UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a -16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2025
Commission File Number: 001-15002
ICICI Bank Limited
(Translation of registrant’s name into English)
ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
| Form 20-F X | Form 40-F |
Table of Contents
Items:
| 1. | Other news |
OTHER NEWS
Subject: Disclosure under Indian Listing Regulations
IBN
ICICI Bank Limited (the ‘Bank’) Report on Form 6-K
The Bank has made the below announcement to the Indian stock exchanges:
Pursuant to SEBI Circular no. SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024, read with BSE Circular No. 20250102-4 and NSE Circular No. NSE/CML/2025/02 dated January 2, 2025, we are submitting herewith the Integrated Filing (Financials) for the quarter and nine months ended December 31, 2024.
Please take the above information on record.
ICICI Bank Limited ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India. | Tel.: 022- 4008 8900 Email:companysecretary@icicibank.com Website www.icicibank.com CIN.: L65190GJ1994PLC021012 |
Regd. Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390007. India |
Item 2.
 |
| ICICI Bank Limited | ||||||||||||||||||||||
| CIN-L65190GJ1994PLC021012 | ||||||||||||||||||||||
| Registered Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390 007, Gujarat, Phone: 0265-6722239 | ||||||||||||||||||||||
| Corporate Office: ICICI Bank Towers, Bandra-Kurla Complex, Mumbai - 400 051, Maharashtra, Phone: 022-4008 8900 | ||||||||||||||||||||||
| Website: www.icicibank.com, Email: companysecretary@icicibank.com | ||||||||||||||||||||||
| STANDALONE FINANCIAL RESULTS | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Sr. no. | Particulars | Three months ended | Nine months ended | Year ended | ||||||||||||||||||
| December 31, 2024 (Q3-2025) | September 30, 2024 (Q2-2025) | December 31, 2023 (Q3-2024) | December 31, 2024 (9M-2025) | December 31, 2023 (9M-2024) | March 31, 2024 (FY2024) | |||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||
| 1. | Interest earned (a)+(b)+(c)+(d) | 41,299.82 | 40,537.38 | 36,694.58 | 120,832.98 | 104,942.58 | 142,890.94 | |||||||||||||||
| a) | Interest/discount on advances/bills | 32,048.40 | 31,426.45 | 28,557.51 | 93,583.39 | 81,520.53 | 110,943.93 | |||||||||||||||
| b) | Income on investments | 8,302.14 | 8,311.33 | 7,210.67 | 24,770.05 | 20,848.98 | 28,630.99 | |||||||||||||||
| c) | Interest on balances with Reserve Bank of India and other inter-bank funds | 489.59 | 517.11 | 454.19 | 1,449.70 | 1,361.23 | 1,791.39 | |||||||||||||||
| d) | Others | 459.69 | 282.49 | 472.21 | 1,029.84 | 1,211.84 | 1,524.63 | |||||||||||||||
| 2. | Other income1 | 7,068.05 | 7,176.66 | 6,097.06 | 21,246.63 | 17,308.99 | 22,957.77 | |||||||||||||||
| 3. | TOTAL INCOME (1)+(2) | 48,367.87 | 47,714.04 | 42,791.64 | 142,079.61 | 122,251.57 | 165,848.71 | |||||||||||||||
| 4. | Interest expended | 20,929.21 | 20,489.40 | 18,016.03 | 60,861.48 | 49,729.66 | 68,585.22 | |||||||||||||||
| 5. | Operating expenses (e)+(f) | 10,552.11 | 10,501.46 | 10,051.99 | 31,583.56 | 29,429.90 | 39,132.73 | |||||||||||||||
| e) | Employee cost | 3,929.05 | 4,136.14 | 3,812.67 | 12,435.70 | 11,421.75 | 15,141.99 | |||||||||||||||
| f) | Other operating expenses | 6,623.06 | 6,365.32 | 6,239.32 | 19,147.86 | 18,008.15 | 23,990.74 | |||||||||||||||
| 6. | TOTAL EXPENDITURE EXCLUDING PROVISIONS AND CONTINGENCIES (4)+(5) | |||||||||||||||||||||
| 31,481.32 | 30,990.86 | 28,068.02 | 92,445.04 | 79,159.56 | 107,717.95 | |||||||||||||||||
| 7. | OPERATING PROFIT BEFORE PROVISIONS AND CONTINGENCIES (3)–(6) | 16,886.55 | 16,723.18 | 14,723.62 | 49,634.57 | 43,092.01 | 58,130.76 | |||||||||||||||
| 8. | Provisions (other than tax) and contingencies | 1,226.65 | 1,233.09 | 1,049.37 | 3,791.92 | 2,924.44 | 3,642.93 | |||||||||||||||
| 9. | PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) | 15,659.90 | 15,490.09 | 13,674.25 | 45,842.65 | 40,167.57 | 54,487.83 | |||||||||||||||
| 10. | Exceptional items | .. | .. | .. | .. | .. | .. | |||||||||||||||
| 11. | PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10) | 15,659.90 | 15,490.09 | 13,674.25 | 45,842.65 | 40,167.57 | 54,487.83 | |||||||||||||||
| 12. | Tax expense (g)+(h) | 3,867.48 | 3,744.21 | 3,402.71 | 11,245.24 | 9,986.83 | 13,599.56 | |||||||||||||||
| g) | Current tax | 3,902.77 | 3,306.43 | 3,366.19 | 10,535.76 | 9,750.08 | 12,050.65 | |||||||||||||||
| h) | Deferred tax | (35.29) | 437.78 | 36.52 | 709.48 | 236.75 | 1,548.91 | |||||||||||||||
| 13. | NET PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12) | 11,792.42 | 11,745.88 | 10,271.54 | 34,597.41 | 30,180.74 | 40,888.27 | |||||||||||||||
| 14. | Extraordinary items (net of tax expense) | .. | .. | .. | .. | .. | .. | |||||||||||||||
| 15. | NET PROFIT FOR THE PERIOD (13)–(14) | 11,792.42 | 11,745.88 | 10,271.54 | 34,597.41 | 30,180.74 | 40,888.27 | |||||||||||||||
| 16. | Paid-up equity share capital (face value Rs. 2 each) | 1,412.11 | 1,409.45 | 1,403.18 | 1,412.11 | 1,403.18 | 1,404.68 | |||||||||||||||
| 17. | Reserves excluding revaluation reserves | 232,505.97 | ||||||||||||||||||||
| 18. | Analytical ratios | |||||||||||||||||||||
| i) | Percentage of shares held by Government of India | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | |||||||||||||||
| ii) | Capital adequacy ratio (Basel III) | 14.71% | 15.35% | 14.61% | 14.71% | 14.61% | 16.33% | |||||||||||||||
| iii) | Earnings per share (EPS) | |||||||||||||||||||||
| a) | Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) | 16.72 | 16.68 | 14.65 | 49.13 | 43.12 | 58.38 | |||||||||||||||
| b) | Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) | 16.45 | 16.40 | 14.40 | 48.30 | 42.34 | 57.33 | |||||||||||||||
| 19. | NPA Ratio2 | |||||||||||||||||||||
| i) | Gross non-performing customer assets (net of write-off) | 27,745.33 | 27,121.15 | 28,774.63 | 27,745.33 | 28,774.63 | 27,961.68 | |||||||||||||||
| ii) | Net non-performing customer assets | 5,897.76 | 5,685.14 | 5,378.48 | 5,897.76 | 5,378.48 | 5,377.79 | |||||||||||||||
| iii) | % of gross non-performing customer assets (net of write-off) to gross customer assets | 1.96% | 1.97% | 2.30% | 1.96% | 2.30% | 2.16% | |||||||||||||||
| iv) | % of net non-performing customer assets to net customer assets | 0.42% | 0.42% | 0.44% | 0.42% | 0.44% | 0.42% | |||||||||||||||
| 20. | Return on assets (annualised) | 2.36% | 2.40% | 2.32% | 2.38% | 2.38% | 2.37% | |||||||||||||||
