Indian lender ICICI Bank posts Q4 2023 net income up by 30% to a record INR91.2bn ($1.1bn). Meantime, full year net income for fiscal 2023 rises by 36.7% to INR319.0bn.

ICICI Q4 2023 highlights

Total deposits grew by 10.9% year-on-year and 5.2% sequentially at end March. Term deposits increase by 17.1% year-on-year and 4.3% sequentially at end of the fiscal year. During the quarter, average current and savings account deposits grew by 8.0% year-on-year and 1.2% sequentially.

Lending demand remains healthy. Specifically, retail loans are up by 22.7% y-o-y. ICICI Bank’s NPA ratio declined to 0.48% at the end of Q4 from 0.55% at the end of Q3 and from 0.76% at the end of the year ago quarter.

Retail banking highlights include growth in the personal loan and credit card portfolio of 43.2% y-o-y. Retail mortgages loan growth rises by 17.6%.

Net interest income increases by 40.2% year-on-year to INR176.7bn. ICICI Bank Q4 net interest margin of 4.90% rises by 25 basis points from the prior quarter and compares with 4.0% in the fourth quarter of the prior fiscal.

ICICI Bank Q4 2023: branch network grows to 5,900 outlets

In fiscal 2023, ICICI Bank’s branch network has increased by a net 480 outlets. ICICI Bank ends the fourth quarter with 5,900 branches.

Digital highlights include more than 9 million activations of iMobile Pay by non-ICICI Bank account holders as of end-March. The value of transactions by non-ICICI Bank account holders in Q4 of this year was 1.3 times the value of transactions in Q4 of last year.