ICICI BANK LTD

For the period ended Mar 31, 2025. Filed Jul 25, 2025.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Jul 25, 2025

IBN$33.89+4.2%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Selected Statistical Information

The following information should be read together with our financial statements included in this report as well as “Management Discussion and Analysis of Financial Condition and Results of Operations”.

Average Balance Sheet

The average balances are the sum of daily average balances outstanding. The yield on average interest-earning assets is the ratio of interest earned to average interest-earning assets. The cost of average interest-bearing liabilities is the ratio of interest expended to average interest-bearing liabilities. The average balances of advances include non-performing advances and are net of allowance for loan losses. We have re-calculated tax-exempt income on a tax-equivalent basis. Other interest income, which includes interest on tax refunds and income from swaps has been bifurcated into rupee and foreign currency amounts in order to facilitate the explanation of movements of rupee and foreign currency spreads and margins. These swaps are not part of our trading portfolio and are undertaken by us to manage the market risk arising from our assets and liabilities.

The following table sets forth, for the periods indicated, the average balances of the assets and liabilities, which contribute to the major components of interest earned, interest expended and net interest income.

	Year ended March 31,
2023 · 2024 · 2025
Average balance · Interest income/ expense · Average yield/cost · Average balance · Interest income/ expense · Average yield/ cost · Average balance · Interest income/ expense · Average yield/ cost
(in millions, except percentages)
Assets:
Advances:
Rupee	Rs.	9,059,681	Rs.	844,091	9.32%	Rs.	11,017,318	Rs.	1,108,708	10.06%	Rs.	12,747,775	Rs.	1,272,610	9.98%
Foreign currency		957,139		35,201	3.68		976,161		57,190	5.86		1,011,729		59,827	5.91
Total advances		10,016,820		879,292	8.78		11,993,479		1,165,898	9.72		13,759,504		1,332,437	9.68
Investments:
Investments in Government securities:
Rupee		3,591,054		238,048	6.63		4,471,598		316,780	7.08		5,170,395		372,849	7.21
Foreign currency		45,689		729	1.60		45,013		1,391	3.09		38,601		1,290	3.34
Total investment in Government securities		3,636,743		238,777	6.57		4,516,611		318,171	7.04		5,208,996		374,139	7.18
Other investments:
Rupee		632,296		37,070	5.86		875,898		57,784	6.60		1,456,207		94,060	6.46
Foreign currency		109,413		3,237	2.96		109,792		5,223	4.76		98,455		4,955	5.03
Total other investments		741,709		40,307	5.43		985,690		63,007	6.39		1,554,662		99,015	6.37
Total investments:
Rupee		4,223,350		275,118	6.51		5,347,496		374,566	7.00		6,626,602		466,909	7.05
Foreign currency		155,102		3,966	2.56		154,805		6,614	4.27		137,056		6,245	4.56
Total investments		4,378,452		279,084	6.37		5,502,301		381,180	6.93		6,763,658		473,154	7.00
Other interest-earning assets:
Lending with the Reserve Bank of India:
Rupee		140,278		6,486	4.62		35,360		2,249	6.36		46,402		2,928	6.31
Foreign currency		..		..	..		..		..	..		..		..	..
Total lending with the Reserve Bank of India		140,278		6,486	4.62		35,360		2,249	6.36		46,402		2,928	6.31
Repo lending:
Rupee		72,448		4,022	5.55		95,537		6,494	6.80		106,623		6,977	6.54
Foreign currency		..		..	..		..		..	..		..		..	..
Total repo lending		72,448		4,022	5.55		95,537		6,494	6.80		106,623		6,977	6.54
Deposits in other banks:
Rupee		56,179		3,676	6.54		88,682		6,336	7.14		135,374		10,255	7.58
Foreign currency		254,380		7,667	3.01		154,610		9,780	6.33		229,839		12,201	5.31
Total deposits in other banks		310,559		11,343	3.65		243,292		16,116	6.62		365,213		22,456	6.15
Other assets:
Rupee		724,431		7,887	1.09		792,694		6,236	0.79		804,332		7,301	0.91
Foreign currency		216,547		4,802	2.22		182,952		6,831	3.73		207,346		7,604	3.67
Total other assets		940,978		12,689	1.35		975,646		13,067	1.34		1,011,678		14,905	1.47
Total other interest-earning assets:
Rupee		993,336		22,071	2.22		1,012,273		21,315	2.11		1,092,731		27,461	2.51
Foreign currency		470,927		12,469	2.65		337,562		16,611	4.92		437,185		19,805	4.53
Total other interest-earning assets		1,464,263		34,540	2.36		1,349,835		37,926	2.81		1,529,916		47,266	3.09
Other interest income:
Rupee				16,892					7,886					9,643
Foreign currency				894					2,380					942
Total other interest income				17,786					10,266					10,585
Interest-earning assets:
Rupee		14,276,367		1,158,172	8.11		17,377,087		1,512,475	8.70		20,467,108		1,776,623	8.68
Foreign currency		1,583,168		52,530	3.32		1,468,528		82,795	5.64		1,585,970		86,819	5.47
Total interest-earning assets		15,859,535		1,210,702	7.63		18,845,615		1,595,270	8.46		22,053,078		1,863,442	8.45
Fixed assets		108,042					117,172					142,321
Other assets		2,260,812					2,422,172					2,732,224
Total non-earning assets		2,368,854					2,539,344					2,874,545
Total assets		18,228,389		1,210,702			21,384,959		1,595,270			24,927,623		1,863,442
Liabilities:
Savings account deposits:
Rupee		3,430,647		108,593	3.17		3,576,469		113,510	3.17		3,940,259		124,488	3.16
Foreign currency		61,367		705	1.15		49,249		1,348	2.74		44,087		1,313	2.98
Total savings account deposits		3,492,014		109,298	3.13		3,625,718		114,858	3.17		3,984,346		125,801	3.16
Time deposits:
Rupee		5,735,631		277,636	4.84		7,266,625		453,667	6.24		8,474,332		565,769	6.68
Foreign currency		309,445		7,831	2.53		439,291		19,319	4.40		516,586		24,909	4.82
Total time deposits		6,045,076		285,467	4.72		7,705,916		472,986	6.14		8,990,918		590,678	6.57
Other demand deposits:
Rupee		1,210,898					1,369,772					1,554,323
Foreign currency		165,247					162,634					152,537
Total other demand deposits		1,376,145					1,532,406					1,706,860
Total deposits:
Rupee		10,377,176		386,229	3.72		12,212,866		567,177	4.64		13,968,914		690,257	4.94
Foreign currency		536,059		8,536	1.59		651,174		20,667	3.17		713,210		26,222	3.68
Total deposits		10,913,235		394,765	3.62		12,864,040		587,845	4.57		14,682,124		716,479	4.88
Long term borrowings:
Rupee		985,134		70,306	7.14		1,256,389		91,756	7.30		1,322,960		97,847	7.40
Foreign currency		309,409		10,848	3.51		283,052		14,500	5.12		274,068		13,046	4.76
Total long term borrowings		1,294,543		81,154	6.27		1,539,441		106,256	6.90		1,597,028		110,893	6.94
Short-term borrowings:
Borrowings under liquidity adjustment facility with the Reserve Bank of India:
Rupee		1,488		84	5.65		27,474		1,829	6.66		70,961		4,612	6.50
Foreign currency		..		..	..		..		..	..		1,027		32	3.12
Total borrowings under liquidity adjustment facility with the Reserve Bank of India		1,488		84	5.65		27,474		1,829	6.66		71,988		4,644	6.45
Repo borrowings:
Rupee		272,735		15,017	5.51		332,045		21,954	6.61		338,944		21,968	6.48
Foreign currency		6,996		258	3.69		4,492		306	6.81		3,522		237	6.73
Total repo borrowings		279,731		15,275	5.46		336,537		22,260	6.61		342,466		22,205	6.48
Other short term borrowings:
Rupee		128,586		8,266	6.43		178,801		13,743	7.69		338,440		25,765	7.61
Foreign currency		233,886		5,890	2.52		208,785		9,149	4.38		255,309		10,291	4.03
Total other short term borrowings		362,472		14,156	3.91		387,586		22,892	5.91		593,749		36,055	6.07
Short term borrowings:
Rupee		402,809		23,367	5.80		538,320		37,526	6.97		748,345		52,345	6.99
Foreign currency		240,882		6,148	2.55		213,277		9,455	4.43		259,858		10,560	4.06
Total short term borrowings		643,691		29,515	4.59		751,597		46,981	6.25		1,008,203		62,905	6.24
Total borrowings:
Rupee		1,387,943		93,673	6.75		1,794,709		129,282	7.20		2,071,305		150,192	7.25
Foreign currency		550,291		16,996	3.09		496,329		23,955	4.83		533,926		23,606	4.42
Total borrowings		1,938,234		110,669	5.71		2,291,038		153,237	6.69		2,605,231		173,798	6.67
Interest-bearing liabilities:
Rupee		11,765,119		479,902	4.08		14,007,575		696,459	4.97		16,040,219		840,449	5.24
Foreign currency		1,086,350		25,532	2.35		1,147,503		44,622	3.89		1,247,136		49,828	4.00
Total interest-bearing liabilities		12,851,469		505,434	3.93		15,155,078		741,082	4.89		17,287,355		890,277	5.15
Other liabilities		3,400,782					3,897,917					4,763,941
Total liabilities		16,252,251		505,434			19,052,995		741,082			22,051,296		890,277
Stockholders’ equity		1,976,138					2,331,964					2,876,327
Total liabilities and stockholders’ equity	Rs.	18,228,389	Rs.	505,434		Rs.	21,384,959	Rs.	741,082		Rs.	24,927,623	Rs.	890,277