| 21. | Net worth3 | 262,305.12 | 250,418.12 | 215,432.30 | 262,305.12 | 215,432.30 | 227,933.46 | |||||||||||||||
| 22. | Outstanding redeemable preference shares | .. | .. | .. | .. | .. | .. | |||||||||||||||
| 23. | Capital redemption reserve | 350.00 | 350.00 | 350.00 | 350.00 | 350.00 | 350.00 | |||||||||||||||
| 24. | Debt-equity ratio4 | 0.25 | 0.27 | 0.32 | 0.25 | 0.32 | 0.30 | |||||||||||||||
| 25. | Total debts to total assets5 | 6.34% | 6.30% | 7.11% | 6.34% | 7.11% | 6.68% | |||||||||||||||
| 1. | During FY2024, the Bank had transferred accumulated translation loss of Rs. 339.66 crore related to closure of Bank’s Offshore Banking Unit, SEEPZ Mumbai, to profit and loss account in terms of Accounting Standard 11 - The Effects of Changes in Foreign Exchange Rates. | |||||||||||||||||||||
| 2. | At December 31, 2024, the percentage of gross non-performing advances (net of write-off) to gross advances was 2.03% (September 30, 2024: 2.04%, March 31, 2024: 2.26%, December 31, 2023: 2.37%) and net non-performing advances to net advances was 0.45% (September 30, 2024: 0.45%, March 31, 2024: 0.45%, December 31, 2023: 0.47%). | |||||||||||||||||||||
| 3. | Net worth is computed as per RBI Master Circular No. RBI/2015-16/70 DBR.No.Dir.BC.12/13.03.00/2015-16 on Exposure Norms dated July 1, 2015. Net worth also includes Available for Sale (‘AFS’) Reserve. | |||||||||||||||||||||
| 4. | Debt represents borrowings with residual maturity of more than one year. | |||||||||||||||||||||
| 5. | Total debts represents total borrowings of the Bank. | |||||||||||||||||||||
 |  |
| SUMMARISED STANDALONE BALANCE SHEET | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Particulars | At | |||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||||||||||
| Capital and Liabilities | ||||||||||||||||||||||
| Capital | 1,412.11 | 1,409.45 | 1,404.68 | 1,403.18 | ||||||||||||||||||
| Employees stock options/units outstanding | 1,801.66 | 1,650.74 | 1,405.32 | 1,242.55 | ||||||||||||||||||
| Reserves and surplus | 268,429.17 | 256,479.80 | 235,589.32 | 224,190.83 | ||||||||||||||||||
| Deposits | 1,520,308.75 | 1,497,760.67 | 1,412,824.95 | 1,332,314.54 | ||||||||||||||||||
| Borrowings (includes subordinated debt) | 127,731.77 | 124,492.93 | 124,967.58 | 126,871.26 | ||||||||||||||||||
| Other liabilities and provisions | 93,659.67 | 95,064.64 | 95,322.73 | 97,199.72 | ||||||||||||||||||
| Total Capital and Liabilities | 2,013,343.13 | 1,976,858.23 | 1,871,514.58 | 1,783,222.08 | ||||||||||||||||||
| Assets | ||||||||||||||||||||||
| Cash and balances with Reserve Bank of India | 75,780.32 | 89,101.67 | 89,711.70 | 64,869.20 | ||||||||||||||||||
| Balances with banks and money at call and short notice | 67,635.18 | 47,696.98 | 50,214.31 | 34,458.91 | ||||||||||||||||||
| Investments | 471,978.34 | 479,098.46 | 461,942.27 | 436,649.75 | ||||||||||||||||||
| Advances | 1,314,366.05 | 1,277,240.43 | 1,184,406.39 | 1,153,771.02 | ||||||||||||||||||
| Fixed assets | 11,921.03 | 11,545.62 | 10,859.84 | 10,353.96 | ||||||||||||||||||
| Other assets | 71,662.21 | 72,175.07 | 74,380.07 | 83,119.24 | ||||||||||||||||||
| Total Assets | 2,013,343.13 | 1,976,858.23 | 1,871,514.58 | 1,783,222.08 | ||||||||||||||||||
Notes on standalone finanical results:
| ||||||||||||||||||||||
| 1. | The above standalone financial results have been approved by the Board of Directors at its meeting held on January 25, 2025. | |||||||||||||||||||||
| 2. | The standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting” (‘AS 25’), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (“the RBI”) from time to time and other accounting principles generally accepted in India and, in case of overseas jurisdictions, generally accepted accounting principles as applicable, and are in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Regulations”) as amended including relevant circulars issued by SEBI from time to time. | |||||||||||||||||||||
| 3. | At December 31, 2024, the Bank holds contingency provision of Rs. 13,100.00 crore (September 30, 2024, March 31, 2024 and December 31, 2023: Rs. 13,100.00 crore). | |||||||||||||||||||||
| 4. | Details of loans sold/acquired by the Bank as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below: | |||||||||||||||||||||
| a) Loans not in default | ||||||||||||||||||||||
| (i) Details of loans not in default sold/acquired under assignment during nine months ended December 31, 2024: | ||||||||||||||||||||||
| ₹ in crore | ||||||||||||||||||||||
| Particulars | Loans acquired | Loans sold | ||||||||||||||||||||
| Amount of loan | 7,419.59 | .. | ||||||||||||||||||||
| Weighted average residual maturity (in years) | 9.05 | .. | ||||||||||||||||||||
| Weighted average holding period of the originator (in years) | 1.06 | .. | ||||||||||||||||||||
| Retention of beneficial economic interest by the originator | 2,362.11 | .. | ||||||||||||||||||||
| Tangible security coverage (times) | 1.61 | .. | ||||||||||||||||||||
| 1. The Bank has acquired facilities amounting to Rs. 477.69 crore and has sold facilities amounting to Rs. 60.00 crore during nine months ended December 31, 2024 through novation. | ||||||||||||||||||||||
| 2. In addition, the Bank has not acquired any loan through risk participation from secondary market. | ||||||||||||||||||||||
| 3. The disclosure includes loans acquired through buyout and co-lending similar to direct assignment. | ||||||||||||||||||||||
| (ii) | Details of rating-wise distribution of the loans sold/acquired under assignment during nine months ended December 31, 2024: | |||||||||||||||||||||
| ₹ in crore | ||||||||||||||||||||||
| Rating | Loans acquired | Loans sold | ||||||||||||||||||||
| Ind A-, A+, AA+,AA | 546.97 | .. | ||||||||||||||||||||
| ICRA A,AA-,A+ | 172.54 | .. | ||||||||||||||||||||
| Crisil A,A+,AA | 45.25 | .. | ||||||||||||||||||||
| 1. Excluding retail and other unrated loans. | ||||||||||||||||||||||
| b) Stressed loans (NPA and Special Mention Accounts) | ||||||||||||||||||||||
| (i) | Details of stressed loans classified as NPA sold by the Bank during nine months ended December 31, 2024: | |||||||||||||||||||||
| ₹ in crore | ||||||||||||||||||||||
| Particulars | To ARCs | To permitted transferees | ||||||||||||||||||||
| Number of accounts | 24 | .. | ||||||||||||||||||||
| Aggregate principal outstanding of loans transferred2 | 188.11 | .. | ||||||||||||||||||||
| Weighted average residual tenor of the loans transferred3 | .. | .. | ||||||||||||||||||||
