ICICI Bank Limited (NYSE:IBN) Q2 2024 Earnings Call Transcript October 21, 2023 8:00 AM ET
Company Participants
Sandeep Bakhshi - MD, CEO and Executive Director
Anindya Banerjee - Group CFO and Head of Investor Relations
Conference Call Participants
Mahrukh Adajania - Nuvama
Saurabh Kumar - JPMorgan
Chintan Joshi - Bernstein
Hardik Shah - Goldman Sachs
Kunal Shah - Citigroup
Manish Shukla - Axis Capital
Sameer Bhise - JM Financial
Ashish Sharma - ENAM AMC
Param Subramanian - Nomura
Operator
Ladies and gentlemen, good day, and welcome to the ICICI Bank Q2 FY '24 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Sandeep Bakhshi, Managing Director and CEO of ICICI Bank. Thank you, and over to you, sir.
Sandeep Bakhshi
Thank you. Good evening to all of you, and welcome to the ICICI Bank Earnings Call to discuss the results for Q2 of FY 2024. Joining us today on this call are Sandeep Batra, Rakesh, Anindya, and Abhinek.
The Indian economy continued to be resilient amidst the uncertainties in the global environment, reflecting the actions and initiatives of the policymakers. The underlying growth momentum is visible with expansion in manufacturing and services PMI, real estate buoyancy, increasing steel and cement output, higher tax collections, and demand for travel. The government-led CapEx cycle is continuing.
Though there has been a pause in the policy rate hike cycle in India, global and domestic inflation and the liquidity and rate environment continue to evolve. At ICICI Bank, our strategic focus continues to be on growing our core operating profit, less provisions, i.e., profit before tax, excluding treasury, through the 360-degree customer-centric approach and by serving opportunities across ecosystems and micro markets. We continue to operate within our strategic framework and strengthen our franchise, enhance our delivery and servicing capabilities, and expand our technology and digital offerings.
The profit before tax, excluding treasury, grew by 35.7% year-on-year to INR137.31 billion in this quarter. The core operating profit increased by 21.7% year-on-year to INR143.14 billion in this quarter. The profit after tax grew by 35.8% year-on-year to INR102.61 billion in this quarter. Total deposits grew by 18.8% year-on-year and 4.5% sequentially at September 30, 2023. Term deposits increased by 31.8% year-on-year and 9.2% sequentially at September 30, 2023.
During the quarter, the average current and savings account deposits grew by 7.1% year-on-year and 1.1% sequentially. The bank's average liquidity coverage ratio for the quarter was about 122%. The domestic loan portfolio grew by 19.3% year-on-year and 4.8% sequentially at September 30, 2023. The retail loan portfolio grew by 21.4% year-on-year and 5.5% sequentially. Including non-fund-based outstanding, the retail portfolio was 46% of the total portfolio.