(1)	Previous period figures have been re-grouped/re-classified where necessary to conform to current period classification.

(2)	ICICI Lombard General Insurance Company Limited ceased to be an associate and became a subsidiary of the Bank effective from February 29, 2024. Accordingly, the average balance sheet for fiscal 2025 is not directly comparable with the previous periods.

Analysis of Changes in Interest Earned and Interest Expended: Volume and Rate Analysis

The following table sets forth, for the periods indicated, the changes in the components of net interest income. The changes in net interest income between periods have been reflected as attributed either to volume or rate changes. For the purpose of this table, changes which are due to both volume and rate have been allocated solely to volume.

Fiscal 2024 vs. Fiscal 2023 · Fiscal 2025 vs. Fiscal 2024
Increase (decrease) due to · Increase (decrease) due to
Net change · Change in average volume · Change in average rate · Net change · Change in average volume · Change in average rate
(in millions)
Interest earned:
Advances:
Rupee		264,617		197,275		67,342		163,902		172,751		(8,849)
Foreign currency		21,989		1,136		20,853		2,637		2,103		534
Total advances		286,606		198,411		88,195		166,539		174,854		(8,315)
Investment:
Investment in Government securities:
Rupee		78,732		62,419		16,313		56,069		50,392		(5,677)
Foreign currency		662		(19)		681		(101)		(214)		113
Total investment in Government securities		79,394		62,400		16,994		55,968		50,178		(5,790)
Other investments:
Rupee		20,714		(84,588)		105,302		36,276		37,484		(1,208)
Foreign currency		1,986		28		1,958		(268)		(571)		303
Total other investments		22,700		(84,560)		107,260		36,015		36,913		(905)
Total investments:
Rupee		99,448		78,563		20,885		92,343		90,126		2,217
Foreign currency		2,648		(8)		2,656		(369)		(814)		440
Total investments		102,096		78,555		23,541		91,974		89,312		2,657
Other interest-earning assets:
Lending with the Reserve Bank of India:
Rupee		(4,237)		(6,678)		2,441		679		697		(18)
Foreign currency		..		..		..		..		..		..
Total lending with the Reserve Bank of India		(4,237)		(6,678)		2,441		679		697		(18)
Repo lending:
Rupee		2,472		1,568		904		483		725		(242)
Foreign currency		..		..		..		..		..		..
Total repo lending		2,472		1,568		904		483		725		(242)
Deposits in other banks:
Rupee		2,660		2,320		340		3,919		3,537		382
Foreign currency		2,113		(6,321)		8,434		2,421		3,994		(1,573)
Total deposits in other banks		4,773		(4,001)		8,774		6,340		7,531		(1,191)
Other assets:
Rupee		(1,651)		546		(2,197)		1,065		106		959
Foreign currency		2,029		(1,249)		3,278		773		895		(122)
Total other assets		378		(703)		1,081		1,838		1,001		837
Other interest-earning assets:
Rupee		(756)		380		(1,136)		6,146		2,022		4,124
Foreign currency		4,142		(6,552)		10,694		3,194		4,513		(1,319)
Total other interest earning assets		3,386		(6,172)		9,558		9,340		6,535		2,805
Other interest income:
Rupee		(9,006)		..		(9,006)		1,757		..		1,757
Foreign currency		1,486		..		1,486		(1,438)		..		(1,438)
Other interest income		(7,520)		..		(7,520)		319		..		319
Total interest earned:
Rupee		354,303		276,218		78,085		264,148		264,899		(751)
Foreign currency		30,265		(5,424)		35,689		4,024		5,802		(1,783)
Total interest earned		384,568		270,794		113,774		268,172		270,701		(2,534)
Interest expense:
Savings account deposits:
Rupee		4,917		4,787		130		10,978		11,494		(516)
Foreign currency		643		(331)		974		(35)		(154)		119
Total savings account deposits		5,560		4,456		1,104		10,943		11,340		(397)
Time deposits:
Rupee		176,031		95,551		80,480		112,102		80,630		31,472
Foreign currency		11,488		5,708		5,780		5,590		3,727		1,863
Total time deposits		187,519		101,259		86,260		117,692		84,357		33,335
Total deposits:
Rupee		180,948		100,338		80,610		123,080		92,124		30,956
Foreign currency		12,131		5,377		6,754		5,555		3,573		1,982
Total deposits		193,079		105,715		87,364		128,635		95,697		32,938
Borrowings:
Long term borrowings:
Rupee		21,450		19,843		1,607		6091		4,924		1,167
Foreign currency		3,652		(1,338)		4,990		(1,454)		(428)		(1,026)
Total long term borrowings		25,102		18,505		6,597		4,637		4,496		141
Borrowings under liquidity adjustment facility with the Reserve Bank of India:
Rupee		1,745		1,730		15		2,783		2,826		(43)
Foreign currency		..		..		..		32		32		..
Total borrowings under liquidity adjustment facility with the Reserve Bank of India		1,745		1,730		15		2,815		2,858		(43)
Repo borrowings:
Rupee		6,937		3,932		3,005		14		447		(433)
Foreign currency		48		(170)		218		(69)		(65)		(4)
Total repo borrowings		6,985		3,762		3,223		(55)		382		(437)
Other short term borrowings:
Rupee		5,477		3,862		1,615		12,022		12,153		(131)
Foreign currency		3,259		(1,096)		4,355		1,142		1,875		(733)
Total other short term borrowings		8,736		2,766		5,970		13,164		14,028		(864)
Short term borrowings:
Rupee		14,159		9,524		4,635		14,819		15,426		(607)
Foreign currency		3,307		(1,266)		4,573		1,105		1,842		(737)
Total short term borrowings		17,466		8,258		9,208		15,924		17,268		(1,344)
Total borrowings:
Rupee		35,609		29,315		6,294		20,910		20,056		854
Foreign currency		6,959		(2,596)		9,555		(349)		1,662		(2,011)
Total borrowings		42,568		26,719		15,849		20,561		21,718		(1,157)
Total interest expended:
Rupee		216,557		129,653		86,904		143,990		112,180		31,810
Foreign currency		19,090		2,781		16,309		5,206		5,235		(29)
Total interest expended		235,647		132,434		103,213		149,196		117,415		31,781
Net interest income:
Rupee		137,746		146,565		(8,819)		120,158		152,719		(32,561)
Foreign currency		11,175		(8,205)		19,380		(1,182)		567		(1,754)
Total net interest income	Rs.	148,921	Rs.	138,360	Rs.	10,561	Rs.	118,976	Rs.	153,286	Rs.	(34,315)

