-year, indicating potential challenges in rural lending or demand.
Net NPA Additions: Net additions to gross NPAs were INR 13.86 billion during the quarter, reflecting ongoing credit quality issues.
Gross NPA Additions in Retail and Rural Portfolios: Gross NPA additions from retail and rural portfolios were INR 40.49 billion, indicating higher stress in these segments.
Loans to NBFCs and HFCs: The total outstanding loans to NBFCs and HFCs declined, which could indicate reduced exposure or challenges in these sectors.
Builder Loan Portfolio Risk: 1.3% of the builder portfolio was rated BB and below or classified as nonperforming, highlighting risks in the real estate sector.
Increase in Loans Rated BB and Below: Loans and nonfund-based outstanding to performing corporate borrowers rated BB and below increased to INR 36.61 billion, indicating rising risk in lower-rated corporate exposures.
Decline in Treasury Income: Treasury income declined significantly to INR 2.20 billion from INR 12.41 billion in the previous quarter, reflecting challenges in fixed income securities.
Higher Operating Expenses: Operating expenses increased by 12.4% year-on-year, driven by retail business-related expenses and festive season marketing, which could pressure margins.
Combined Ratio of ICICI General: The combined ratio of ICICI General stood at 105.1%, indicating underwriting losses and potential inefficiencies.
Future Portfolio Growth: The bank anticipates opportunities to drive risk-calibrated portfolio growth and increase market share across key segments.
Balance Sheet and Capital Management: Focus remains on maintaining a strong balance sheet, prudent provisioning, and healthy capital levels to deliver sustainable and predictable returns to shareholders.
Loan Growth Projections: The mortgage portfolio is expected to grow steadily, with a 9.9% year-on-year increase already observed. Auto loans and commercial vehicles portfolios are expected to remain stable or grow modestly.
Credit Card Portfolio: The credit card portfolio is projected to continue its growth trajectory, with an 8.4% sequential increase already recorded.
Asset Quality: The bank aims to maintain healthy asset quality across segments, with a focus on reducing gross NPA additions and improving recoveries.
Technology and Operational Efficiency: Technology expenses are expected to remain around 11% of operating expenses, reflecting ongoing investments in digital and operational efficiency.
Dividend income from subsidiaries: Dividend income from subsidiaries was INR 8.1 billion in this quarter compared to INR 13.36 billion in the previous quarter and INR 5.41 billion in Q2 of last year. The timing of receipt of final dividend depends on the annual general meetings of the respective subsidiaries, which are generally held in the first quarter of a fiscal year. The year-on-year increase in dividend income was primarily due to the receipt of interim dividend from ICICI Securities and ICICI Venture.
The earnings call summary reveals a stable financial performance with range-bound margins and improving asset quality. However, the lack of specific guidance and vague management responses in the Q&A session, particularly regarding CEO tenure and NIM projections, introduces uncertainty. No significant positive catalysts like partnerships or strong guidance were mentioned, and the absence of market cap data limits insight into potential stock reactions. Thus, the prediction remains neutral.
The earnings call presents mixed signals. Basic financial performance is stable with growth in deposits and loans, but NIMs have slightly declined. The Q&A reveals uncertainty in growth revival and unclear management responses. While there are positives like strong business banking performance and increased dividend income, the cautious outlook on growth and unchanged guidance suggest a neutral sentiment. The market's reaction is likely to be muted, resulting in a stock price movement within the neutral range of -2% to 2%.
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