| Net book value of loans transferred (at the time of transfer)4 | .. | .. | ||||||||||||||||||||
| Aggregate consideration | 166.53 | .. | ||||||||||||||||||||
| Additional consideration realized in respect of accounts transferred in earlier years | .. | .. | ||||||||||||||||||||
| 1. Excess provision reversed/income booked in profit and loss account on account of sale of NPAs to ARCs was Rs. 166.53 crore and no amount was transferred to other permitted transferees. | ||||||||||||||||||||||
| 2. Net of write-off. | ||||||||||||||||||||||
| 3. For NPAs, the Bank issues loan recall notice and initiates legal proceedings for recovery, due to which the weighted average residual tenor is not applicable. | ||||||||||||||||||||||
| 4. Net of write-off and provisions. | ||||||||||||||||||||||
| (ii) | The Bank has not sold/acquired loans classified as Special Mention Account during nine months ended December 31, 2024. | |||||||||||||||||||||
| (iii) | The Bank has not acquired non-performing loans during nine months ended December 31, 2024. | |||||||||||||||||||||
| (iv) | Details of rating-wise distribution of SRs held by the Bank at December 31, 2024: | |||||||||||||||||||||
| Rs. in crore | ||||||||||||||||||||||
| Rating | NAV estimate % | Carrying value | ||||||||||||||||||||
| RR1 | Above 100% | 269.95 | ||||||||||||||||||||
| RR2 | Above 75% upto 100% | .. | ||||||||||||||||||||
| RR3 | Above 50% upto 75% | 234.18 | ||||||||||||||||||||
| RR4 | Above 25% upto 50% | .. | ||||||||||||||||||||
| RR5 | Upto 25% | 653.38 | ||||||||||||||||||||
| Total | 1,157.51 | |||||||||||||||||||||
| 1. The Bank holds marked-to-market loss of Rs. 336.62 crore and additional provision of Rs. 820.89 crore. | ||||||||||||||||||||||
| 5. | There are no changes in the significant accounting policies applied during 9M-2025 as compared to those applied in FY2024 except for classification and measurement of investments by the Bank. With effect from April 1, 2024, the Bank has implemented Master Direction issued by the RBI on Classification, Valuation and Operation of investment Portfolio of Commercial Banks (Directions), 2023 (‘RBI Directions’) which has introduced significant changes in the basis of classification and accounting of investments and recognition of fair valuation of gains and losses. Accordingly, in standalone financial results, the Bank has accounted net transition gain of ₹ 2,058.31 crore (net of tax) and ₹ 1,156.10 crore (net of tax) in Available for Sale (‘AFS’) Reserve and General Reserve respectively in accordance with the RBI Directions. Subsequent changes in fair value of performing investments under AFS and Fair Value Through Proft and Loss (‘FVTPL’) (including Held For Trading (‘HFT’)) categories at December 31, 2024 have been recognised through AFS Reserve and Profit and Loss account respectively. Accordingly, the amounts for previous periods are not comparable. | |||||||||||||||||||||
| 6. | During Q3-2025, the Bank has allotted 13,288,873 equity shares of Rs. 2 each pursuant to exercise of employee stock options/units. | |||||||||||||||||||||
| 7. | Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification. | |||||||||||||||||||||
| 8. | The joint statutory auditors, B S R & Co. LLP, Chartered Accountants and C N K & Associates LLP, Chartered Accountants, have conducted limited review and issued an unmodified report on the standalone financial results for Q2-2025, Q3-2025 and 9M-2025. The standalone financial results for Q3-2024, 9M-2024 and FY2024 were reviewed/audited by the joint statutory auditors, M S K A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants, on which they had issued unmodified conclusion/opinion. | |||||||||||||||||||||
| 9. | Rs. 1.00 crore = ₹ 10.0 million. | |||||||||||||||||||||
| STANDALONE SEGMENTAL RESULTS | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Sr. no. | Particulars | Three months ended | Nine months ended | Year ended | ||||||||||||||||||
| December 31, 2024 (Q3-2025) | September 30, 2024 (Q2-2025) | December 31, 2023 (Q3-2024) | December 31, 2024 (9M-2025) | December 31, 2023 (9M-2024) | March 31, 2024 (FY2024) | |||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||
| 1. | Segment revenue | |||||||||||||||||||||
| a | Retail Banking | 39,437.70 | 38,750.86 | 34,000.52 | 115,567.02 | 98,137.75 | 134,547.57 | |||||||||||||||
| b | Wholesale Banking | 21,119.32 | 20,388.83 | 19,454.81 | 60,900.30 | 52,907.71 | 71,780.22 | |||||||||||||||
| c | Treasury | 34,047.54 | 33,579.54 | 29,473.80 | 100,274.44 | 83,637.99 | 113,959.22 | |||||||||||||||
| d | Other Banking | 1,395.25 | 1,254.38 | 949.56 | 3,339.89 | 2,521.71 | 3,297.30 | |||||||||||||||
| Total segment revenue | 95,999.81 | 93,973.61 | 83,878.69 | 280,081.65 | 237,205.16 | 323,584.31 | ||||||||||||||||
| Less: Inter segment revenue | 47,631.94 | 46,259.57 | 41,087.05 | 138,002.04 | 114,953.59 | 157,735.60 | ||||||||||||||||
| Income from operations | 48,367.87 | 47,714.04 | 42,791.64 | 142,079.61 | 122,251.57 | 165,848.71 | ||||||||||||||||
| 2. | Segmental results (i.e. Profit before tax) | |||||||||||||||||||||
| a | Retail Banking | 5,332.36 | 5,556.19 | 4,288.46 | 15,127.62 | 13,363.06 | 18,849.17 | |||||||||||||||
| b | Wholesale Banking | 5,903.24 | 5,197.53 | 5,746.05 | 16,012.84 | 14,495.75 | 19,971.71 | |||||||||||||||
| c | Treasury | 4,218.14 | 4,603.39 | 3,327.70 | 14,295.11 | 11,656.75 | 14,898.40 | |||||||||||||||
| d | Other Banking | 206.16 | 132.98 | 312.04 | 407.08 | 652.01 | 768.55 | |||||||||||||||
| Total segment results | 15,659.90 | 15,490.09 | 13,674.25 | 45,842.65 | 40,167.57 | 54,487.83 | ||||||||||||||||
| 3. | Segment assets | |||||||||||||||||||||
| a | Retail Banking | 776,300.69 | 778,247.73 | 690,053.22 | 776,300.69 | 690,053.22 | 719,313.62 | |||||||||||||||
| b | Wholesale Banking | 539,703.97 | 502,717.35 | 476,924.80 | 539,703.97 | 476,924.80 | 482,456.10 | |||||||||||||||
| c | Treasury | 642,457.98 | 644,803.85 | 575,869.22 | 642,457.98 | 575,869.22 | 628,256.14 | |||||||||||||||
| d | Other Banking | 49,906.72 | 46,368.30 | 33,024.20 | 49,906.72 | 33,024.20 | 34,891.44 | |||||||||||||||
| e | Unallocated | 4,973.77 | 4,721.00 | 7,350.64 | 4,973.77 | 7,350.64 | 6,597.28 | |||||||||||||||
| Total segment assets | 2,013,343.13 | 1,976,858.23 | 1,783,222.08 | 2,013,343.13 | 1,783,222.08 | 1,871,514.58 | ||||||||||||||||
| 4. | Segment liabilities | |||||||||||||||||||||
| a | Retail Banking | 1,075,549.50 | 1,063,337.34 | 977,391.31 | 1,075,549.50 | 977,391.31 | 1,019,845.49 | |||||||||||||||
