ICICI BANK
Q1 FY 2011 RESULTS
COMPARISON WITH
PREVIOUS QTR (Q4 FY2010), CORRESPONDING QTR (Q1 FY2010)AND PREVIOUS YEAR (FY2010)
=non consolidated figures =
Interest on Advances is Rs.3778.53 cr – down by 1% from previous qtr(Rs.3816.78 Cr) - down by 25.7% from corresponding qtr (Rs.5086.56Cr) – and proportionately (Q1 FY11 * 4) down by 13% from FY2010 (Rs.17372.73 Cr). The FY2010 consolidated figure was Rs. 20362.64 Cr.
Total Interest Earned is Rs.5812.54 cr – down by 0.2% from previous qtr (Rs.5826.98 Cr) – down by 18.5% from corresponding qtr (Rs.7133.44 Cr) – and down proportionately by 9.6% from FY 2010 (Rs.25706.93 Cr) .
Total Income is Rs.7493.05 cr – is down by 2.9% from previous quarter (Rs.7717.82 Cr) - down by 18.8% compared to corresponding qtr (Rs.9223.32 Cr) – and down proportionately (q1FY11 x 4) by 9.7% from FY2010 (Rs.33184.58 Cr).
Interest Expended is Rs.3821.49 Cr – up by 0.8% from previous qtr (Rs.3792.04 Cr) – down by 25.8% from corresponding Qtr (Rs.5148.18Cr) – and down proportionately by 13.1% from FY2010 (Rs.17592.57 Cr).
Operating Profit is Rs.2188.07 cr – down by 8.8% from previous Qtr (Rs.2398.89 Cr) - down by 13.5 % from corresponding Qtr (Rs.2529.12Cr)- and down by 10.1% proportionately from FY2010 (Rs.9732.18 Cr).
Provisions is Rs.797.82 Cr – down by 19.4% from previous Qtr (Rs.989.75Cr) – down by 39.7% from corresponding Qtr (Rs.1323.65Cr) – and down proportionately by 27.3% from FY2010 (Rs.4386.86 Cr).
Capital Adequacy Ratio is 20.2 – one of the Highest in Banking sector.
Net Profit is Rs.1025.98 Cr – up 2% from previous Qtr (Rs.1005.57 Cr) – up 16.8% from corresponding Qtr (Rs.878.22 Cr) - and up proportionately by 2% from FY2010 (Rs.4024.98 Cr). The last year’s consolidated Net Profit was Rs. 4670.29 Cr.
Basic EPS is Rs.9.2 – same as in previous quarter - but up by 16.6% compared to Rs.7.89 in corresponding Qtr – and up by 1.8% compared proportionately to FY2010 stand alone EPS (Rs.36.14).The FY2010 consolidated EPS was 41.93.
Return on Assets is quite healthy at 1.15.
% of Gross/Net NPA is down to 1.87% from last quarter’s 2.12% – but must come down further to lower levels.
In summary – the results on stand alone Basis are of a mixed nature. While Net profits have gone up by 16.8& from corresponding Qtr - it is on slightly reduced income levels. But, considering the new drive by the current Management – ICICI Bank can be expected to improve its performance on all parameters.
STAND ALONE FIGURES:
Jun-10 | Mar-10 | dif%1 | Jun-09 | dif%2 | dif%3 | ||
Interest on Advan | 377853 | 381678 | -1 | 508656 | -25.7 | 1737273 | -13 |
Income on Invest | 165855 | 157093 | 5.6 | 157610 | 5.2 | 646635 | 2.6 |
Income on RBIBalan | 9806 | 13051 | -24.9 | 20072 | -51.1 | 62499 | -37.2 |
Others | 27740 | 30876 | -10.2 | 27006 | 2.7 | 124286 | -10.7 |
Interest Earned | 581254 | 582698 | -0.2 | 713344 | -18.5 | 2570693 | -9.6 |
Other Income | 168051 | 189084 | -11.1 | 208988 | -19.6 | 747765 | -10.1 |
Total Income | 749305 | 771782 | -2.9 | 922332 | -18.8 | 3318458 | -9.7 |
Interest Expended | 382149 | 379204 | 0.8 | 514818 | -25.8 | 1759257 | -13.1 |
Employees Cost | 57559 | 58270 | -1.2 | 46652 | 23.4 | 192579 | 19.6 |
Other Otg Exp | 90790 | 94419 | -3.8 | 107950 | -15.9 | 393404 | -7.7 |
Operating Exp | 148349 | 152689 | -2.8 | 154602 | -4 | 585983 | 1.3 |
Total Exp.Excl.prov. | 530498 | 531893 | -0.3 | 669420 | -20.8 | 2345240 | -9.5 |
Operating Profit | 218807 | 239889 | -8.8 | 252912 | -13.5 | 973218 | -10.1 |
Provisions | 79782 | 98975 | -19.4 | 132365 | -39.7 | 438686 | -27.3 |
P B T | 139025 | 140914 | -1.3 | 120547 | 15.3 | 534532 | 4 |
