MUMBAI: ICICI Financial institution, the second-largest non-public lender, has reported a web revenue of Rs 10,708 crore for the quarter ended March 2024, marking a rise of 17.4%, surpassing analyst forecasts. The financial institution’s board has beneficial a dividend of Rs 10 per share. On the finish of the quarter, the financial institution’s deposits stood at Rs 14,12,825 crore, up by 19.6% from March 2023.In the meantime, advances stood at Rs 11,50,955 crore, a rise of 16.8% from the earlier 12 months. The financial institution’s web curiosity revenue rose by 8.1% to Rs 19,093 crore. Nonetheless, web curiosity margin (NIM) stood at 4.4%, down from 4.9% a 12 months in the past and 4.43% within the previous quarter.
For the complete 12 months, revenue after tax grew by 28.2% to Rs 40,888 crore. The financial institution’s asset high quality improved, with its gross non-performing belongings (NPA) ratio at 2.16% as of end-March, in comparison with 2.3% on the finish of Dec. Because of this, provisions dipped sharply to Rs 718 crore from Rs 1,619 crore a 12 months earlier. Financial institution’s govt director Sandeep Batra mentioned the financial institution’s IT spend had elevated from 5.6% of complete bills final 12 months to 9.4%. He additionally mentioned that the financial institution stays centered on enhancing its capabilities. On the outlook, Batra mentioned, “We do anticipate web curiosity margin to be range-bound adjusted for seasonality except there’s any change within the repo price as there are imponderables throughout the 12 months that we aren’t conscious of. Repricing of time period deposits will proceed into the primary quarter. Going forward, we anticipate RBI to undertake a shallow price reduce.”
“Our deposits have been rising at a wholesome price. We won’t be elevating deposits at any value. As a financial institution, our goal is to satisfy the general want of the client,” he added.
Batra additionally mentioned that the financial institution continues to boost the usage of expertise in its operations and to offer options to clients. The retail lending platform, iLens, is being upgraded on an ongoing foundation, with private loans and training loans now built-in into the platform together with mortgages.
For the complete 12 months, revenue after tax grew by 28.2% to Rs 40,888 crore. The financial institution’s asset high quality improved, with its gross non-performing belongings (NPA) ratio at 2.16% as of end-March, in comparison with 2.3% on the finish of Dec. Because of this, provisions dipped sharply to Rs 718 crore from Rs 1,619 crore a 12 months earlier. Financial institution’s govt director Sandeep Batra mentioned the financial institution’s IT spend had elevated from 5.6% of complete bills final 12 months to 9.4%. He additionally mentioned that the financial institution stays centered on enhancing its capabilities. On the outlook, Batra mentioned, “We do anticipate web curiosity margin to be range-bound adjusted for seasonality except there’s any change within the repo price as there are imponderables throughout the 12 months that we aren’t conscious of. Repricing of time period deposits will proceed into the primary quarter. Going forward, we anticipate RBI to undertake a shallow price reduce.”
“Our deposits have been rising at a wholesome price. We won’t be elevating deposits at any value. As a financial institution, our goal is to satisfy the general want of the client,” he added.
Batra additionally mentioned that the financial institution continues to boost the usage of expertise in its operations and to offer options to clients. The retail lending platform, iLens, is being upgraded on an ongoing foundation, with private loans and training loans now built-in into the platform together with mortgages.