| b | Wholesale Banking | 503,046.84 | 494,981.27 | 419,641.39 | 503,046.84 | 419,641.39 | 456,571.53 | |||||||||||||||
| c | Treasury | 142,951.22 | 138,508.93 | 140,077.86 | 142,951.22 | 140,077.86 | 137,386.24 | |||||||||||||||
| d | Other Banking | 7,052.63 | 7,390.70 | 6,174.96 | 7,052.63 | 6,174.96 | 6,212.00 | |||||||||||||||
| e | Unallocated | 13,100.00 | 13,100.00 | 13,100.00 | 13,100.00 | 13,100.00 | 13,100.00 | |||||||||||||||
| Total segment liabilities | 1,741,700.19 | 1,717,318.24 | 1,556,385.52 | 1,741,700.19 | 1,556,385.52 | 1,633,115.26 | ||||||||||||||||
| 5. | Capital employed | 271,642.94 | 259,539.99 | 226,836.56 | 271,642.94 | 226,836.56 | 238,399.32 | |||||||||||||||
| 6. | Total (4)+(5) | 2,013,343.13 | 1,976,858.23 | 1,783,222.08 | 2,013,343.13 | 1,783,222.08 | 1,871,514.58 | |||||||||||||||
Notes on standalone segmental results:
| ||||||||||||||||||||||
| 1. | The disclosure on segmental reporting has been prepared in accordance with Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats for Financial Results and Implementation of Ind AS by Listed Entities. | |||||||||||||||||||||
| 2. | "Retail Banking" includes exposures of the Bank which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures as per RBI guidelines. This segment also includes income from credit cards, debit cards, third party product distribution and the associated costs. | |||||||||||||||||||||
| RBI’s Master Direction on Financial Statements – Presentation and Disclosures, requires to sub-divide ‘Retail banking’ into (a) Digital Banking (as defined in RBI circular on Establishment of Digital Banking Units dated April 7, 2022) and (b) Other Retail Banking segment. Accordingly, the segmental results for retail banking segment is subdivided as below: | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Sr. no. | Particulars | Segment revenue | Segment results | Segment assets | Segment liabilities | |||||||||||||||||
| Q3-2025 | ||||||||||||||||||||||
| Retail Banking | 39,437.70 | 5,332.36 | 776,300.69 | 1,075,549.50 | ||||||||||||||||||
| (i) | Digital Banking | 10,193.87 | 1,209.75 | 137,597.09 | 203,487.78 | |||||||||||||||||
| (ii) | Other Retail Banking | 29,243.83 | 4,122.61 | 638,703.60 | 872,061.72 | |||||||||||||||||
| Q2-2025 | ||||||||||||||||||||||
| Retail Banking | 38,750.86 | 5,556.19 | 778,247.73 | 1,063,337.34 | ||||||||||||||||||
| (i) | Digital Banking | 10,051.48 | 1,492.86 | 140,009.42 | 201,963.08 | |||||||||||||||||
| (ii) | Other Retail Banking | 28,699.38 | 4,063.33 | 638,238.31 | 861,374.26 | |||||||||||||||||
| Q3-2024 | ||||||||||||||||||||||
| Retail Banking | 34,000.52 | 4,288.46 | 690,053.22 | 977,391.31 | ||||||||||||||||||
| (i) | Digital Banking | 8,308.75 | 1,031.74 | 111,841.19 | 174,210.51 | |||||||||||||||||
| (ii) | Other Retail Banking | 25,691.77 | 3,256.72 | 578,212.03 | 803,180.80 | |||||||||||||||||
| 3. | "Wholesale Banking" includes all advances to trusts, partnership firms, companies and statutory bodies, by the Bank which are not included under Retail Banking. | |||||||||||||||||||||
| 4. | "Treasury" primarily includes the entire investment and derivative portfolio of the Bank. | |||||||||||||||||||||
| 5. | "Other Banking" includes leasing operations and other items not attributable to any particular business segment of the Bank. | |||||||||||||||||||||
| 6. | "Unallocated" includes items such as tax paid in advance net of provision, deferred tax and provisions to the extent reckoned at the entity level. | |||||||||||||||||||||
| For and on behalf of the Board of Directors | ||||||||||||||||||||||
| /s/ Sandeep Batra | ||||||||||||||||||||||
| Sandeep Batra | ||||||||||||||||||||||
| Mumbai | Executive Director | |||||||||||||||||||||
| January 25, 2025 | DIN-03620913 | |||||||||||||||||||||
| |
| ICICI Bank Limited | ||||||||||||||||||||||
| CIN-L65190GJ1994PLC021012 | ||||||||||||||||||||||
| Registered Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390 007, Gujarat, Phone: 0265-6722239 | ||||||||||||||||||||||
| Corporate Office: ICICI Bank Towers, Bandra-Kurla Complex, Mumbai - 400 051, Maharashtra, Phone: 022-4008 8900 | ||||||||||||||||||||||
| Website: www.icicibank.com, Email: companysecretary@icicibank.com | ||||||||||||||||||||||
| CONSOLIDATED FINANCIAL RESULTS | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Sr. no. | Particulars | Three months ended | Nine months ended | Year ended | ||||||||||||||||||
| December 31, 2024 (Q3-2025) | September 30, 2024 (Q2-2025) | December 31, 2023 (Q3-2024) | December 31, 2024 (9M-2025) | December 31, 2023 (9M-2024) | March 31, 2024 (FY2024) | |||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||
| 1. | Interest earned (a)+(b)+(c)+(d) | 47,037.12 | 46,325.78 | 40,865.23 | 137,944.55 | 116,909.20 | 159,515.92 | |||||||||||||||
| a) | Interest/discount on advances/bills | 33,799.92 | 33,140.75 | 30,030.69 | 98,696.26 | 85,619.44 | 116,589.78 | |||||||||||||||
| b) | Income on investments | 11,778.83 | 11,929.93 | 9,523.04 | 35,374.45 | 27,634.05 | 38,107.07 | |||||||||||||||
| c) | Interest on balances with Reserve Bank of India and other inter-bank funds | 822.27 | 836.46 | 680.86 | 2,376.47 | 1,962.63 | 2,649.88 | |||||||||||||||
| d) | Others | 636.10 | 418.64 | 630.64 | 1,497.37 | 1,693.08 | 2,169.19 | |||||||||||||||
| 2. | Other income (e)+(f) | 27,589.44 | 26,616.77 | 18,614.53 | 76,894.62 | 51,946.82 | 76,521.80 | |||||||||||||||
| e) | Premium and other operating income from insurance business | 18,181.62 | 16,779.41 | 10,587.45 | 48,528.09 | 28,963.65 | 45,852.81 | |||||||||||||||
| f) | Others | 9,407.82 | 9,837.36 | 8,027.08 | 28,366.53 | 22,983.17 | 30,668.99 | |||||||||||||||
| 3. | TOTAL INCOME (1)+(2) | 74,626.56 | 72,942.55 | 59,479.76 | 214,839.17 | 168,856.02 | 236,037.72 | |||||||||||||||
| 4. | Interest expended | 22,633.41 | 22,225.30 | 19,408.76 | 65,980.33 | 53,684.43 | 74,108.16 | |||||||||||||||
| 5. | Operating expenses (g)+(h)+(i) | 32,242.27 | 30,838.91 | 23,908.69 | 91,152.34 | 67,876.37 | 97,782.79 | |||||||||||||||
| g) | Employee cost | 5,673.89 | 5,993.19 | 4,749.19 | 17,832.93 | 14,222.75 | 19,171.98 | |||||||||||||||
| h) | Claims and benefits paid and other expenses pertaining to insurance business | 18,884.48 | 17,341.60 | 11,931.49 | 50,872.75 | 32,326.33 | 50,260.12 | |||||||||||||||
| i) | Other operating expenses | 7,683.90 | 7,504.12 | 7,228.01 | 22,446.66 | 21,327.29 | 28,350.69 | |||||||||||||||