Tax Expense | 36427 | 40357 | -9.7 | 32725 | 11.3 | 132034 | 10.4 |
P A T | 102598 | 100557 | 2 | 87822 | 16.8 | 402498 | 2 |
Net Profit | 102598 | 100557 | 2 | 87822 | 16.8 | 402498 | 2 |
Face Value | 10 | 10 | 0 | 10 | 0 | 10 | 300 |
Paid-up Equity | 111550 | 111489 | 0.1 | 111336 | 0.2 | 111489 | 300.2 |
Reserves | 5170733 | 5050348 | 2.4 | 4908007 | 5.4 | 5050348 | 309.5 |
Dividend (%) | - | 120 | - | 120 | |||
Capital Adeq.Ratio | 20.2 | 19.41 | 4.1 | 17.38 | 16.2 | 19.41 | 316.3 |
Basic EPS B EI | 9.2 | 9.02 | 2 | 7.89 | 16.6 | 36.14 | 1.8 |
Diluted EPS B EI | 9.16 | 8.98 | 2 | 7.87 | 16.4 | 35.99 | 1.8 |
Basic EPS A EI | 9.2 | 9.02 | 2 | 7.89 | 16.6 | 36.14 | 1.8 |
Diluted EPS A EI | 9.16 | 8.98 | 2 | 7.87 | 16.4 | 35.99 | 1.8 |
% of Gross/Net NPA | 1.87 | 2.12 | -11.8 | 2.33 | -19.7 | 2.12 | 252.8 |
Return on Assets | 1.15 | 1.15 | 0 | 0.95 | 21.1 | 1.13 | 307.1 |
Public holding (%) | 100 | 100 | 0 | 100 | 0 | 100 | 300 |
Excerpts from
Performance Review
By ICICI Bank for
Quarter ended June 30, 2010
• Profit after tax increased 17% to Rs.1,026 crore (US$ 221 million) for the quarter ended June 30, 2010 (Q1-2011) from Rs.878 crore (US$ 189 million) for the quarter ended June 30, 2009 (Q1-2010).
• Fee income increased 7% to Rs.1,413 crore (US$ 304 million) in Q1- 2011 from Rs.1,319 crore (US$ 284 million) in Q1-2010.
• Operating expenses (including direct marketing agency expenses) decreased 2% to Rs.1,461 crore (US$ 315 million) in Q1-2011 from Rs.1,494 crore (US$ 322 million) in Q1-2010.
• Provisions decreased 40% to Rs.798 crore (US$ 172 million) in Q1-2011 from Rs.1,324 crore (US$ 285 million) in Q1-2010.
• Provisioning coverage ratio increased to 64.8% at June 30,2010 from 51.1% at June 30, 2009
· The branch network of the Bank has increased to 2,016 branches at June 30, 2010, the largest branch network among private sector banks in the country.
· CASA deposits increased 32% to Rs.84,618 crore (US$ 18.2 billion) at June 30, 2010 from Rs.63,977 crore (US$ 13.8 billion) at June 30, 2009 and the CASA ratio increased to 42.1% at June 30, 2010 from 30.4% at June 30, 2009.
· Total deposits of the Bank were Rs.200,913 crore (US$ 43.3 billion) at June 30, 2010, compared to Rs.202,017 crore (US$ 43.5 billion) at March 31, 2010.
· The loan book of the Bank increased to Rs.184,378 crore (US$ 39.7 billion) at June 30, 2010 from Rs.181,206 crore (US$ 39.0 billion) at March 31, 2010.
· The total assets of the Bank at June 30, 2010 were Rs.363,997 crore (US$ 78.4 billion).
· Capital adequacy : The Bank’s capital adequacy at June 30, 2010 as per Reserve Bank of India’s guidelines on Basel II norms was 20.2% and Tier-1 capital adequacy was 14.0%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.
· Asset quality.
· Net non-performing assets decreased by 25% to Rs.3,514 crore (US$ 757 million) at June 30, 2010 from Rs.4,667 crore (US$ 1,005 million) at June 30, 2009.
· The Bank’s net non-performing asset ratio decreased to 1.62% at June 30, 2010 from 2.19% at June 30, 2009.
· The Bank’s provisioning coverage ratio computed in accordance with the RBI guidelines at June 30, 2010 was 64.8% compared to 51.1% at June 30, 2009.
ANNOUNCEMENTS
TO THE EXCHNAGE
31-07-2010 ICICI Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 581254 lacs for the quarter ending on 30-JUN-2010 against Rs. 713344 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 382149 lacs for the quarter ending on 30-JUN-2010 against Rs. 514818 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 102598 lacs for the quarter ending on 30-JUN-2010 against Rs. 87822 lacs for the quarter ending on 30-JUN-2009.
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