ICICI Bank Ltd. - ADR

**Strong Financial Performance**: ICICI Bank reported a profit before tax (excluding treasury) of INR 135.51 billion for Q3 FY '24, reflecting a year-on-year growth of 23.4%. Profit after tax also increased by 23.6% to INR 102.72 billion, indicating robust underlying performance despite a dynamic economic environment.

**Loan Growth and Portfolio Composition**: The domestic loan portfolio grew by 18.8% year-on-year and 3.8% sequentially, with a notable increase in the retail loan segment (21.4% YoY growth). The retail portfolio accounted for 46.4% of the total loan portfolio, highlighting effective customer-focused strategies.

**Credit Quality and Provisions**: The net NPA ratio stood at 0.44%, slightly up from 0.43% in the previous quarter but improved compared to 0.55% a year ago. Credit costs are expected to remain moderate due to strong provisioning coverage (80.7%) and a contingency provision of INR 131 billion (1.1% of total loans). However, there are ongoing concerns about increased retail NPAs.