ICICI Bank: Transcript for Analyst Call held on January 22, 2022

Analyst call on January 22, 2022: 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 non-performing 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.

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Mr. Bakhshi's opening remarks

Good evening to all of you and welcome to the ICICI Bank Earnings Call to discuss the results for Q3 of FY2022. Joining us today on this call are Vishakha, Anup, Sandeep Batra, Rakesh and Anindya.

We hope that you are safe and in good health.

The Bank's Ultra Frequency Index, comprising several high frequency indicators tracked by our Economic Research Group rose from 110.3 in end-October to 117.6 in December, indicating a sustained improvement in economic activity. This was on the back of improvement in indicators such as power demand, rail freight revenues, e-way bill generation and labour force participation. While there has been a sharp rise in Covid-19 cases in recent weeks, the impact of the third wave has been mild so far. Vaccination coverage has continued to increase and the Government of India has recently expanded the vaccination programme to the age bracket of 15 to 18 and announced a precautionary third dose of vaccine for identified categories. While the trajectory of the pandemic is still evolving and the recent increase in cases has slowed the pace of economic activities in January, we expect the economy to regain momentum as this wave abates. We would like to thank the medical and health workers' fraternity for their tireless effort in this fight against Covid- 19.

At ICICI Bank, we aim to create holistic value propositions for our customers through our 360-degreecustomer-centric approach and focus

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on opportunities across client and segment ecosystems. Our cross- functional teams seek to tap into key customer and market segments, enabling 360-degree coverage of customers and increase in wallet share. We aim to steadily grow our business within our strategic framework and strengthen our franchise, delivery, and servicing capabilities, backed by a range of digital initiatives.

Coming to the quarterly performance against this framework:

First- Growth in the core operating profit in a risk-calibrated manner through the focused pursuit of target market segments

The core operating profit increased by 24.9% year-on-year to 100.60 billion Rupees in this quarter. The profit after tax grew by 25.4% year-on- year to 61.94 billion Rupees in this quarter.

Second-Further enhancing our strong deposit franchise

Growth in deposits was 16.4% year-on-year at December 31, 2021. During the quarter, average current account deposits increased by 33.7% year-on-year and average savings account deposits by 24.7% year-on- year. The liquidity coverage ratio for the quarter was 130%, reflecting continued surplus liquidity. Our cost of deposits continues to be among the lowest in the system.

Third-Growing our loan portfolio in a granular manner with a focus on risk and reward

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The retail loan portfolio grew by 18.6% year-on-year and 5.1% sequentially at December 31, 2021. Disbursements across various retail products increased or were at a similar level compared to the previous quarter. The business banking portfolio grew by 38.5% year-on-year and 8.8% sequentially at December 31, 2021. The SME portfolio grew by 34.2% year-on-year and 9.7% sequentially.

The growth in the domestic corporate portfolio was 12.5% year-on-year and 9.0% sequentially at December 31, 2021. The growth was driven by disbursements to well-rated corporates and in line with our risk framework.

The domestic loan portfolio grew by 17.9% year-on-year and 6.5% sequentially. The overall loan portfolio grew by 16.4% year-on-year and 6.4% sequentially at December 31, 2021.

Fourth-Leveraging digital across our business

Our digital platforms are continuously evolving with the objective of creating end-to-end seamless digital journeys, offering personalised solutions and value added features to customers and enabling more effective data-drivencross-sell and up-sell. Our open architecture based mobile banking app, iMobile Pay, offers a wide variety of products, services and features and helps us to acquire new customers. The growth in our SME and business banking portfolios has been driven by our digital

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offerings and platforms like InstaBIZ and Merchant Stack. Our solutions for corporates comprising our various modular platforms, and our extensive client coverage have supported the growth in our average current account deposits. Process decongestion across products and customer segments is a key element of our strategy. We had made detailed presentations on these areas at our analyst day in December and have shared some details in slides 18 to 31 of the investor presentation.

Fifth - Protecting the balance sheet from potential risks

Net NPAs declined by 10.0% sequentially to 73.44 billion Rupees at December 31, 2021 from 81.61 billion Rupees at September 30, 2021. The net NPA ratio declined to 0.85% at December 31, 2021 from 0.99% at September 30, 2021. During the quarter, there were net deletions from gross NPAs of 1.91 billion Rupees, excluding write-offs and sale. The total provisions during the quarter were 20.07 billion Rupees or 20.0% of core operating profit and 1.01% of average advances. The provision coverage ratio on NPAs was 79.9% at December 31, 2021. In addition, the Bank continues to hold Covid-19 provisions of 64.25 billion Rupees or about 0.8% of total loans as of December 31, 2021.

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