Investment portfolio

Maturity profile wise yields on debt securities

The following table sets forth, at the date indicated, the maturity profile wise yields of our investments in debt securities classified as available-for-sale. This maturity profile is based on repayment dates and does not reflect re-pricing dates of floating rate investments.

	At March 31, 2024				At March 31, 2025
	Up to one year	One to five years	Five to ten years	More than ten years	Up to one year	One to five years	Five to ten years	More than ten years
Corporate debt securities	7.7%	7.4%	8.4%	8.2%	7.2%	7.4%	8.2%	6.0%
Government securities	7.0	6.9	7.7	7.3	6.6	6.6	7.2	7.1
Other securities	8.5	8.7	8.5	8.6	7.7	8.3	8.3	8.3
Total debt securities(1)	7.3%	7.3%	8.3%	7.8%	7.0%	7.0%	7.4%	7.9%

(1)	Includes securities denominated in different currencies.

(2)	Maturity profile is based on residual maturity from the balance sheet date.

(3)

In September 2023, the Reserve Bank of India issued new guidelines on “Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2023”, which have become effective as of April, 2024. The implementation of these Master Direction has resulted in reclassification of the existing investment portfolio of the Bank. Accordingly, the previous period information may not be directly comparable with fiscal 2025. Schedule 17: Significant Accounting Policy provides a detailed explanation of the changes to the accounting policy as a result of this Master Direction.

(4)	Previous period figures have been re-grouped/re-classified where necessary to conform to current period classification.

The following table sets forth, at the date indicated, the maturity profile-wise yields of our investments in debt securities classified as held-to-maturity. This maturity profile is based on repayment dates and does not reflect re-pricing dates of floating rate investments.

	At March 31, 2024				At March 31, 2025
	Up to one year	One to five years	Five to ten years	More than ten years	Up to one year	One to five years	Five to ten years	More than ten years
Corporate debt securities	6.7%	7.6%	7.6%	7.4%	7.0%	7.0%	7.5%	7.1%
Government securities	7.1	6.7	7.3	7.2	7.4	7.2	7.2	7.0
Other securities	7.7	..	..	..	7.6	..	..	..
Total debt securities(1)	7.1%	6.9%	7.4%	7.2%	7.3%	7.1%	7.2%	7.0%

(1)	Includes securities denominated in different currencies.

(2)	Maturity profile is based on residual maturity from the balance sheet date.

(3)	Previous period figures have been re-grouped/re-classified where necessary to conform to current period classification.

Investment portfolio of our overseas branches and banking subsidiaries

The following table sets forth a summary of the investment portfolio of our overseas branches and banking subsidiaries based on the category of investments.

Category · 2024 · 2025
(in millions)
Bonds
Banks and financial institutions	Rs.	25,672	Rs.	18,723
Corporate		49,648		47,397
Total bonds		75,320		66,120
Asset backed securities		..		..
Others(1)		5,422		5,556
Total	Rs.	80,742	Rs.	71,676

(1)	Includes investments in certificates of deposits.

Investment in India-linked securities of corporate entities was 53.0% at year-end fiscal 2025 as compared to 47.4% at year-end fiscal 2024.

The investments in these securities are governed by the respective investment policies of ICICI Bank and its banking subsidiaries. To mitigate significant concentrations in credit risk, the investment policy lays down a number of limits that need to be adhered to before investments can be made. The investment policy lays down rating and issuer wise investment limits at each of these units. Further, there are counterparty limits for individual banks and financial institutions. Country exposure limits have also been established for various countries. In addition, ICICI Bank monitors the credit spread risk arising out of such investments, and ICICI Bank UK has instituted credit spread sensitivity limits on its portfolio. Any exceptions to the above limits are made with due approvals from the appropriate forums. ICICI Bank has not bought credit protection against any of its international investments.

Investments in corporate and financial sector debt securities by our overseas branches and banking subsidiaries

The following table sets forth, at the date indicated, investments in corporate and financial sector debt securities and mortgage and asset backed securities by our overseas branches and banking subsidiaries by region and the mark-to-market and realized losses thereon.

