Saturday, July 31, 2010

ICICI BANK FIRST QUARTER (Q1 FY 2011) RESULTS - NET PROFITS UP 17% - IMPROVING PERFORMANCE



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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