Ranvir’s Portfolio

ICICI BANK –

Q1 results and concall highlights –

Advances grew 16 pc YoY and 3 pc QoQ @ 12.2 lakh cr
( led by retail loans up 17 pc, business banking up 36 pc, SME loans up 23 pc. Corporate loans only grew by 10 pc )

Deposits grew 18 pc YoY and 3.3 pc QoQ @ 14.2 lakh cr
( very healthy growth vs the banking system growth. CA deposits up 13 pc, SA deposits up 8 pc, term deposits up 23 pc )

CASA ratio @ 39.6 vs 42.6 pc YoY

NII grew by 7.3 pc @ 19,530 cr
Fee income grew by 13 pc @ 5490 cr
Dividend from subsidiaries @ 894 vs 291 cr

Employee expenses grew by 12.5 pc @ 4370 cr
Non employee expenses grew by 9 pc @ 6159 cr

**Slippages @ 5916 vs 5318 cr YoY **
Recoveries + Upgrades @ 3292 vs 3511 cr
Provisions @ 1332 cr, up 3 pc YoY

Gross NPAs @ 2.15 vs 2.76 pc
Net NPAs @ 0.43 vs 0.48 pc

NIMs @ 4.36 vs 4.78 pc ( in Q1, NIMs were 4.40 pc )

RoA @ 2.36 vs 2.39

Performance of subsidiaries ( YoY PAT ) –

ICICI pru life – 225 vs 207 cr
ICICI lombard general insurance – 580 vs 390 cr
ICICI pru AMC – 633 vs 474 cr
ICICI Sec – 527 vs 271 cr
ICICI home finance – 117 vs 105 cr

Bank’s Consol PAT @ 11696 cr, up 10 YoY

Bank’s standalone RoE @ 18 pc

Opened 513 branches in last 12 months. Total branch count currently stands @ 6587 branches

Incremental in slippages are coming from Kisan Credit Cards. This is also a seasonal phenomenon ( generally peaks in Q1 )

Bank infused additional Rs 500 cr in their subsidiary – ICICI Home Finance in Q1

95 of slippages are from Retail + SME portfolios. But the same is true for recoveries too

Slippages in Q1 from KCC @ 720 cr

Overseas loan book at 3 pc of total loan book

At present, not seeing any elevated stress in the unsecured book

**Investing aggressively behind technology @ 9 pc of total operating expenses **

Disc: holding, biased, not SEBI registered, not a buy/sell recommendation