Bonds(1) · Others · Total
	Trading	Available- for-sale and held-to- maturity	Trading	Available- for-sale and held-to- maturity	Trading	Available- for-sale and held-to- maturity	Mark-to- market gain/ (loss) in fiscal 2025	Realized gain/(loss)/ Impairment loss in income statement for fiscal 2025	Mark-to- market gain/ (loss) at March 31, 2025
(Rs. in millions)
U.S.	..	2,195	..	..	..	2,195	133	(50)	(107)
Canada	..	18,801	..	..	..	18,801	..	60	..
Europe	..	82	..	..	..	82	4	..	(5)
India	2,353	41,473	..	..	2,353	41473	152	81	127
Rest of Asia	..	458	..	5,556	..	6,014	27	(11)	(10)
Others	..	758	..	..	..	758	(46)	1	(46)
Total portfolio	2,353	63,767	..	5,556	2,353	69,323	270	81	(41)

(1) Includes corporate bonds classified under loans and receivables by our Canadian subsidiary.

Bonds(1), · Others · Total
	Trading	Available- for-sale and held-to- maturity	Trading	Available- for-sale and held-to- maturity	Trading	Available- for-sale and held-to- maturity	Mark-to- market gain/ (loss) in fiscal 2024	Realized gain/(loss)/ Impairment loss in income statement for fiscal 2024	Mark-to- market gain/ (loss) at March 31, 2024
(Rs. in millions)
U.S.	..	3,032	..	..	..	3,032	(11)	(5)	(235)
Canada	..	20,945	..	..	..	20,945	..		..
Europe	..	78	..	..	..	78	35	(7)	(8)
India	..	49,226	..	..	..	49,226	546	(482)	(26)
Rest of Asia	..	1,322	..	5,422	..	6,744	(10)	..	(38)
Others	..	717	..	..	..	717	..	..	..
Total portfolio	..	75,320	..	5,422	..	80,742	560	(494)	(307)

(1) Includes corporate bonds classified under loans and receivables by our Canadian subsidiary.

Funding

Our funding operations are designed to ensure stability of funding, minimize funding costs and effectively manage liquidity. Our primary source of domestic funding is deposits raised from both retail and corporate customers. We also raise funds through short-term rupee borrowings, refinance borrowings and domestic or overseas bond offerings. Our domestic bond borrowings include long-term bond borrowings for financing infrastructure projects and affordable housing in accordance with the Reserve Bank of India guidelines. See also “Business*—Overview of Our Products and Services—Commercial Banking for Retail Customers—Retail Deposits”.*

Maturity profile of deposits

The following table sets forth, at the date indicated, the contractual maturity profile of deposits, by type of deposit at March 31, 2025.

Up to one year · After one year and within three years · After three years · Total
(in millions)
Interest-bearing deposits:
Savings deposits(1)	Rs.	4,442,543		..		..	Rs.	4,442,543
Time deposits		7,335,737		1,946,581		315,951		9,598,268
Non-interest-bearing deposits:
Other demand deposits(1)		2,375,563		..		..		2,375,563
Total deposits	Rs.	14,153,842	Rs.	1,946,581	Rs.	315,951	Rs.	16,416,374

(1)	Savings and other demand deposits are payable on demand and hence are classified in the ‘Up to one year’ category.

The following table sets forth, at the date indicated, the contractual maturity profile of deposits, by type of deposit at March 31, 2024.

Up to one year · After one year and within three years · After three years · Total
(in millions)
Interest-bearing deposits:
Savings deposits(1)	Rs.	4,060,887		..		..	Rs.	4,060,887
Time deposits		6,268,361		1,723,964		394,402		8,386,727
Non-interest-bearing deposits:
Other demand deposits(1)		1,988,185		..		..		1,988,185
Total deposits	Rs.	12,317,434	Rs.	1,723,964	Rs.	394,402	Rs.	14,435,800

(1) Savings and other demand deposits are payable on demand and hence are classified in the ‘Up to one year’ category.

The maturity profile in fiscal 2025 shows a shift towards shorter-term maturities as compared to fiscal 2024. The shift is mainly due to changes in our peak retail term deposits interest rate offering, from longer-term deposits of three years and above, to medium-term deposits of 15 months to two years, as well as an increase in wholesale term deposits of shorter maturities, reflecting our strategy to reduce the duration of our liabilities.

Uninsured deposits

The following table sets forth, for the periods indicated, the estimated amount of time deposits that exceed the insurance limit, segregated by remaining maturity and the estimated amount of total deposits that are otherwise uninsured:

3 months or less · Over 3 months through 6 months · Over 6 months through 12 months · Over 12 months · Total
(in millions)
Uninsured time deposits
India	Rs.	2,369,068	Rs.	1,454,244	Rs.	2,715,002	Rs.	1,844,031	Rs.	8,382,345
Outside India		130,190		36,279		35,805		12,082		214,356
Total uninsured time deposits	Rs.	2,499,258	Rs.	1,490,523	Rs.	2,750,807	Rs.	1,856,113	Rs.	8,596,701

3 months or less · Over 3 months through 6 months · Over 6 months through 12 months · Over 12 months · Total
(in millions)
Uninsured time deposits
India	Rs.	1,982,011	Rs.	1,181,139	Rs.	2,346,825	Rs.	1,687,351	Rs.	7,197,326
Outside India		82,916		32,824		39,219		11,580		166,539
Total uninsured time deposits	Rs.	2,064927	Rs.	1,213,963	Rs.	2,386,044	Rs.	1,698,931	Rs.	7,363,865

Total uninsured deposits at March 31, 2025 were Rs. 13,174,634 million and at March 31, 2024 were Rs. 11,284,612 million.

The classifications among “in India” and “outside India” are based on the domicile of the booking unit. In India, the insured deposit calculations are based on guidelines prescribed by Deposit Insurance and Credit Guarantee Corporation. The insured amount limit prescribed by Deposit Insurance and Credit Guarantee Corporation is up to a maximum amount of Rs. 500,000 per depositor (including all types of deposits), per insured bank. The standard insurance amount for time deposits outside India is based on the insurance limits approved by the regulator in the respective foreign jurisdiction. The insurance coverage is allocated first to savings account deposits, then to current account deposits and lastly to time deposits of a depositor. For time deposits, the highest residual maturity buckets are considered for allocation of insurance coverage.

Risk Management

Asset liability gap

The following table sets forth, at the date indicated, our asset-liability gap position.