| 6. | TOTAL EXPENDITURE EXCLUDING PROVISIONS AND CONTINGENCIES (4)+(5) | 54,875.68 | 53,064.21 | 43,317.45 | 157,132.67 | 121,560.80 | 171,890.95 | |||||||||||||||
| 7. | OPERATING PROFIT BEFORE PROVISIONS AND CONTINGENCIES (3)–(6) | 19,750.88 | 19,878.34 | 16,162.31 | 57,706.50 | 47,295.22 | 64,146.77 | |||||||||||||||
| 8. | Provisions (other than tax) and contingencies | 1,267.86 | 1,381.88 | 1,020.45 | 3,965.63 | 3,014.50 | 3,712.41 | |||||||||||||||
| 9. | PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) | 18,483.02 | 18,496.46 | 15,141.86 | 53,740.87 | 44,280.72 | 60,434.36 | |||||||||||||||
| 10. | Exceptional items | .. | .. | .. | .. | .. | .. | |||||||||||||||
| 11. | Add: Share of profit in associates | 18.28 | 45.19 | 259.96 | 120.34 | 846.45 | 1,073.77 | |||||||||||||||
| 12. | PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX AND MINORITY INTEREST (9)–(10)+(11) | 18,501.30 | 18,541.65 | 15,401.82 | 53,861.21 | 45,127.17 | 61,508.13 | |||||||||||||||
| 13. | Tax expense (j)+(k) | 4,654.41 | 4,635.66 | 3,886.67 | 13,645.52 | 11,246.71 | 15,427.62 | |||||||||||||||
| j) | Current tax | 4,797.23 | 4,214.41 | 3,810.46 | 13,106.38 | 10,956.53 | 13,693.30 | |||||||||||||||
| k) | Deferred tax | (142.82) | 421.25 | 76.21 | 539.14 | 290.18 | 1,734.32 | |||||||||||||||
| 14. | Less: Share of profit/(loss) of minority shareholders | 963.52 | 958.22 | 462.55 | 2,688.71 | 1,295.61 | 1,824.14 | |||||||||||||||
| 15. | NET PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (12)–(13)–(14) | 12,883.37 | 12,947.77 | 11,052.60 | 37,526.98 | 32,584.85 | 44,256.37 | |||||||||||||||
| 16. | Extraordinary items (net of tax expense) | .. | .. | .. | .. | .. | .. | |||||||||||||||
| 17. | NET PROFIT FOR THE PERIOD (15)-(16) | 12,883.37 | 12,947.77 | 11,052.60 | 37,526.98 | 32,584.85 | 44,256.37 | |||||||||||||||
| 18. | Paid-up equity share capital (face value Rs. 2/- each) | 1,412.11 | 1,409.45 | 1,403.18 | 1,412.11 | 1,403.18 | 1,404.68 | |||||||||||||||
| 19. | Reserves excluding revaluation reserves | 250,222.56 | ||||||||||||||||||||
| 20. | Earnings per share (EPS) | - | ||||||||||||||||||||
| Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) | 18.26 | 18.39 | 15.77 | 53.29 | 46.55 | 63.19 | ||||||||||||||||
| Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) | 17.95 | 18.05 | 15.47 | 52.31 | 45.65 | 61.96 | ||||||||||||||||
| SUMMARISED CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Particulars | At | |||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||||||||||
| Capital and Liabilities | ||||||||||||||||||||||
| Capital | 1,412.11 | 1,409.45 | 1,404.68 | 1,403.18 | ||||||||||||||||||
| Employees stock options/units outstanding | 1,801.66 | 1,650.74 | 1,405.32 | 1,242.55 | ||||||||||||||||||
| Reserves and surplus | 289,472.72 | 277,026.44 | 253,333.84 | 241,184.80 | ||||||||||||||||||
| Minority interest | 15,642.90 | 15,586.37 | 13,888.42 | 7,431.64 | ||||||||||||||||||
| Deposits | 1,551,165.62 | 1,529,513.61 | 1,443,579.95 | 1,366,842.09 | ||||||||||||||||||
| Borrowings (includes subordinated debt) | 217,007.20 | 219,760.55 | 207,428.00 | 200,966.94 | ||||||||||||||||||
| Policyholders' funds | 294,558.26 | 306,679.41 | 281,318.33 | 273,564.40 | ||||||||||||||||||
| Other liabilities and provisions | 160,427.09 | 164,884.99 | 161,704.49 | 115,382.83 | ||||||||||||||||||
| Total Capital and Liabilities | 2,531,487.56 | 2,516,511.56 | 2,364,063.03 | 2,208,018.43 | ||||||||||||||||||
| Assets | ||||||||||||||||||||||
| Cash and balances with Reserve Bank of India | 75,931.64 | 89,198.99 | 89,943.02 | 64,935.13 | ||||||||||||||||||
| Balances with banks and money at call and short notice | 96,580.68 | 75,185.64 | 72,825.88 | 56,514.16 | ||||||||||||||||||
| Investments | 849,417.41 | 874,760.49 | 827,162.51 | 754,864.94 | ||||||||||||||||||
| Advances | 1,397,265.27 | 1,360,046.48 | 1,260,776.20 | 1,229,198.02 | ||||||||||||||||||
| Fixed assets | 14,692.82 | 14,254.27 | 13,240.28 | 11,913.77 | ||||||||||||||||||
| Other assets | 94,689.56 | 100,155.51 | 97,640.98 | 90,491.08 | ||||||||||||||||||
| Goodwill on consolidation | 2,910.18 | 2,910.18 | 2,474.16 | 101.33 | ||||||||||||||||||
| Total Assets | 2,531,487.56 | 2,516,511.56 | 2,364,063.03 | 2,208,018.43 | ||||||||||||||||||
Notes on consolidated financial results: | ||||||||||||||||||||||
| 1. | The above consolidated financial results have been approved by the Board of Directors at its meeting held on January 25, 2025. | |||||||||||||||||||||
| 2. | The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting” (‘AS 25’), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (“the RBI”) from time to time, the Insurance Regulatory and Development Authority of India (‘the IRDAI’) (Preparation of Financial Statements and Auditors Report of Insurance companies) Regulations, 2002 (‘IRDAI Guidelines’) applicable for insurance entities and other accounting principles generally accepted in India and, in case of overseas jurisdictions, generally accepted accounting principles as applicable, and are in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Regulations”) as amended including relevant circulars issued by SEBI from time to time. | |||||||||||||||||||||
| 3. | There are no changes in the significant accounting policies applied during 9M-2025 as compared to those applied in FY2024 except for classification and measurement of investments. With effect from April 1, 2024, the Bank has implemented Master Direction issued by the RBI on Classification, Valuation and Operation of investment Portfolio of Commercial Banks (Directions), 2023 (‘RBI Directions’) which has introduced significant changes in the basis of classification and accounting of investments and recognition of fair valuation of gains and losses. For the purpose of consolidation, the domestic group entities (except insurance subsidiaries), have aligned with the Bank’s accounting policies including the aforesaid RBI Directions. Accordingly, the Group has accounted net transition gain of Rs. 2,058.31 crore (net of tax and minority interest) and ₹ 1,408.29 crore (net of tax and minority interest) in AFS Reserve and General Reserve respectively in accordance with the RBI Directions. Subsequent changes in fair value of performing investments under AFS and Fair Value Through Proft and Loss (‘FVTPL’) (including Held For Trading (‘HFT’)) categories at December 31, 2024 have been recognised through AFS Reserve and Profit and Loss account respectively. Accordingly, the amounts for previous periods are not comparable. | |||||||||||||||||||||
