Performance Review: Quarter ended June 30, 2024

∙ Profit before tax excluding treasury grew by 11.8% year-on-year to ₹ 14,080 crore (US$ 1.7 billion) in the quarter ended June 30, 2024 (Q1-2025)

∙ Core operating profit grew by 11.0% year-on-year to ₹ 15,412 crore (US$  1.8 billion) in Q1-2025

∙ Profit after tax grew by 14.6% year-on-year to ₹ 11,059 crore (US$ 1.3 billion) in Q1-2025

∙ Total period-end deposits grew by 15.1% year-on-year to ₹ 14,26,150 crore  (US$ 171.0 billion) at June 30, 2024

∙ Average deposits grew by 17.8% year-on-year to ₹ 13,78,658 crore (US$  165.3 billion) at June 30, 2024

∙ Average current account and savings account (CASA) ratio was 39.6%  in Q1-2025

∙ Domestic loan portfolio grew by 15.9% year-on-year to ₹ 11,88,587 crore  (US$ 142.5 billion) at June 30, 2024

∙ Net NPA ratio was 0.43% at June 30, 2024 compared to 0.42% at March 31,  2024

∙ Provisioning coverage ratio on non-performing assets was 79.7% at June  30, 2024

∙ Including profits for Q1-2025, total capital adequacy ratio was 16.63% and  CET-1 ratio was 15.92%, on a standalone basis, at June 30, 2024

The Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174,  NYSE: IBN) at its meeting held at Mumbai today, approved the standalone and  consolidated accounts of the Bank for the quarter ended June 30, 2024 (Q1- 2025). The statutory auditors have conducted a limited review and have issued  an unmodified report on the standalone and consolidated financial statements for the quarter ended June 30, 2024.

The Bank continues to enhance the use of technology in its operations to provide  simplified solutions to customers. The Bank has launched an industry-first  initiative ‘SmartLock’ that empowers customers to instantly lock or unlock the key  banking services such as UPI, Debit Cards, Credit Cards, with just one click on  iMobile Pay. About 71% of trade transactions were done digitally in Q1-2025. The  volume of transactions done through Trade Online platform grew by 21.5% year

on-year in Q1-2025.

Deposit growth 

Total period-end deposits increased by 15.1% year-on-year and 0.9%  sequentially to ₹ 14,26,150 crore (US$ 171.0 billion) at June 30, 2024. Period-end  term deposits increased by 19.9% year-on-year and 3.1% sequentially to ₹ 8,42,479 crore (US$ 101.0 billion) at June 30, 2024. Average deposits increased by 17.8% year-on-year and 3.3% sequentially to ₹ 13,78,658 crore (US$ 165.3 billion) in Q1-2025. Average current account deposits increased by 13.3% year on-year and 3.1% sequentially in Q1-2025. Average savings account deposits  increased by 8.2% year-on-year and 6.0% sequentially in Q1-2025.

With the addition of 64 branches during Q1-2025, the Bank had a network of  6,587 branches and 17,102 ATMs & cash recycling machines at June 30, 2024.

The value of the Bank’s merchant acquiring transactions through UPI grew by  51.6% year-on-year in Q1-2025. The Bank had a market share of about 32.1% by  value in electronic toll collections through FASTag in Q1-2025, with a 16.9% year on-year growth in collections in Q1-2025.

Asset quality 

The gross NPA ratio was 2.15% at June 30, 2024 compared to 2.16% at March 31,  2024. The net NPA ratio was 0.43% at June 30, 2024 compared to 0.42% at March  31, 2024. The gross NPA additions were ₹ 5,916 crore (US$ 709 million) in Q1- 2025 compared to ₹ 5,139 crore (US$ 616 million) in Q4-2024. Recoveries and  upgrades of NPAs, excluding write-offs and sale, were ₹ 3,292 crore (US$ 395 million) in Q1-2025 compared to ₹ 3,918 crore (US$ 470 million) in Q4-2024. The  net additions to gross NPAs, excluding write-offs and sale, were ₹ 2,624 crore  (US$ 315 million) in Q1-2025 compared to ₹ 1,221 crore (US$ 146 million) in Q4- 2024. The Bank has written off gross NPAs amounting to ₹ 1,753 crore (US$ 210 million) in Q1-2025. The provisioning coverage ratio on NPAs was 79.7% at June  30, 2024.