	At March 31, 2025(1)
Less than or equal to one year · Greater than one year and up to five years · Greater than five years · Total
(in millions)
Advances (loans), net	Rs.	12,382,050	Rs.	1,734,238	Rs.	91,348	Rs.	14,206,636
Investments		1,240,362		2,252,623		5,370,784		8,863,769
Other assets(2)		1,476,371		99,165		1,621,939		3,197,475
Total assets	Rs.	15,098,973	Rs.	4,086,026	Rs.	7,083,071	Rs.	2,62,67,880

Capital		0		0		3,139,059		3,139,059
Borrowings		1,445,321		524,016		219,497		2,188,834
Deposits		9,344,200		7,056,500		15,674		16,416,374
Other liabilities(3)		16,807		0		4,661,340		4,678,147
Total liabilities	Rs.	10,806,328	Rs.	7,580,516	Rs.	8,035,570	Rs.	26,422,414
Total gap before risk management positions		4,292,455		(3,494,490)		(952,499)		(154,534)
Off-balance sheet positions(4)		(51,980)		22,270		86,766		57,056
Total gap after risk management positions	Rs.	4,240,475	Rs.	(3,472,220)	Rs.	(865,733)	Rs.	(97,478)

(1)

Includes investments in the nature of equity, cash and cash equivalents and miscellaneous assets and liabilities. Assets and liabilities are classified into the applicable categories based on residual maturity or re-pricing whichever is earlier. Classification methodologies are generally based on asset liability management guidelines, including behavioral studies, as per local policy/regulatory norms of the entities. Items other than current and savings account deposits that neither re-price nor have a defined maturity are included in the ‘greater than five years’ category. Fixed assets (other than leased assets) have been excluded from the above table. Current and savings account deposits are classified based on behavior study.

(2)	Includes cash and balances with the Reserve Bank of India, balances with banks and money at call and short notice and other assets.

(3)	Includes minority interest, liabilities on policy in force, and other liabilities and provisions.

(4)	Off-balance sheet positions comprise net notional amount of derivatives, including foreign exchange forward contracts.

	At March 31, 2024(1)
Less than or equal to one year · Greater than one year and up to five years · Greater than five years · Total
(in millions)
Advances (loans), net	Rs.	10,820,538	Rs.	1,687,195	Rs.	100,029	Rs.	12,607,762
Investments		1,506,324		1,854,689		4,910,611		8,271,625
Other assets(2)		903,051		117,291		1,611,133		2,631,474
Total assets		13,229,913		3,659,175		6,621,773		23,510,861
Capital		..		..		2,561,438		2,561,438
Borrowings		1,212,171		607,997		254,112		2,074,280
Deposits		8,055,617		6,365,844		14,339		14,435,800
Other liabilities(3)		8,975		1,393		4,558,744		4,569,112
Total liabilities		9,276,763		6,975,234		7,388,633		23,640,630
Total gap before risk management positions		3,953,150		(3,316,059)		(766,861)		(129,769)
Off-balance sheet positions(4)		(235,047)		202,846		38,304		6,103
Total gap after risk management positions	Rs.	3,718,103	Rs.	(3,113,213)	Rs.	(728,557)	Rs.	(123,666)

(1)

(2)	Includes cash and balances with the Reserve Bank of India, balances with banks and money at call and short notice and other assets.

(3)	Includes minority interest, liabilities on policy in force, and other liabilities and provisions.

(4)	Off-balance sheet positions comprise net notional amount of derivatives, including foreign exchange forward contracts.

Impact of interest rate movement

The following table sets forth, using the balance sheet at year-end fiscal 2025 as the base, one possible prediction of the impact of adverse changes in interest rates on net interest income for fiscal 2026, assuming a parallel shift in the yield curve at year-end fiscal 2025.

	Change in interest rates (in basis points)
	(100)		(50)		50	100
(in millions)
Rupee portfolio	Rs.	(41,755)		Rs.	(20,878)	Rs.	20,878	Rs.	41,755
Foreign currency portfolio		(3,893)			(1,947)		1,947		3,893
Total	Rs.	(45,648)		Rs.	(22,824)	Rs.	22,824	Rs.	45,648

Based on our asset and liability position at year-end fiscal 2025, the sensitivity model shows that net interest income from the banking book for fiscal 2025 would rise by Rs. 45 billion if interest rates increased by 100 basis points. Conversely, the sensitivity model shows that if interest rates decreased by 100 basis points, net interest income for fiscal 2025 would fall by an equivalent amount of Rs. 45 billion.

The following table sets forth, using the balance sheet at year-end fiscal 2024 as the base, one possible prediction of the impact of adverse changes in interest rates on net interest income for fiscal 2025, assuming a parallel shift in the yield curve at year-end fiscal 2024.

	Change in interest rates (in basis points)
	(100)		(100)		(100)	(100)
(in millions)
Rupee portfolio	Rs.	(36,258)		Rs.	(18,129)	Rs.	18,129	Rs.	36,258
Foreign currency portfolio		(1,139)			(569)		569		1,139
Total	Rs.	(37,396)		Rs.	(18,698)	Rs.	18,698	Rs.	37,396

Based on our asset and liability position at year-end fiscal 2024, the sensitivity model showed that net interest income from the banking book for fiscal 2024 would rise by Rs. 37 billion if interest rates increased by 100 basis points. Conversely, the sensitivity model showed that if interest rates decreased by 100 basis points, net interest income for fiscal 2024 would fall by an equivalent amount of Rs. 37 billion. Sensitivity analysis, which is based upon static interest rate risk profile of assets and liabilities, is used for risk management purposes only and the model above assumes that during the course of the year no other changes are made in the respective portfolios. Actual changes in net interest income will vary from the model.

Price Risk (Trading Book)

The following table sets forth, using the fixed income portfolio at year-end fiscal 2025 as the base, one possible prediction of the impact of changes in interest rates on the value of our fixed income held-for-trading portfolio, assuming a parallel shift in interest rate curve.

	Change in interest rates (in basis points) – Rupee
	Portfolio Size		(100)	(50)		50	100
(in millions)
Indian government securities	Rs.	602,044		Rs.	26,514		Rs.	13,319	Rs.	(13,298)	Rs.	(26,479)
Rupee corporate debt securities		414,277			7,863			3,940		(3,937)		(7,858)
Total	Rs.	1,016,321		Rs.	34,377		Rs.	17,259	Rs.	(17,235)	Rs.	(34,337)

	Change in interest rates (in basis points) – Foreign currency
	Portfolio Size		(100)	(50)		50	100
(in millions)
Foreign government securities	Rs.	35,782		Rs.	27		Rs.	14	Rs.	(14)	Rs.	(27)
Foreign corporate debt securities…		2,353			69			34		(34)		(69)
Total	Rs.	38,135		Rs.	96		Rs.	48	Rs.	(48)	Rs.	(96)

The following table sets forth, using the fixed income portfolio at year-end fiscal 2024 as the base, one possible prediction of the impact of changes in interest rates on the value of our fixed income held-for-trading portfolio, assuming a parallel shift in interest rate curve.

	Change in interest rates (in basis points) – Rupee
	Portfolio Size		(100)	(50)		50	100
(in millions)
Indian government securities	Rs.	467,097			Rs. 21,441		Rs.	10,784	Rs.	(10,772)	Rs.	(21,411)
Rupee corporate debt securities		322,838			4,778			2,397		(2,392)		(4,772)
Total	Rs.	789,935			Rs. 26,219		Rs.	13,181	Rs.	(13,164)	Rs.	(26,183)

	Change in interest rates (in basis points) – Foreign currency
	Portfolio Size		(100)	(50)		50	100
(in millions)
Foreign government securities	Rs.	33,139		Rs.	38		Rs.	19	Rs.	(19)	Rs.	(38)
Foreign corporate debt securities		334			.			..		..		..
Total	Rs.	33,473		Rs.	38		Rs.	19	Rs.	(19)	Rs.	(38)

Value at risk on equity shares (Proprietary trading book)

ICICI Bank computes value-at-risk using historical simulation model for limit monitoring purposes. The value-at-risk is calculated using the previous one-year market data at a 99% confidence level and a holding period of one day.

