ICICI Bank Limited (NYSE:IBN) Q3 2024 Earnings Call Transcript January 20, 2024 9:00 AM ET
Company Participants
Sandeep Bakhshi - MD, CEO & Executive Director
Anindya Banerjee - Group CFO & Head of Investor Relations
Conference Call Participants
Mahrukh Adajania - Nuvama
Abhishek Murarka - HSBC
Rikin Shah - IIFL
Kunal Shah - Citi Group
Nitin Aggarwal - Motilal Oswal
M.B. Mahesh - Kotak Securities
Chintan Joshi - Autonomous
Param Subramanian - Nomura
Operator
Ladies and gentlemen, good day, and welcome to ICICI Bank Limited Q3 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 Q3 of financial year '24. Joining us today on this call are Sandeep Batra, Rakesh, Ajay, Anindya and Abhinek.
The Indian economy continues to remain resilient with upward revision in the GDP growth estimate for financial year '24 by RBI, reflecting the consistent actions and initiatives of the policymakers. As the liquidity and interest rate environment evolves, we would continue to monitor the developments closely.
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 to strengthen our franchise and expand our technology and digital offerings, maintaining high standards of governance, deepening coverage and enhancing delivery capabilities are our focus areas for risk-calibrated profitable growth.
The profit before tax, excluding treasury, grew by 23.4% year-on-year to INR 135.51 billion in this quarter. The core operating profit increased by 10.3% year-on-year to INR 146.01 billion in this quarter. The profit after tax grew by 23.6% year-on-year to INR 102.72 billion in this quarter.
Total deposits grew by 18.7% year-on-year and 2.9% sequentially at December 31, 2023. Term deposits increased by 31.2% year-on-year and 4.9% sequentially at December 31, 2023. During the quarter, the average current and savings account deposits grew by 5.3% year-on-year and 0.2% sequentially. The bank's average liquidity coverage ratio for the quarter was about 121%.
The domestic loan portfolio grew by 18.8% year-on-year and 3.8% sequentially at December 31, 2023. The retail loan portfolio grew by 21.4% year-on-year and 4.5% sequentially. Including non-fund-based outstanding, the retail portfolio was 46.4% of the total portfolio. The business banking portfolio grew by 31.9% year-on-year and 6.5% sequentially. The SME portfolio grew by 27.5% year-on-year and 6.7% sequentially.