ICICI Bank: Opening remarks for Analyst Call held on April 22, 2023

Analyst call on April 22, 2023: opening remarks

Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions, political or economic instability in the jurisdictions where we have operations, increase in nonperforming loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India's sovereign rating, and the impact of the Covid-19 pandemic which could result in fewer business opportunities, lower revenues, and an increase in the levels of non-performing assets and provisions, depending inter alia upon the period of time for which the pandemic extends, the remedial measures adopted by governments and central banks, and the time taken for economic activity to resume at normal levels after the pandemic, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov.

This release does not constitute an offer of securities.

1

Mr. Bakhshi's opening remarks

Good evening to all of you and welcome to the ICICI Bank Earnings Call to discuss the results for Q4 of FY2023. Joining us today on this call are Anup, Sandeep Batra, Rakesh, Anindya and Abhinek.

The Indian economy has continued to show resilience amidst a volatile global environment. The underlying growth momentum is visible in increasing steel and cement output, GST collections, capacity utilisations, rising demand for electricity and travel. The Government led capex cycle is continuing. Financial stability has been maintained and inflation, though elevated, has moderated from its peak. We will continue to monitor these developments closely.

Our strategic focus is growing our risk calibrated core operating profit through the 360-degree customer centric approach and by serving opportunities across customer segments and ecosystems. 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 core operating profit increased by 36.4% year-on-year to 138.66 billion Rupees in this quarter and increased by 28.1% year-on-year to 491.39 billion Rupees in FY2023. Core operating profit less provisions

2

grew by 34.7% year-on-year to 122.47 billion Rupees in this quarter and increased by 43.0% year-on-year to 424.73 billion Rupees in FY2023. The profit after tax grew by 30.0% year-on-year to 91.22 billion Rupees in this quarter. For the fiscal year 2023, the profit after tax grew by 36.7% year-on-year to 318.96 billion Rupees. The Board has recommended a dividend of 8 Rupees per share for FY2023, subject to requisite approvals.

Total deposits grew by 10.9% year-on-year and 5.2% sequentially at March 31, 2023. Term deposits increased by 17.1% year-on-year and 4.3% sequentially at March 31, 2023. During the quarter, the average current and savings account deposits grew by 8.0% year-on-year and 1.2% sequentially. The liquidity coverage ratio for the quarter was about 124%.

The retail loan portfolio grew by 22.7% year-on-year and 5.4% sequentially at March 31, 2023. Including non-fund based outstanding, the retail portfolio was 45.7% of the total portfolio. The business banking portfolio grew by 34.9% year-on-year and 7.8% sequentially. The SME portfolio grew by 19.2% year-on-year and 6.2% sequentially. The growth in SME and business banking portfolios was driven by leveraging our branch network and digital offerings such as InstaBIZ and Merchant Stack. The domestic corporate portfolio grew by 21.2% year-on-year and 3.8% sequentially at March 31, 2023 driven by growth across well-

3

rated financial and non-financial corporates. The rural portfolio grew by 13.8% year-on-year and 5.5% sequentially. The domestic loan portfolio grew by 20.5% year-on-year and 5.0% sequentially. The overall loan portfolio grew by 18.7% year-on-year and 4.7% sequentially at March 31, 2023.

We continue to enhance our digital offerings and platforms to onboard new customers in a seamless manner, provide them end-to-end digital journeys and personalised solutions and enable a more effective data driven cross sell and up sell. We have shared some details on our technology and digital offerings in slides 17 to 28 of the investor presentation.

The net NPA ratio declined to 0.48% at March 31, 2023 from 0.55% at December 31, 2022 and 0.76% at March 31, 2022. During the quarter, there were net additions of 0.14 billion Rupees to gross NPAs, excluding write-offs and sale. The provisioning coverage ratio on NPAs was 82.8% at March 31, 2023. The total provisions during the quarter were 16.19 billion Rupees or 11.7% of core operating profit and 0.7% of average advances. This includes contingency provision of 16.00 billion Rupees made on a prudent basis. The Bank holds contingency provisions of 131.00 billion Rupees or about 1.3% of total loans as of March 31, 2023.

4

The capital position of the Bank continued to be strong with a CET-1 ratio of 17.12%, Tier 1 ratio of 17.60% and total capital adequacy ratio of 18.34% at March 31, 2023, after reckoning the impact of proposed dividend.

Looking ahead, we see many opportunities to drive growth in the risk calibrated core operating profit. We believe our focus on customer 360, extensive franchise and synergy and collaboration within the organization, backed by our digital offerings and process improvement and service delivery initiatives will enable us to deliver customized solutions to customers in a seamless manner and grow market share across key segments. We will continue to make investments in technology, people, distribution and building our brand. We will remain focused on maintaining a strong balance sheet with prudent provisioning and healthy levels of capital. The principles of "Fair to Customer, Fair to Bank" and "One Bank, One Team, One RoE" will continue to guide our operations. We remain focused on delivering consistent and predictable returns to our shareholders.

I now hand the call over to Anindya.

5