The following table sets forth the high, low, average and period-end value-at-risk for the equities portfolio of the proprietary trading group of ICICI Bank for fiscal 2024 and fiscal 2025.

Fiscal 2024 · At March 31, 2024 · Fiscal 2025 · At March 31, 2025
High · Low · Average · High · Low · Average
	Rs. in million
Value-at-risk	111.7	0.7	56.6	60.8	118.2	0.7	51.1	24.9

We monitor the effectiveness of the value-at-risk model by regularly back-testing its performance. Statistically, we would expect to see hypothetical losses in the treasury portfolio in excess of value-at-risk only one percent of the time over a one-year period i.e, where hypothetical losses in the treasury portfolio exceeds value-at-risk in three instances. During fiscal 2025, there were five instances of hypothetical loss exceeding the value-at-risk estimates for the equities portfolio of the proprietary trading group. The Bank also conducts periodic internal stress testing for its treasury portfolios including its equity portfolio. Based on the results of the internal stress testing assessment conducted by the Bank, the Bank believes it is adequately capitalized.

The following table sets forth a comparison of the hypothetical daily profit/(loss), computed on the assumption of no intra-day trading, and value-at-risk calculated using the historical simulation model during fiscal 2024 and fiscal 2025.

	Fiscal 2024 Average	At March 31, 2024	Fiscal 2025 Average	At March 31, 2025
	Rs. in million
Hypothetical daily profit(loss)	6.0	37.6	9.4	(10.7)
Value-at-risk	56.6	60.8	51.1	24.9

The high and low hypothetical daily profit/(loss) in the equity portfolio of Proprietary trading book during fiscal 2025 was Rs. 346.0 million and Rs. (177.0) million respectively.

While value-at-risk is an important tool for measuring market risk under normal market conditions, it has inherent limitations that should be taken into account, including its inability to accurately predict future losses when extreme events are affecting the markets, because it is based on the assumption that historical market data is indicative of future market performance. Moreover, different value-at-risk calculation methods use different assumptions and hence may produce different results. For example, computing value-at-risk at the close of the business day would exclude intra-day risk. There is also a general possibility that the value-at-risk model may not fully capture all the risks present in the portfolio.

Derivatives and Foreign Exchange Risk (Trading)

The following table sets forth, using the outstanding notional principal of trading derivatives and foreign exchange portfolio at year-end as the base, one possible prediction of the impact of changes in interest rates on the value of our trading derivatives and foreign exchange portfolio, assuming a parallel shift in interest rate curve.

	Change in interest rates (in basis points)
	Portfolio Size(1)		(100)	(50)		50	100
(in millions)
Interest rate derivatives	Rs.	51,894,372		Rs.	(10,960)		Rs.	(4,796)	Rs.	4,796	Rs.	10,960
Currency derivatives(2)		6,104,786			(99)			(49)		49		99
Foreign exchange		16,813,604			175			88		(88)		(175)
Total	Rs.	74,812,762		Rs.	(10,884)		Rs.	(4,757)	Rs.	4,757	Rs.	10,884

1.	Notional principal

2.	Includes futures, options and cross currency interest rate swaps

	Change in interest rates (in basis points)
	Portfolio Size(1)		(100)	(50)		50	100
(in millions)
Interest rate derivatives	Rs.	35,484,180		Rs.	(13,461)		Rs.	(6,740)	Rs.	6,733	Rs.	13,466
Currency derivatives(2)		3,383,481			607			303		(303)		(607)
Foreign exchange		15,524,964			64			32		(32)		(64)
Total	Rs.	54,392,625		Rs.	(12,790)		Rs.	(6,405)	Rs.	6,398	Rs.	12,795

1.	Notional principal

2.	Includes futures, options and cross currency interest rate swaps

The following table sets forth the possible prediction of the impact of change in foreign exchange rates on the value of the net open position of ICICI Group.

	Change in foreign exchange rates on the value of the net open position (in basis points)
	Net open position(1)		(100)		100
(in millions)
Total open position for ICICI Group	Rs.	9,990		Rs.	(4,764)	Rs.	13,379

	Change in foreign exchange rates on the value of the net open position (in basis points)
	Net open position		(100)		100
(in millions)
Total open position for ICICI Group	Rs.	3,202		Rs.	14,938	Rs.	4,562

1.	Net open position is computed as per the Reserve Bank of India regulatory requirement.

Credit spread risk

The following table sets forth, using our held-for-trading portfolio at year-end as the base, one possible prediction of the impact of changes in credit spreads on the value of the trading portfolio, assuming a parallel shift in credit spreads.

	Change in credit spread (in basis points)
	Portfolio Size		(50)		50	100
(in millions)
Corporate debt securities	Rs.	416,630		Rs.	7,932		Rs.	3,975	Rs.	(3,971)	Rs.	(7,927)

	Change in credit spread (in basis points)
	Portfolio Size		(50)		50	100
(in millions)
Corporate debt securities	Rs.	323,172		Rs.	4,778		Rs.	2,397	Rs.	(2,392)	Rs.	(4,772)

Loan Concentration

We follow a policy of portfolio diversification and evaluate our total financing exposure to a particular industry in the light of our forecasts of growth and profitability for that industry. ICICI Bank’s policy is to limit its portfolio to any particular industry (other than retail loans) to 15.0% of its total exposure. In addition, we have a framework for managing concentration risk with respect to single borrower and group exposures, based on the internal rating and track- record of the borrowers. See also*-“Risk Management—Credit Risk”.* The exposure limits for lower rated borrowers and groups are substantially lower than the regulatory limits.

The following table sets forth, at the dates indicated, the composition of our gross advances.

