ICICI Bank shares surge 5% to all-time high

Shares of ICICI Bank rose 5% in intraday trade on Monday to hit an all-time high on the BSE after the private lender's profit grew 17.4% year-on-year to ₹10,708 crore for the quarter ended March 31, 2024.

The ICICI Bank stock opened at ₹1109.35 but soon surged to hit a 52-week high of ₹1163.25 on the BSE, taking the lender's market cap over ₹8 lakh crore.

ICICI Bank is India's fifth company to surpass the ₹8-lakh-crore market cap milestone. It is the second lender to achieve this feat after HDFC Bank.

Net interest income of ICICI Bank increased by 8.1% year-on-year to ₹19,093 crore during the fourth quarter compared with ₹17,667 crore in the previous quarter.

The net interest margin was 4.40% in Q4 FY24 compared to 4.43% in Q3 FY24 and 4.90% in Q4 FY23. Net interest margin was 4.53% in FY24.

Fee income grew by 12.6% year-on-year to 5,436 crore in Q4. Provisions were at ₹718 crore.

The board recommended a dividend of ₹10 per share for FY24.

On asset quality, the gross NPA ratio declined to 2.16% at March 31, 2024 from 2.30% at December 31, 2023. The net NPA ratio declined to 0.42% at March 31, 2024 from 0.44% at December 31, 2023 and 0.48% at March 31, 2023.

During Q4, there were net additions to gross NPAs of ₹1,221 crore. The gross NPA additions were ₹5,139 crore in Q4 compared to ₹5,714 crore in Q3 FY24.

The net domestic advances grew by 16.8% year-on-year and 3.2% sequentially at March 31, 2024. The retail loan portfolio grew by 19.4% year-on-year and 3.7% sequentially, and comprised 54.9% of the total loan portfolio at March 31, 2024. Including non-fund outstanding, the retail portfolio was 46.8% of the total portfolio as of March 31, 2024. The business banking portfolio grew by 29.3% year-on-year and 5.7% sequentially. The SME business, comprising borrowers with a turnover of less than ₹ 250 crore, grew by 24.6% year-on-year and 3.8% sequentially. The rural portfolio grew by 17.2% year-on-year and 4.5% sequentially. The domestic corporate portfolio grew by 10.0% year-on-year and was flat sequentially at March 31, 2024. Total advances increased by 16.2% year-on-year and 2.7% sequentially to ₹11,84,406 crore as of March 31, 2024.

Deposits increased by 19.6% year-on-year and 6.0% sequentially to ₹14,12,825 crore.

With the addition of 623 branches in FY2024, the Bank had a network of 6,523 branches and 17,190 ATMs & cash recycling machines at March 31, 2024.

The value of the bank’s merchant acquiring transactions through UPI grew by 67.7% year-on-year and 8.7% sequentially in Q4. ICICI Bank had a market share of about 30% by value in electronic toll collections through FASTag in Q4, with a 14.5% year-on-year growth in collections.