| 4. | During Q3-2025, the Bank has allotted 13,288,873 equity shares of ₹ 2 each pursuant to exercise of employee stock options/units. | |||||||||||||||||||||
| 5. | At December 31, 2024, the Bank has 18 subsidiaries (including three step-down subsidiaries) and six associates. | |||||||||||||||||||||
| 6. | ICICI Lombard General Insurance Company Limited ceased to be an associate and became a subsidiary of the Bank effective from February 29, 2024. I-Process Services (India) Private Limited ceased to be an associate and became a subsidiary of the Bank effective from March 20, 2024. Subsequently, I-Process Services (India) Private Limited became a wholly-owned subsidiary of the Bank effective from March 22, 2024. Accordingly, the consolidated financial results for Q2-2025, Q3-2025 and 9M-2025, are not comparable with the previous periods/year. | |||||||||||||||||||||
| 7. | In accordance with RBI guidelines, consolidated Pillar 3 disclosure (unaudited), leverage ratio, liquidity coverage ratio, net stable funding ratio is available at https://www.icicibank.com/regulatory-disclosure.page. | |||||||||||||||||||||
| 8. | Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification. | |||||||||||||||||||||
| 9. | The joint statutory auditors, B S R & Co. LLP, Chartered Accountants and C N K & Associates LLP, Chartered Accountants, have conducted limited review and issued an unmodified report on the consolidated financial results for Q2-2025, Q3-2025 and 9M-2025. The consolidated financial results for Q3-2024, 9M-2024 and FY2024 were reviewed/audited by the joint statutory auditors, M S K A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants, on which they had issued unmodified conclusion/opinion. | |||||||||||||||||||||
| 10. | Rs. 1.00 crore = ₹ 10.0 million. | |||||||||||||||||||||
| CONSOLIDATED SEGMENTAL RESULTS | ||||||||||||||||||||||
| (₹ in crore) | ||||||||||||||||||||||
| Sr. no. | Particulars | Three months ended | Nine months ended | Year ended | ||||||||||||||||||
| December 31, 2024 (Q3-2025) | September 30, 2024 (Q2-2025) | December 31, 2023 (Q3-2024) | December 31, 2024 (9M-2025) | December 31, 2023 (9M-2024) | March 31, 2024 (FY2024) | |||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||
| 1. | Segment revenue | |||||||||||||||||||||
| a | Retail Banking | 39,437.70 | 38,750.86 | 34,000.52 | 115,567.02 | 98,137.75 | 134,547.57 | |||||||||||||||
| b | Wholesale Banking | 21,119.32 | 20,388.83 | 19,454.81 | 60,900.30 | 52,907.71 | 71,780.22 | |||||||||||||||
| c | Treasury | 34,051.79 | 33,563.89 | 29,356.10 | 100,267.22 | 83,380.45 | 113,701.83 | |||||||||||||||
| d | Other Banking | 2,171.80 | 2,075.55 | 1,747.71 | 5,744.77 | 4,811.91 | 6,403.40 | |||||||||||||||
| e | Life Insurance | 15,550.99 | 13,888.43 | 13,150.14 | 40,775.10 | 36,500.97 | 54,236.13 | |||||||||||||||
| f | General Insurance | 6,462.35 | 6,546.95 | .. | 19,184.87 | .. | 1,895.81 | |||||||||||||||
| g | Others | 4,559.87 | 5,184.30 | 3,607.65 | 14,180.56 | 10,024.60 | 14,036.87 | |||||||||||||||
| Total segment revenue | 123,353.82 | 120,398.81 | 101,316.93 | 356,619.84 | 285,763.39 | 396,601.83 | ||||||||||||||||
| Less: Inter segment revenue | 48,727.26 | 47,456.26 | 41,837.17 | 141,780.67 | 116,907.37 | 160,564.11 | ||||||||||||||||
| Income from operations | 74,626.56 | 72,942.55 | 59,479.76 | 214,839.17 | 168,856.02 | 236,037.72 | ||||||||||||||||
| 2. | Segmental results (i.e. Profit before tax and minority interest) | |||||||||||||||||||||
| a | Retail Banking | 5,332.36 | 5,556.19 | 4,288.46 | 15,127.62 | 13,363.06 | 18,849.17 | |||||||||||||||
| b | Wholesale Banking | 5,903.24 | 5,197.53 | 5,746.05 | 16,012.84 | 14,495.75 | 19,971.71 | |||||||||||||||
| c | Treasury | 4,222.35 | 4,587.70 | 3,209.97 | 14,287.78 | 11,399.12 | 14,640.88 | |||||||||||||||
| d | Other Banking | 421.68 | 306.75 | 521.95 | 1,042.56 | 1,277.26 | 1,638.40 | |||||||||||||||
| e | Life Insurance | 375.72 | 286.36 | 232.10 | 922.31 | 688.89 | 923.23 | |||||||||||||||
| f | General Insurance | 960.09 | 919.03 | .. | 2,653.11 | .. | 220.47 | |||||||||||||||
| g | Others | 1,791.61 | 2,164.03 | 1,674.77 | 5,638.75 | 4,386.80 | 6,009.70 | |||||||||||||||
| Total segment results | 19,007.05 | 19,017.59 | 15,673.30 | 55,684.97 | 45,610.88 | 62,253.56 | ||||||||||||||||
| Less: Inter segment adjustment | 524.03 | 521.13 | 531.44 | 1,944.10 | 1,330.16 | 1,819.20 | ||||||||||||||||
| Add: Share of profit in associates | 18.28 | 45.19 | 259.96 | 120.34 | 846.45 | 1,073.77 | ||||||||||||||||
| Profit before tax and minority interest | 18,501.30 | 18,541.65 | 15,401.82 | 53,861.21 | 45,127.17 | 61,508.13 | ||||||||||||||||
| 3. | Segment assets | |||||||||||||||||||||
| a | Retail Banking | 776,300.69 | 778,247.73 | 690,053.22 | 776,300.69 | 690,053.22 | 719,313.62 | |||||||||||||||
| b | Wholesale Banking | 539,703.97 | 502,717.35 | 476,924.80 | 539,703.97 | 476,924.80 | 482,456.10 | |||||||||||||||
| c | Treasury | 643,464.46 | 645,790.96 | 581,439.71 | 643,464.46 | 581,439.71 | 634,054.80 | |||||||||||||||
| d | Other Banking | 101,630.96 | 99,697.42 | 90,976.81 | 101,630.96 | 90,976.81 | 89,305.62 | |||||||||||||||
| e | Life Insurance | 313,562.01 | 326,637.20 | 290,291.18 | 313,562.01 | 290,291.18 | 298,795.29 | |||||||||||||||
| f | General Insurance | 67,543.65 | 67,534.00 | .. | 67,543.65 | .. | 62,831.70 | |||||||||||||||
| g | Others | 96,324.74 | 103,293.30 | 81,565.42 | 96,324.74 | 81,565.42 | 87,996.61 | |||||||||||||||
| h | Unallocated | 5,850.67 | 5,373.78 | 7,891.62 | 5,850.67 | 7,891.62 | 7,571.17 | |||||||||||||||
| Total | 2,544,381.15 | 2,529,291.74 | 2,219,142.76 | 2,544,381.15 | 2,219,142.76 | 2,382,324.91 | ||||||||||||||||
| Less: Inter segment adjustment | 12,893.59 | 12,780.18 | 11,124.33 | 12,893.59 | 11,124.33 | 18,261.88 | ||||||||||||||||
| Total segment assets | 2,531,487.56 | 2,516,511.56 | 2,208,018.43 | 2,531,487.56 | 2,208,018.43 | 2,364,063.03 | ||||||||||||||||
| 4. | Segment liabilities | |||||||||||||||||||||
| a | Retail Banking | 1,075,549.50 | 1,063,337.34 | 977,391.31 | 1,075,549.50 | 977,391.31 | 1,019,845.49 | |||||||||||||||
| b | Wholesale Banking | 503,046.84 | 494,981.27 | 419,641.39 | 503,046.84 | 419,641.39 | 456,571.53 | |||||||||||||||
| c | Treasury | 169,403.66 | 164,916.99 | 155,996.16 | 169,403.66 | 155,996.16 | 166,411.24 | |||||||||||||||
| d | Other Banking | 52,902.37 | 54,914.98 | 58,540.17 | 52,902.37 | 58,540.17 | 55,134.33 | |||||||||||||||