	At March 31,
	2024(3)		2025
Amount · As a % · Amount · Amount · As a %
(in millions, except percentages)
Retail finance(1)	Rs.	7,062,309		55.0%	Rs.	7,646,497	US$89,506	53.1%
Wholesale / Retail trade		789,113		6.2		965,633	11,303	6.7
Services—finance		720,361		5.6		836,247	9,789	5.8
Rural retail		776,980		6.1		814,661	9,536	5.7
Services - Non finance		362,649		2.8		489,742	5,733	3.4
Real Estate Activities		397,714		3.1		484,056	5,666	3.4
Road, port, telecom, urban development & other infrastructure		376,092		2.9		387,282	4,533	2.7
Manufacturing products (excluding metal)		221,484		1.7		299,846	3,510	2.1
Electronics & engineering		194,639		1.5		270,246	3,163	1.9
Construction		182,248		1.4		216,476	2,534	1.5
Textile		151,673		1.2		201,298	2,356	1.4
Iron and steel (including iron and steel products)		172,419		1.3		186,084	2,178	1.3
Gems & jewellery		128,838		1.0		156,376	1,830	1.1
Food & beverages		111,841		0.9		144,353	1,690	1.0
Power		138,533		1.1		126,853	1,485	0.9
Crude petroleum/refining & petrochemicals		148,943		1.2		115,090	1,347	0.8
Others (2)		894,624		7.0		1,048,554	12,275	7.3
Gross advances (loans)		12,830,460		100.0%		14,389,294	168,434	100.0%
Allowance for advances (loan) losses		(222,698)				(182,657)	(2,138)
Net advances (loans)	Rs.	12,607,762			Rs.	14,206,637	US$166,296

1.	Includes home loans, automobile loans, commercial business loans, personal loans, credit cards, two wheeler loans and loans against securities.

2.	Primarily include developer financing portfolio, mining, cement, drugs and pharmaceuticals, shipping, metal and metal products (excluding iron and steel), chemicals and fertilizers, automobiles and fast-moving consumer goods.

3.	Prior period figures have been re-grouped, where necessary.

Our capital allocation is focused on building a granular portfolio and sustainably improving our portfolio quality. Gross retail finance advances increased by 8.3% in fiscal 2025 compared to an increase of 12.1% in total gross advances in fiscal 2025. As a result, retail finance decreased from 55.0% of gross loans at year-end fiscal 2024 to 53.1% of gross loans at year-end fiscal 2025.

At year-end fiscal 2025, our 20 largest borrowers accounted for 5.2% of our gross loan portfolio, with the largest borrower accounting for 1.8% of our gross loan portfolio. The largest group of companies under the same management control accounted for 1.2% of our gross loan portfolio at year-end fiscal 2025.

Maturity profile of loans

The following table sets forth, for the periods indicated, the maturity profile of loans net of allowance for losses

Due within 1 year · Due between 1 to 5 year · Due between 5 to 15 years · Due in more than 15 years · Total
(in millions)
Commercial loans	Rs.	4,390,424	Rs.	1,180,311	Rs.	485706	Rs.	12,404	Rs.	6,068,845
Consumer loans		1,636,133		3,000,340		2,690,460		810,859		8,137,792
Lease financing		..		..		..		..		..
Total	Rs.	6,026,557	Rs.	4,180,651	Rs.	3,176,166	Rs.	823,263	Rs.	14,206,637

Due within 1 year · Due between 1 to 5 year · Due between 5 to 15 years · Due in more than 15 years · Total
(in millions)
Commercial loans	Rs.	3,451,657	Rs.	1,105,331	Rs.	490,892	Rs.	25,105	Rs.	5,072,985
Consumer loans		1,489,622		2,996,428		2,146,488		902,205		7,534,743
Lease financing		34		..		..		..		34
Total	Rs.	4,941,313	Rs.	4,101,759	Rs.	2,637,380	Rs.	927,310	Rs.	12,607,762

Loan portfolio – by fixed or variable interest rate

The following table sets forth, at the date indicated, the amount of our loans with residual contractual maturities greater than one year that had fixed and variable interest rates.

Fixed rate loans · Variable rate loans · Total
(in millions)
Commercial loans	Rs.	126,029	Rs.	1,552,392	Rs.	1,678,421
Consumer loans and credit card receivable		2,175,469		4,326,190		6,501,659
Lease financing		—		—		—
Total loans with maturity greater than 1 year	Rs.	2,301,498	Rs.	5,878,582	Rs.	8,180,080

Fixed rate loans · Variable rate loans · Total
(in millions)
Commercial loans	Rs.	101,895	Rs.	1,519,433	Rs.	1,621,328
Consumer loans and credit card receivable		2,143,200		3,901,921		6,045,121
Lease financing		—		—		—
Total loans with maturity greater than 1 year	Rs.	2,245,095	Rs.	5,421,354	Rs.	7,666,449

Directed Lending

The Reserve Bank of India requires banks to lend to certain sectors of the economy. Such directed lending comprises priority sector lending and export credit. ICICI Bank is required to comply with the priority sector lending requirements prescribed by the Reserve Bank of India from time to time. As prescribed in the Reserve Bank of India

guideline, the Bank’s priority sector lending achievement is computed on quarterly average basis. During fiscal 2025, the Bank purchased Priority Sector Lending Certificates amounting to Rs. 1,183.68 billion (fiscal 2024: Rs. 1,097.28 billion) and sold Priority Sector Lending Certificates amounting to Rs. 1,228.89 billion (fiscal 2024: Rs. 880.56 billion). See also*“Supervision and Regulation—Regulations Relating to Loans and Advances—Directed Lending—Priority Sector Lending”.*

The following table sets forth, for the periods indicated, ICICI Bank’s average priority sector lending:

Fiscal 2024 · Fiscal 2025
Amount · % of adjusted net bank credit · Amount · % of adjusted net bank credit · Target (% of adjusted net bank credit)
(in billions, except percentages)
Agriculture Sector	Rs.	1,739.9	18.13%	Rs.	2,025.15	US$23.7	18.00%	18.00%
- Small and marginal farmers		1,041.4	10.85%		1,197.77	14.0	10.65%	10.00%
- Non-corporate farmers		1,378.2	14.36%		1,627.61	19.1	14.47%	13.78%
Micro, small and medium enterprises		2,100.0	—		2,640.66	30.9
- Micro enterprises		792.7	8.26%		882.04	10.3	7.84%	7.50%
Other priority sector		102.3	—		253.86	3.0
Total priority sector lending	Rs.	3,942.3	41.07%	Rs.	4,919.67	US$57.6	43.72%	40.00%
- Weaker sections	Rs.	1,157.2	12.05%	Rs.	1,377.63	US$16.1	12.24%	12.00%

The priority sector lending master circular issued by the Reserve Bank of India requires that banks having any shortfall in lending to priority sector shall be allocated amounts for contribution to the Rural Infrastructure Development Fund established with National Bank for Agriculture and Rural Development and other Funds as decided by the Reserve Bank of India from time to time. The Bank may be required by the Reserve Bank of India to deposit with the Rural Infrastructure Development Fund and other related funds, certain amounts as specified by the Reserve Bank of India in the coming year due to the shortfall in the above-mentioned sub-categories of priority sector lending targets. At year-end fiscal 2025, our total investment in funds of government sponsored development banks due to shortfall in lending to priority sectors was Rs. 134.93 billion, which was fully eligible for consideration in overall priority sector achievement.

