A major Indian bank offering savings and current accounts, fixed deposits, loans, credit cards, and digital banking through its iMobile app to retail customers, businesses, and non-resident Indians. It grew out of the Industrial Credit and Investment Corporation of India, a development lender founded in 1955 with help from the World Bank and the Indian government, which spun off ICICI Bank in 1994. The name is an acronym for that original institution, and the bank kept the initials even after the parent merged into it in 2002.
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20-F · Fiscal year ended Mar 31, 2024 · SEC filing ↗
ICICI Bank profit before tax rose 30.2% to Rs. 615.1 billion in FY2024 as all segments grew
All three banking segments grew in FY2024. rose 30.2% to Rs. 615.1 billion, with after minority interest at Rs. 442.6 billion, driven by growth across Retail, Wholesale and Treasury and the absence of the prior year's Rs. 56.5 billion . The bank closed the year with capital and liquidity above regulatory minimums.
Key takeaways
rose 30.2% to Rs. 615.1 billion, driven by growth across all segments and the non-repetition of a Rs. 56.5 billion made in fiscal 2023.
Wholesale Banking rose 26.5% to Rs. 199.7 billion on a 28.1% increase in and higher provision write-backs, making it the largest by profit.
Retail Banking grew 7.5% to Rs. 188.5 billion as rose 22.1%, partially offset by higher operating expenses and provisions.
What changed
The Rs. 56.5 billion unallocated from FY2023 was not repeated in FY2024, contributing to the profit increase — the flagged watch item is settled as released from the comparison base.
Wholesale Banking provisions did not reverse to a charge; profit rose 26.5% to Rs. 199.7 billion with higher write-backs, contrary to the prior flag to watch for a reversal.
growth slowed to 30.2% from 35% in FY2023, while Retail Banking growth fell to 7.5% from 53.8% and Wholesale Banking to 26.5% from 74.4%.
What to watch
Track whether Wholesale Banking provision write-backs continue or reverse to a net charge in FY2025.
Monitor Retail Banking operating expenses and provisions as they constrained its profit growth to 7.5%.
Section summaries
Management's Discussion and Analysis
ICICI Bank's FY2024 profit before tax rose 30.2% to Rs. 615.1 billion, driven by growth across all segments.
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Consolidated profit before tax increased 30.2% to Rs. 615.1 billion, with after minority interest rising to Rs. 442.6 billion.
Total capital adequacy under Basel III was 16.33% with Common Equity Tier-1 at 15.6%, and the was 120.7% against a 100% requirement.
Retail Banking profit before tax grew 7.5% to Rs. 188.5 billion, driven by a 22.1% increase in , partially offset by higher operating expenses and provisions.
Wholesale Banking profit before tax rose 26.5% to Rs. 199.7 billion, primarily due to a 28.1% increase in and higher write-backs of provisions.
The Bank's total under Basel III was 16.33%, with a Common Equity Tier-1 ratio of 15.6%, well above regulatory minimums.
Net liquid assets increased to Rs. 5,607.4 billion, and the Group's was 120.7%, exceeding the 100% regulatory requirement.
The Bank made a of Rs. 56.5 billion in fiscal 2023, which was not repeated in fiscal 2024, contributing to the profit increase.