ICICI Bank Limited (NYSE:IBN) Q1 2025 Earnings Call Transcript July 27, 2024 9:00 AM ET
Company Participants
Sandeep Bakhshi - Managing Director and Chief Executive Officer
Anindya Banerjee - Group Chief Financial Officer
Conference Call Participants
Mahrukh Adajania - Nuvama Institutional Equities
Nitin Aggarwal - Motilal Oswal
Manish Shukla - Axis Capital
Abhishek Murarka - HSBC
Piran Engineer - CLSA
Parameswaran Subramanian - Nomura
Kaitav Shah - Anand Rathi Financial Service
Kunal Shah - Citigroup
Operator
Ladies and gentlemen, good day, and welcome to ICICI Bank's Q1 FY2025 Earnings Conference Call. As a reminder all participants lines will be in the listen-only mode and there will be an option for you to ask questions after the presentation concludes. [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 Q1 of financial year 2025. Joining us today on this call are Sandeep Batra, Rakesh, Ajay, Anindya and Abhinek.
The Indian economy continues to remain resilient as reflected by high frequency indicators showing growth momentum such as expansion in manufacturing and services PMI, higher tax collections, real estate buoyancy and pickup in rural demand, supported by the consistent actions and initiatives of the policymakers.
At ICICI Bank, our strategic focus continues to be on growing profit before tax excluding treasury through the 360-degree customer centric approach and by serving opportunities across ecosystems and micromarkets. We continue to operate within our strategic framework to strengthen our franchise. Maintaining high standards of governance, deepening coverage and enhancing delivery capabilities are focus areas for our risk calibrated profitable growth.
The profit before tax excluding treasury grew by 11.8% year-on-year to INR 140.80 billion in this quarter. The core operating profit increased by 11% year-on-year to INR 154.12 billion in this quarter. The profit after tax grew by 14.6% year-on-year to INR 110.59 billion in this quarter.
Total deposits grew by 15.1% year-on-year and 0.9% sequentially at June 30, 2024. Term deposits increased by 19.9% year-on-year and 3.1% sequentially at June 30, 2024. During the quarter, average deposits grew by 17.8% year-on-year and 3.3% sequentially and average current and savings account deposits grew by 9.7% year-on-year and 5.1% sequentially. The Bank’s average liquidity coverage ratio for the quarter was about 123%.