AI-generated · cited to primary sources · not investment advice
ICICI Bank (532174) Jul 2024 Filing Analysis
Does management do what it says?
Operating expense growth for H1 was 8.5%, which is better than the 10% guidance, though management expects a slight uptick in H2. (2 exceeded, 3 met across 5 tracked commitments)
“Goal to become carbon neutral in Scope 1 and Scope 2 emissions by fiscal 2032”
The domestic credit/deposit ratio stood at 82.4% as of March 31, 2025, which is within the guided low-to-mid 80s range. (1 met across 1 tracked commitment)
“As far as the LDR is concerned, I think this low-to-mid 80s is the level of domestic LDR that we have historically operated at and I don't see any big change in that, it may vary one quarter here up or down, but broadly it should be at that level.”
Personal loan growth moderated significantly to 2.4% y-o-y and 1.7% q-o-q, confirming the downward trend in growth pace. (1 met across 1 tracked commitment)
“On PL, we had taken a number of actions last year and I think the growth rate has come off; if you look at the yearon year growth, it has come from 40% to 24% and I am guessing by the time we end this year it will be closer to 20% kind of number or lower.”
See the full cited Management analysis of ICICI Bank
Where does growth come from?
Capital levels remain very strong and steady, providing a significant buffer for future risk-calibrated growth without the need for immediate dilution. (4 steady across 4 signals)
“The capital position of the Bank continued to be strong with a CET-1 ratio of 15.92% and total capital adequacy ratio of 16.63% at June 30, 2024.”
See the full cited Future Growth analysis of ICICI Bank
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