ICICI Bank Q3 FY22 Results

ICICI Bank posted its quarterly earnings report on January 22, 2022. The bank reported a 25% year-on-year (YoY) increase in its standalone profit after tax (PAT) at Rs 6,194 crore from Rs 4,940 in the year ago period. This is a 12.3% quarter-on-quarter (QoQ) jump from the Rs 5,511 crore reported in Q2 FY22.

The Net Interest Income (NII) for the October-December period was Rs 12,236 crore, a 23% YoY jump from Rs 9,912 crore recorded in the corresponding quarter in the previous financial year. The Net Interest Margin (NIM) for the quarter under review came in at 3.96% compared to 4% in the previous quarter and 3.67% in Q3 FY21. The bank’s provisions for the quarter were down by 27% YoY to Rs 2,007 crore from Rs 2,742 crore.

ICICI Bank’s total income rose 10.8% YoY at Rs 27,069 crore from Rs 24,416 crore in the same quarter last financial year while on a sequential basis, there was a marginal increase of 4% from Rs 24,030 crore reported in the October-December quarter.

ICICI Bank’s Gross NPA was down to 4.13% from 4.82% in the previous quarter and 4.38% in the year ago period. The bank’s Net NPA was down to 0.85% from 0.99% in the previous quarter however, it increased from 0.63% in Q3 FY21.

ICICI Bank’s stock closed in the red at Rs 804.50 per share after taking a 0.71% dip ahead of its quarterly results after the end of the intraday trading session on January 22, 2022. 

Hits

• PAT up 25% YoY at Rs 6,194 crore from Rs 4,940 in Q3 FY21
• On a sequential basis, PAT up 12.3% QoQ from Rs 5,511 crore in Q2 FY22
• NII up 23% YoY to Rs 12,236 crore from Rs 9,912 crore
• Total income up 10.8% at Rs 27,069 crore from Rs 24,416 crore
• Gross NPA at 4.13% from 4.28% in the year ago period
• ROA up to 1.90% from 1.70% in Q3 FY21 and 1.79% in the previous quarter
• Total deposits up by 16% YoY and 4% QoQ to Rs 10.17 lakh crore

Misses

• NIM remained largely flat, both on a sequential and YoY basis
• Net NPA up at 0.85% from 0.63% in the year ago period

Segment-wise revenue

• Retail Banking: Revenue up 13.7% YoY to Rs 21,662 crore from Rs 19,051 crore in Q3 FY21
• Wholesale Banking: Revenue up 11% YoY to Rs 10,327 crore from Rs 9,279 crore in Q3 FY21
• Treasury: Revenue up 7% YoY to Rs 17,090 crore from Rs 15,954 crore in Q3 FY21
• Other Banking: Revenue down 9.8% YoY to Rs 765 crore from Rs 849 crore in Q3 FY21
• Life Insurance: Revenue up 0.6% YoY to Rs 11,157 crore from Rs 11,085 crore in Q3 FY21
• Others: Revenue up 12.7% YoY to Rs 2,141 crore from Rs 1,899 crore in Q3 FY21

 Other things to know about ICICI Bank

• ICICI Bank has the second highest market capitalization in the large cap private banking sector at Rs 5.62 lakh crore.
• The bank’s P/E ratio is at 30.60 against the industry average of 28.04 while its P/B ratio is at 3.37 against the industry average of 2.37.
• ICICI Bank’s dividend yield is at 0.25% against the industry average of 0.54%

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