Excluding NPAs, the total fund based outstanding to all borrowers under  resolution as per the various extant regulations/guidelines declined to ₹ 2,735 crore (US$ 328 million) or 0.2% of total advances at June 30, 2024 from ₹ 3,059 crore (US$ 367 million) at March 31, 2024. The Bank holds provisions amounting  to ₹ 863 crore (US$ 103 million) against these borrowers under resolution, as of  June 30, 2024. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.6 billion) at June 30, 2024. The loan and non-fund based

outstanding to performing corporate and SME borrowers rated BB and below was  ₹ 5,286 crore (US$ 634 million) at June 30, 2024 compared to ₹ 5,528 crore (US$  663 million) at March 31, 2024. The loan and non-fund based outstanding of ₹ 5,286 crore (US$ 634 million) at June 30, 2024 includes ₹ 572 crore (US$ 69 million) to borrowers under resolution.

Capital adequacy 

Including profits for Q1-2025, the Bank’s total capital adequacy ratio at June 30,  2024 was 16.63% and CET-1 ratio was 15.92% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.

Consolidated results 

The consolidated profit after tax increased by 10.0% year-on-year to ₹ 11,696 crore (US$ 1.4 billion) in Q1-2025 from ₹ 10,636 crore (US$ 1.3 billion) in Q1-2024.

Consolidated assets grew by 18.0% year-on-year to ₹ 24,07,395 crore (US$ 288.7 billion) at June 30, 2024 from ₹ 20,39,897 crore (US$ 244.6 billion) at June 30,  2023.

Key subsidiaries and associates

The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) increased by 34.4% year-on-year to ₹ 1,963 crore (US$ 235 million) in Q1-2025 from ₹ 1,461 crore (US$ 175 million) in Q1-2024. Value of New Business (VNB) of  ICICI Life increased to ₹ 472 crore (US$ 57 million) in Q1-2025 from ₹ 438 crore  (US$ 53 million) in Q1-2024. The VNB margin was 24.0% in Q1-2025 compared  to 24.6% in FY2024. The profit after tax increased to ₹ 225 crore (US$ 27 million)  in Q1-2025 from ₹ 207 crore (US$ 25 million) in Q1-2024.

The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance  Company (ICICI General) increased by 20.4% year-on-year to ₹ 7,688 crore (US$  922 million) in Q1-2025 from ₹ 6,387 crore (US$ 766 million) in Q1-2024. The  combined ratio stood at 102.3% in Q1-2025 compared to 103.8% in Q1-2024. The  profit after tax of ICICI General increased by 48.7% to ₹ 580 crore (US$ 70 million)  in Q1-2025 from ₹ 390 crore (US$ 47 million) in Q1-2024.

The profit after tax of ICICI Prudential Asset Management Company, as per Ind  AS, increased to ₹ 633 crore (US$ 76 million) in Q1-2025 from ₹ 474 crore (US$  57 million) in Q1-2024.

The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, increased to ₹ 527 crore (US$ 63 million) in Q1-2025 from ₹ 271 crore (US$ 32 million) in Q1-2024.

Summary Profit and Loss Statement (as per standalone Indian GAAP accounts) ₹ crore 

1. Excluding treasury 

2. The Bank continues to hold contingency provision of ₹ 13,100 crore (US$ 1.6 billion) at June  30, 2024 

3. The treasury loss during Q4-2024 includes the impact of transfer of negative balance of ₹ 340 crore (US$ 41 million) in Foreign Currency Translation Reserve related to Bank’s Offshore Unit  in Mumbai to profit and loss account in view of the proposed closure of the Unit 4. Prior period numbers have been re-arranged wherever necessary

ICICI Bank Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051

Summary balance sheet

₹ crore