Export Credit

The Reserve Bank of India requires banks to make loans to exporters at concessional interest rates as part of directed lending. Export credit is provided for pre-shipment and post-shipment requirements of exporter borrowers in rupees and foreign currencies. Export credit in the agriculture, micro, small and medium enterprises sectors is permitted to be categorized as priority sector lending. Additionally, the Export credit is extended as priority sector lending basis the classification criteria specified by the Reserve Bank of India. The interest income earned on export credits is supplemented through fees and commissions earned from these exporter customers from other fee-based products and services taken by them from us, such as foreign exchange products and bill handling. As at March 31, 2025, ICICI Bank’s export credit was Rs. 158.32 billion, which amounted to 1.35% of the Bank’s adjusted net bank credit.

Non-performing loans

The following table sets forth, at the dates indicated, gross (net of write-offs, interest suspense and derivatives income reversal) non-performing loans by borrowers’ industry or economic activity and as a percentage of total non-performing loans.

	At March 31,
2024 · 2025
Amount · As a percentage of non-performing loans · Amount · Amount · As a percentage of non-performing loans
(in millions, except percentages)
Retail finance(1)	Rs.	87,612	31.3%	Rs.	90,386	US$1,058	37.1%
Rural finance		42,550	15.2		43,396	508	17.8
Construction		40,403	14.4		11,529	135	4.7
Crude petroleum/refining and petrochemicals		16,876	6.0		16,912	198	7.0
Electronics and engineering		12,557	4.5		12,653	148	5.2
Mining		11,957	4.3		3,510	41	1.4
Services—non finance		11,828	4.2		6,798	80	2.8
Roads, ports, telecom, urban development & other infrastructure		9,773	3.5		8,654	101	3.6
Wholesale/retail trade		8,560	3.1		14,257	167	5.9
Iron/steel and products		4,661	1.7		4,484	52	1.8
Power		4,444	1.6		3,857	45	1.6
Gems & jewellery		3,031	1.1		2,393	28	1.0
Manufacturing products (excluding metal)		902	0.3		1,417	17	0.6
Other Industries(2)		24,454	8.8		23,064	270	9.5
Gross non-performing loans	Rs.	279,608	100.0%	Rs.	243,310	US$2,848	100.0%
Aggregate provision for loan losses		(221,249)			(181,756)	(2,128)
Net non-performing loans	Rs.	58,359		Rs.	61,554	US$720

(1)	Includes home loans, commercial business loans, rural loans, automobile loans, business banking, credit cards, personal loans, loans against securities and dealer financing portfolio.

(2)	Other industries primarily include developer financing portfolio, automobiles, cement, shipping, food and beverages, chemical and fertilizers, textile, drugs and pharmaceuticals, metal and products (excluding iron and steel) services – finance and fast-moving consumer goods.

See*“Operating and Financial Review and Prospects—Executive Summary—Certain Factors Affecting Our Results of Operations—Trends in fiscal 2025*”.

Restructured loans

The following table sets forth, at the dates indicated, gross restructured loans by borrowers’ industry or economic activity and as a percentage of total gross restructured loans.

	At March 31,
2024 · 2025
Amount · As a percentage of restructured loans · Amount · Amount · As a percentage of restructured loans
(in millions, except percentages)
Retail finance	Rs.	30,531	85.6%	Rs.	21,587	US$253	91.5%
Power		—	—		—	—	—
Roads, port, telecom, urban development & other infrastructure		2,635	7.4		255	US$3	1.1%
Construction		1,607	4.5		1,351	US$16	5.7%
Others(1)		907	2.5		405	US$4	1.7%
Gross restructured loans	Rs.	35,680	100.0%	Rs.	23,598	US$276	100.0%
Aggregate provision for loan losses		(1,443)			(900)	11
Net restructured loans(2)	Rs.	34,237		Rs.	22,698	US$265

(1)	Others primarily include automobile, textiles, food and beverages, wholesale/retail trade, services-non finance, services-finance, manufacturing products (excluding metal) and gems and jewellery.

(2)	In addition, the Bank holds general provision amounting to Rs. 6.0 billion at year-end fiscal 2025 (year-end fiscal 2024: Rs. 9.0 billion) on these restructured loans, subject to minimum provisioning requirement as per the guidelines issued by the Reserve Bank of India.

Key ratios-Asset quality

The following table sets forth, for the periods indicated, our key ratios on asset quality.

	At or for the year ended March 31,
	2024	2025
(Rs. in millions, except percentages)
Gross restructured loans as a percentage of gross loans	0.28%	0.16%
-Gross restructured loans	35,680	23,598
-Total gross loans	12,830,460	14,389,294
Gross non-performing loans as a percentage of gross loans	2.18	1.69
-Gross non-performing loans	279,608	243,310
-Total gross loans	12,830,460	14,389,294
Net restructured loans as a percentage of net loans	0.27	0.16
-Net restructured loans	34,237	22,698
-Total net loans	12,607,762	14,206,637
Net non-performing loans as a percentage of net loans (1)	0.46	0.43
-Net non-performing loans	58,359	61,554
-Total net loans	12,607,762	14,206,637
Provision on restructured loans as a percentage of gross restructured loans (2)	4.04	3.81
-Provision on restructured loans	1,443	900
-Gross restructured loans	35,680	23,598
Provision on non-performing loans as a percentage of gross non-performing loans	79.13	74.70
-Provision on non-performing loans	221,249	181,756
-Gross non-performing loans	279,608	243,310
Provision as a percentage of gross loans(3)	3.31%	2.71%
-Provisions	425,095	390,090
-Total gross loans	12,830,460	14,389,294

(1)	Includes loans identified as non-performing/impaired in line with the guidelines issued by regulators of the respective subsidiary.

(2)	In addition, the Bank holds 25% general provision on restructured assets (including general provision required as per the guidelines issued by the Reserve Bank of India).

(3)	Includes general provision on standard assets.

Net loan write-offs and Provision on non-performing loans

The table presents net loan write-offs and percentage of average loans for the periods indicated.

March 31, 2024 · March 31, 2025
Average loan portfolio · Net loan write-offs(1) · % of average gross loans · Net loan write-offs(1) · % of average gross loans
(in millions, except percentages)
Commercial loans	Rs.	9,543	0.20%		Rs.	22,684	0.40%
Consumer loans	35,991	0.51			59,055	0.74
Lease financing	—	—		—	—
Total loans	Rs.	45,534	0.38%		Rs.	81,739	0.60%

(1)	Net loan write offs is the difference between gross loan write-offs and recoveries from written-off amounts.

Net loan write-offs as a percentage of our average total loan portfolios were 0.60% in the fiscal 2025 as compared to 0.38% in the fiscal 2024.

The following table shows an allocation of ICICI Group’s total provision on non-performing loans and the percentage of loans in each category to total gross loans for the periods indicated.

March 31, 2024 · March 31, 2025
Amount · % of loans in each category to total gross loans · Amount · % of loans in each category to total gross loans
(in millions, except percentages)
Commercial loans	Rs.	145,022	40.7%	Rs.	96,741	42.8%
Consumer loans		76,227	59.3		85,015	57.2
Lease financing		..	0.0		..	0.0
Total loans	Rs.	221,249	100%	Rs.	181,756	100%

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