| e | Life Insurance | 302,174.49 | 315,258.92 | 279,465.00 | 302,174.49 | 279,465.00 | 287,991.47 | |||||||||||||||
| f | General Insurance | 53,531.30 | 53,159.31 | .. | 53,531.30 | .. | 50,358.96 | |||||||||||||||
| g | Others | 81,986.50 | 89,536.30 | 71,178.20 | 81,986.50 | 71,178.20 | 76,768.05 | |||||||||||||||
| h | Unallocated | 13,100.00 | 13,100.00 | 13,100.00 | 13,100.00 | 13,100.00 | 13,100.00 | |||||||||||||||
| Total | 2,251,694.66 | 2,249,205.11 | 1,975,312.23 | 2,251,694.66 | 1,975,312.23 | 2,126,181.07 | ||||||||||||||||
| Less: Inter segment adjustment | 12,893.59 | 12,780.18 | 11,124.33 | 12,893.59 | 11,124.33 | 18,261.88 | ||||||||||||||||
| Total segment liabilities | 2,238,801.07 | 2,236,424.93 | 1,964,187.90 | 2,238,801.07 | 1,964,187.90 | 2,107,919.19 | ||||||||||||||||
| 5. | Capital employed | 292,686.49 | 280,086.63 | 243,830.53 | 292,686.49 | 243,830.53 | 256,143.84 | |||||||||||||||
| 6. | Total (4)+(5) | 2,531,487.56 | 2,516,511.56 | 2,208,018.43 | 2,531,487.56 | 2,208,018.43 | 2,364,063.03 | |||||||||||||||
| Notes on consolidated segmental results: | ||||||||||||||||||||||
| 1. | The disclosure on segmental reporting has been prepared in accordance with Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats for Financial Results and Implementation of Ind AS by Listed Entities. | |||||||||||||||||||||
| 2. | 'Retail Banking' includes exposures of the Bank which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures as per RBI guidelines. This segment also includes income from credit cards, debit cards, third party product distribution and the associated costs. | |||||||||||||||||||||
| 3. | 'Wholesale Banking' includes all advances to trusts, partnership firms, companies and statutory bodies, by the Bank which are not included under Retail Banking. | |||||||||||||||||||||
| 4. | 'Treasury' primarily includes the entire investment and derivative portfolio of the Bank. | |||||||||||||||||||||
| 5. | 'Other Banking' includes leasing operations and other items not attributable to any particular business segment of the Bank. Further, it includes the Bank’s banking subsidiaries i.e. ICICI Bank UK PLC and ICICI Bank Canada. | |||||||||||||||||||||
| 6. | 'Life Insurance' represents ICICI Prudential Life Insurance Company Limited. | |||||||||||||||||||||
| 7. | 'General Insurance' represents ICICI Lombard General Insurance Company Limited. | |||||||||||||||||||||
| 8. | 'Others' comprises the consolidated entities of the Bank, not covered in any of the segments above. | |||||||||||||||||||||
| 9. | 'Unallocated' includes items such as tax paid in advance net of provision, deferred tax and provisions to the extent reckoned at the entity level. | |||||||||||||||||||||
| 10. | ICICI Lombard General Insurance Company Limited ceased to be an associate and became a subsidiary of the Bank effective from February 29, 2024. I-Process Services (India) Private Limited ceased to be an associate and became a subsidiary of the Bank effective from March 20, 2024. Subsequently, I-Process Services (India) Private Limited became a wholly-owned subsidiary of the Bank effective from March 22, 2024. Accordingly, the consolidated segmental results for Q2-2025, Q3-2025 and 9M-2025, are not comparable with the previous periods/year. | |||||||||||||||||||||
| For and on behalf of the Board of Directors | ||||||||||||||||||||||
| /s/ Sandeep Batra | ||||||||||||||||||||||
| Sandeep Batra | ||||||||||||||||||||||
| Mumbai | Executive Director | |||||||||||||||||||||
| January 25, 2025 | DIN-03620913 | |||||||||||||||||||||
Item 3.
| B S R & Co. LLP | C N K & Associates LLP |
| Chartered Accountants | Chartered Accountants |
| 14th Floor, Central B Wing and North C Wing | 3rd Floor, Mistry Bhavan, |
| Nesco IT Park 4, Nesco Center | Dinshaw Vachha Road, |
| Western Express Highway, Goregaon (East) | Churchgate |
| Mumbai – 400 063, India | Mumbai- 400 020, India |
Independent Auditors’ limited review report on unaudited standalone financial results for the quarter ended 31 December 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 of the ICICI Bank Limited pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board of Directors of
ICICI Bank Limited
| 1. | We have reviewed the accompanying Statement of unaudited standalone financial results of ICICI Bank Limited (hereinafter referred to as ‘the Bank’) for the quarter ended 31 December 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 (‘the Statement’), being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (‘the SEBI’) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘the Listing Regulations’). |
| 2. | This Statement, which is the responsibility of the Bank’s management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting” (‘AS 25’), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, in so far as they apply to banks, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the RBI from time to time (‘the RBI Guidelines’) and other accounting principles generally accepted in India, and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review. |
| 3. | We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
 |  |
Page 1 of 2
| 4. | Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid accounting standard and other accounting principles generally accepted in India and the RBI guidelines, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, asset classification, provisioning and other related matters. |
| 5. | The standalone financial results of the Bank for the year ended 31 March 2024 were audited jointly by the predecessor auditors whose report dated 27 April 2024 had expressed an unmodified opinion. The standalone financial results of the Bank for corresponding quarter ended 31 December 2023 and corresponding period from 1 April 2023 to 31 December 2023 were reviewed jointly by the predecessor auditors whose report dated 20 January 2024 had expressed an unmodified conclusion. |
Our review report is not modified in respect of the above matters.
For B S R & Co. LLP Chartered Accountants Firm Registration no.: 101248W/W-100022 | For C N K & Associates LLP Chartered Accountants Firm Registration no.: 101961W/W100036 | |
/s/ Ashwin Suvarna Ashwin Suvarna Partner Membership No.: 109503 | /s/ Manish Sampat Manish Sampat Partner Membership No.: 101684 |  |
UDIN: 25109503BMOQAF3445 | UDIN: 25101684BMMLKR7991 | |
| Place: Mumbai | Place: Mumbai | |
| Date: 25 January 2025 | Date: 25 January 2025 |
Page 2 of 2
Item 4.
