ICICI Bank: Opening Remarks of Analyst Call for quarter ended September 30, 2021

Analyst call on October 23, 2021: 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 Q2 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. India has witnessed a steady decline in Covid-19 cases and a massive pickup in the vaccination programme since June. India has now crossed the milestone of administering 100 crore vaccination doses. We would like to extend our gratitude to the efforts and dedication of all health workers and essential service providers for their untiring efforts in the recovery from the pandemic. I would also like to take a moment to thank our employees for their service to customers in these challenging times. We are happy to share that now almost all our employees have received at least one dose of the vaccine.

Economic activity has continued to improve since June. The Ultra Frequency Index, comprising several high frequency indicators tracked by the Bank's Economic Research Group, has steadily increased from 99.6 in the first week of July 2021 to 105.5 in September 2021 and reached

110.3 in the week ending October 17. The underlying economic activity continues to show an upward momentum owing to higher peak power demand, e-way bill generation and rail freight revenues, improved vehicle registrations on the back of the festive season, and rising labour force participation rate in urban areas. Overall industrial activity is above pre

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Covid-19 levels. The progress in the vaccination programme is supporting an improvement in mobility indicators. We expect the festive season to give further impetus to economic activity.

During the challenging period of the last 18 months, we at ICICI Bank have continued to strengthen our franchise and delivery and servicing capabilities, with a range of digital initiatives. Our loan portfolio has performed well in the face of the challenges posed by the two waves of the pandemic, behaving either in line with or better than our expectations. We aim to create holistic value propositions for our customers through our 360-degreecustomer-centric approach and focus on opportunities across client and segment ecosystems. Cross-functional teams have been created to tap into key customer and market segments, enabling 360- degree coverage of customers and increase in wallet share. We will continue to steadily grow our business and franchise within our strategic framework.

Coming to the quarterly performance against this framework:

1. 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 23.3% year-on-year and 10.6% sequentially to 95.18 billion Rupees in this quarter. The profit after tax

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grew by 29.6% year-on-year and 19.4% sequentially to 55.11 billion Rupees in this quarter.

1. Further enhancing our strong deposit franchise
   Growth in deposits continued to be strong at 17.3% year-on-year at September 30, 2021. During the quarter, average current account deposits increased by 35.7% year-on-year and average savings account deposits by 24.9% year-on-year. The liquidity coverage ratio for the quarter was 133%, reflecting continued surplus liquidity. Our cost of deposits continues to be among the lowest in the system.
2. Growing our loan portfolio in a granular manner with a focus on risk and reward
   The retail loan portfolio grew by 20.0% year-on-year and 5.0% sequentially at September 30, 2021. With the increase in economic activity, disbursements across all retail products increased sequentially in this quarter. Mortgage disbursements were close to the level seen in Q4 of 2021, reflecting the increase in demand coupled with our seamless customer onboarding experience through pre-approved offers and digitisation. Disbursements of personal loans and auto loans were also close to Q4 of 2021 levels. Credit cards in force increased by 6.0% sequentially and the value of credit card spends grew by 47.0% sequentially. Spends across most categories

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other than travel crossed March 2021 levels in September. We expect the momentum in spends to continue in the festive season.

The business banking and SME portfolios grew by 43.1% year-on- year and 42.0% year-on-year respectively. Sequentially, the business banking portfolio grew by 12.3% and the SME portfolio grew by 11.3%. We are observing a steady uptick in the number of credit enquiries and with our digital offerings and platforms like InstaBIZ, Merchant Stack and Trade Online, we believe that there is significant potential for growth across these portfolios.

Excluding the builder portfolio, the growth in the domestic corporate portfolio was about 14% year-on-year at September 30, 2021.

Overall, the domestic loan portfolio grew by 19.0% year-on-year and 4.0% sequentially.

4. Leveraging digital across our business

Our digital platforms are continuously evolving to enable best-in-classend-to-end seamless digital journeys, offer personalized solutions and value added features to customers and enable more effective data- driven cross-sell and up-sell. These platforms also enable us to acquire new customers. We have shared some details in slides 18 to 30 of the investor presentation.

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