ICICI Bank Limited

Profitability & earnings momentum strong (core growth outpacing; NIM supported) - Core operating profit (ex-dividend from subs.): +18.3% YoY to INR 191.25 bn; PBT excl. treasury: +20.9% YoY to INR 189.75 bn; PAT: +15.9% YoY to INR 148.05 bn. - Net interest income (NII): +12.7% YoY and +6.1% QoQ to INR 243.84 bn; NIM: 4.36% (vs 4.32% QoQ, 4.34% YoY). - Management said NIM stability is driven by healthy funding franchise, disciplined pricing, and management of government securities book, plus tax-refund benefit (8 bps this quarter; NIM ex-tax-refund ~4.28%).

Loan/deposit growth: strong participation in system tailwinds; outlook = “momentum continues” but watch drivers - Deposits: +14% YoY and +2.2% QoQ; CASA grew +12.1% YoY and +4.7% QoQ (supports funding). - Loans (incl. international branches): +19.6% YoY and +5% QoQ; retail: +12% YoY and +2.7% QoQ; rural (incl. gold loan): +35.4% YoY and +6.2% QoQ; business banking: +28.2% YoY and +6.9% QoQ. - Management expectation (forecast-style guidance from Q&A): loan momentum is supported by policy/fiscal/monetary tailwinds; they expect momentum to continue and see opportunities for risk-calibrated profitable growth. No explicit “high-teens full-year” target was committed.

Asset quality: broadly stable but provisioning is a key “watch item” (net NPA slightly up; buffers strong) - Net NPA: 0.35% (vs 0.33% QoQ; 0.41% YoY) → still low. - Gross NPA additions (net): INR 27.07 bn net additions this quarter (ex write-offs/sale). - Provisioning coverage on NPAs: 74.7%; contingency provisions held: INR 131 bn (~0.8% of total advances). - Total provisions this quarter: INR 12.6 bn (6.2% of core op profit, 0.32% of avg advances). - Surprising/important nuance: Agri provision reversal timing is uncertain—management said remediation/sign-off validation is ongoing and they won’t commit to when write-back/reversal will occur (“over the next few months,” but no firm timeline).