| B S R & Co. LLP | C N K & Associates LLP |
| Chartered Accountants | Chartered Accountants |
| 14th Floor, Central B Wing and North C Wing | 3rd Floor, Mistry Bhavan, |
| Nesco IT Park 4, Nesco Center | Dinshaw Vachha Road, |
| Western Express Highway, Goregaon (East) | Churchgate |
| Mumbai – 400 063, India | Mumbai- 400 020, India |
Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date results for quarter ended 31 December 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 of ICICI Bank Limited pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board of Directors of
ICICI Bank Limited
| 1. | We have reviewed the accompanying Statement of unaudited consolidated financial results of ICICI Bank Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit after tax of its associates for the quarter ended 31 December 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 (“the Statement”), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”), except for the disclosures prescribed by the Reserve Bank of India (the 'RBI') relating to consolidated Pillar 3 disclosures as at 31 December 2024, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in Note 7 to the Statement and have not been reviewed by us. |
| 2. | This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting” (“AS 25”), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, in so far as they apply to banks, the relevant provisions of the Banking Regulation Act, 1949, the circulars, the guidelines and directions issued by the Reserve Bank of India (RBI) (“RBI Guidelines”) and guidelines issued by Insurance Regulatory and Development Authority of India (“IRDAI guidelines”) as applicable, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
| 4. | The Statement includes the results of the entities mentioned in Annexure 1. |
| | |
| B S R & Co. LLP | C N K & Associates LLP |
| Chartered Accountants | Chartered Accountants |
| 5. | Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Accounting Standard, RBI Guidelines, IRDAI guidelines, as applicable and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, except for the disclosures relating to consolidated Pillar 3 disclosure as at 31 December 2024, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in Note 7 to the Statement and have not been reviewed by us. |
| 6. | We did not review the interim financial information of 6 subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 445,577.08 crores as at 31 December 2024 and total revenues (before consolidation adjustments) of Rs. 24,936.31 crores and Rs. 69,082.67 crores, total net profit after tax (before consolidation adjustments) of Rs. 1,899.31 crores and Rs. 5,589.45 crores, for the quarter ended 31 December 2024 and for the period from 1 April 2024 to 31 December 2024 respectively, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent’s management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. |
Further, 3 subsidiaries whose interim financial information reflects total assets of Rs. 32,262.16 crores (before consolidation adjustments) as at 31 December 2024 and total revenues of Rs. 1,593.94 crores and Rs. 4,934.12 crores (before consolidation adjustments) and total net profit after tax of Rs. 497.29 crores and Rs. 1,411.25 crores (before consolidation adjustments) for the quarter ended 31 December 2024 and for the period from 1 April 2024 to 31 December 2024 respectively, as considered in the Statement has been reviewed by only one of the joint auditors of the Bank and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the review report issued by the said auditors of the subsidiary company and the procedures performed as stated in paragraph 3 above.
Our conclusion is not modified in respect of this matter.
| 7. | The Statement includes the financial information of 9 subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 52,202.80 crores as at 31 December 2024 and total revenue (before consolidation adjustments) of Rs. 820.61 crores and Rs. 2,532.05 crores and total net profit after tax (before consolidation adjustments) of Rs. 165.87 crores and Rs. 542.02 crores for the quarter ended 31 December 2024 and for the period from1 April 2024 to 31 December 2024, respectively, as considered in the Statement. The Statement also includes the Group’s share of net profit after tax of Rs. 18.28 crores and Rs. 120.34 crores for the quarter ended 31 December 2024 and for the period from 1 April 2024 to 31 December 2024, respectively in respect of 6 associates, based on their financial information which have not been reviewed. According to the information and explanations given to us by the Parent’s management, these interim financial information are not material to the Group. |
Our conclusion is not modified in respect of this matter.
| | |
| B S R & Co. LLP | C N K & Associates LLP |
| Chartered Accountants | Chartered Accountants |
| 8. | The joint statutory auditors of ICICI Prudential Life Insurance Company Limited ('ICICI Life'), vide their review report dated 22 January 2025 have expressed an unmodified opinion and have reported in the 'Other Matter' section that ‘The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 December 2024 is the responsibility of the Company's Appointed Actuary (the ‘Appointed Actuary’). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 December 2024 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India ('IRDAI') and the Institute of Actuaries of India in concurrence with the Authority. The joint auditors have relied upon the Appointed Actuary's certificate in this regard for forming their opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the group reporting pack of the Company’. |
Our conclusion is not modified in respect of this matter.
| 9. | The joint statutory auditors of ICICI Lombard General Insurance Company Limited ('ICICI General'), vide their review report dated 17 January 2025, have expressed an unmodified opinion and have reported in the 'Other Matter' section that, 'The actuarial valuation of liabilities in respect of Incurred But Not Reported ('IBNR'), Incurred But Not Enough Reported ('IBNER') and Premium Deficiency Reserve ('PDR') is the responsibility of the Company's Appointed Actuary (the 'Appointed Actuary'). The actuarial valuation of these liabilities, that are estimated using statistical methods as at 31 December 2024 has been duly certified by the Appointed Actuary and in his opinion, the assumptions considered by him for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with IRDAI. The joint statutory auditors have relied upon the Appointed Actuary's certificate in this regard for forming their opinion on the valuation of liabilities for outstanding claims reserves and PDR contained in the group reporting pack of the Company.’ |
Our conclusion is not modified in respect of this matter.
| 10. | The consolidated financial results of the Group and its associates for the year ended 31 March 2024 were audited jointly by the predecessor auditors whose report dated 27 April 2024 had expressed an unmodified opinion. The Consolidated financial results of the group and its associates for the corresponding quarter ended 31 December 2023 and corresponding period from 1 April 2023 to 31 December 2023 were reviewed jointly by the predecessor auditors whose report dated 20 January 2024 had expressed an unmodified conclusion. |
Our conclusion on the Statement is not modified in respect of this matters.
For B S R & Co. LLP Chartered Accountants Firm Registration no.: 101248W/W-100022 | For C N K & Associates LLP Chartered Accountants Firm Registration no.: 101961W/W100036 | |
/s/ Ashwin Suvarna Ashwin Suvarna Partner Membership No.: 109503 | /s/ Manish Sampat Manish Sampat Partner Membership No.: 101684 | |
| Place: Mumbai | Place: Mumbai | |
| Date: 25 January 2025 | Date: 25 January 2025 |
| B S R & Co. LLP | C N K & Associates LLP |
| Chartered Accountants | Chartered Accountants |
Annexure 1
List of entities included in the statement.
Parent Entity
| 1. | ICICI Bank Limited |
Subsidiaries
| 2. | ICICI Bank UK PLC |
| 3. | ICICI Bank Canada |
| 4. | ICICI Securities Limited |
| 5. | ICICI Securities Holdings Inc. |
| 6. | ICICI Securities Inc. |
| 7. | ICICI Securities Primary Dealership Limited |
| 8. | ICICI Venture Funds Management Company Limited |
| 9. | ICICI Home Finance Company Limited |
| 10. | ICICI Trusteeship Services Limited |
| 11. | ICICI Investment Management Company Limited |
| 12. | ICICI International Limited |
| 13. | ICICI Prudential Pension Funds Management Company Limited |
| 14. | ICICI Prudential Life Insurance Company Limited |
| 15. | ICICI Lombard General Insurance Company Limited |
| 16. | ICICI Prudential Asset Management Company Limited |
| 17. | ICICI Prudential Trust Limited |
| 18. | I-Process Services (India) Private Limited |
| 19. | ICICI Strategic Investments Fund |
Associates
| 20. | NIIT Institute of Finance Banking and Insurance Training Limited |
| 21. | ICICI Merchant Services Private Limited |
| 22. | India Infradebt Limited |
| 23. | India Advantage Fund-III |
| 24. | India Advantage Fund-IV |
| 25. | Arteria Technologies Private Limited |
| | |
 |
| B. | Statement on Deviation of Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutional Placement, etc. - Not Applicable |
| C. | Format for disclosing outstanding default on loans and debt securities- No default during the quarter ended December 31, 2024 |
| D. | Format for disclosure of Related Party Transaction (applicable only for half-yearly filings, i.e. 2nd and 4th quarter) – Not Applicable for the quarter ended December 31, 2024. |
| E. | Statement on Impact of Audit Qualifications (For Audit Report with modified opinion) submitted along-with annual audited financial results (Standalone and Consolidated separately) (applicable only for Annual Filing i.e. 4th quarter) – Not Applicable for the quarter ended December 31, 2024. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
For ICICI Bank Limited | |||||
| Date | : January 25, 2025 | By: | /s/ Vivek Ranjan | ||
| Name: | Vivek Ranjan | ||||
| Title: | Assistant General Manager | ||||