ICICI BANK
Q3 FY 2011 RESULTS
Q/E DECEMBER 2010
Performance Review
• 30.5% year-on-year increase in profit after tax to Rs.1,437 crore (US$ 321 million) for the quarter ended December 31, 2010 (Q3-2011) from Rs.1,101 crore (US$ 246 million) for the quarter ended December 31, 2009 (Q3-2010)
• 77.5% year-on-year increase in consolidated profit after tax to Rs.2,039 crore (US$ 456 million) for Q3-2011 from Rs.1,149 crore (US$ 257 million) for Q3-2010
• 36.0% year-on-year increase in consolidated profit after tax to Rs.4,525 crore (US$ 1.0 billion) for the nine months ended December 31, 2010 (9M-2011) from Rs.3,328 crore (US$ 744 million) for the nine months ended December 31, 2009 (9M- 2010)
• Current and savings account (CASA) ratio increased to 44.2% at December 31, 2010 from 39.6% at December 31, 2009
• Net non-performing asset ratio declined to 1.16% at December 31, 2010 from 2.19% at December 31, 2009
• Provision coverage ratio increased to 71.8% at December 31, 2010 from 69.0% at September 30, 2010 (51.2% at December 31, 2009)
• Strong capital adequacy ratio of 19.98% and Tier-1 capital adequacy of 13.72%
Profit & loss account
• Profit after tax increased 30.5% to Rs.1,437 crore (US$ 321 million) for Q3-2011 from Rs.1,101 crore (US$ 246 million) for Q3-2010.
• Net interest income increased 12.3% to Rs.2,312 crore (US$ 517 million) in Q3-2011 from Rs.2,058 crore (US$ 460 million) in Q3-2010.
• Fee income increased 14.3% to Rs.1,625 crore (US$ 363 million) in Q3-2011 from Rs. 1,422 crore (US$ 318 million) in Q3-2010.
- Operating expenses (including direct marketing agency expenses) increased 27.2% to Rs.1,707 crore (US$ 382 million) in Q3-2011 from Rs. 1,342 crore (US$ 300 million) in Q3-2010, primarily due to costs relating to new branches added over the last year and full impact of cost of erstwhile Bank of Rajasthan (e-BOR) during the quarter.
• Provisions decreased 53.6% to Rs.465 crore (US$ 104 million) in Q3-2011 from Rs.1,002 crore (US$ 224 million) in Q3-2010.
• Profit after tax for 9M-2011 was Rs.3,699 crore (US$ 827 million) compared to Rs.3,019 crore (US$ 675 million) for 9M-2010.
Operating review
At December 31, 2010, the Bank had 2,512 branches, the largest branch network among private sector banks in the country.
Credit growth
Advances increased by 15.3% year-on-year to Rs.206,692 crore (US$ 46.2 billion) at December 31, 2010 from Rs.179,269 crore (US$ 40.1 billion) at December 31, 2009.
Deposit growth
Savings deposits increased by 26.5% year-on-year to Rs.64,577 crore (US$ 14.4 billion) at December 31, 2010 from Rs.51,054 crore (US$ 11.4 billion) at December 31, 2009 and the CASA ratio increased to 44.2% at December 31, 2010 from 39.6% at December 31, 2009.
Capital adequacy
The Bank’s capital adequacy at December 31, 2010 as per Reserve Bank of India’s guidelines on Basel II norms was 19.98% and Tier-1 capital adequacy was 13.72%, 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 34.9% to Rs.2,873 crore (US$ 643 million) at December 31, 2010 from Rs.4,416 crore (US$ 988 million) at December 31, 2009.
The Bank’s net non-performing asset ratio decreased to 1.16% at December 31, 2010 from 2.19% at December 31, 2009.
The Bank’s provisioning coverage ratio computed in accordance with the RBI guidelines at December 31, 2010 was 71.8% compared to 51.2% at December 31, 2009.
Consolidated profits
Consolidated profit after tax of the Bank increased by 36.0% to Rs.4,525 crore (US$ 1.0 billion) for 9M-2011 compared to Rs. 3,328 crore (US$ 744 million) for 9M-2010.
Consolidated profit after tax for Q3-2011 increased by 77.5% to Rs.2,039 crore (US$ 456 million) compared to Rs.1,149 crore (US$ 257 million) for Q3-2010.
This includes transfer of surplus in the nonparticipating policyholders' funds of ICICI Prudential Life Insurance Company (ICICI Life) on a quarterly basis, as compared to an annual basis as permitted earlier, as per Insurance Regulatory and Development Authority (IRDA) circular dated December 27, 2010.
The Bank’s consolidated profit after tax for 9M-2011 and Q3-2011 include Rs.384 crore (US$ 86 million) on account of this transfer.
NON-CONSOLIDATED
RESULTS IN NUMBERS :
As can be seen from the Non-consolidated numbers below, the EPS has registered a smart increase from Rs.9.89 to Rs.12.48.
The % of Gross/Net NPAs has come down from 2.43 to 1.39.
Return on assets is quite good at 1.46.
Overall, the improvement in the performance of ICICI BANK is very good.
| ICICI BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 416195 | 394917 | 377853 | 381678 | 397636 |
| DIF %1 | 4162 | 5.39 | 10.15 | 9.04 | 4.67 |
| Income on Investments | 212123 | 191613 | 165855 | 157093 | 169133 |
| DIF%2 | 2121 | 10.7 | 27.9 | 35.03 | 25.42 |
| Income on Balances With RBI | 9535 | 8230 | 9806 | 13051 | 10808 |
| Others | 31743 | 36150 | 27740 | 30876 | 31380 |
| Interest Earned | 669596 | 630910 | 581254 | 582698 | 608957 |
| Other Income | 174879 | 157793 | 168051 | 189084 | 167314 |
| Total Income | 844475 | 788703 | 749305 | 771782 | 776271 |
| DIF %3 | 8445 | 7.07 | 12.7 | 9.42 | 8.79 |
| Interest Expended | 438422 | 410472 | 382149 | 379204 | 403148 |
| Employees Cost | 76047 | 62426 | 57559 | 58270 | 42702 |
| Other Operating Expenses | 95745 | 94611 | 90790 | 94419 | 93537 |
| Operating Expenses | 171792 | 157037 | 148349 | 152689 | 136239 |
| Operating Profit | 234261 | 221194 | 218807 | 239889 | 236884 |
| DIF %4 | 2343 | 5.91 | 7.06 | -2.35 | -1.11 |
| Provisions | 46427 | 64114 | 79782 | 98975 | 100216 |
| Tax Expense | 44132 | 33453 | 36427 | 40357 | 26562 |
| Net Profit | 143702 | 123627 | 102598 | 100557 | 110106 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 115147 | 115083 | 111550 | 111489 | 111417 |
| Reserves | 5427768 | 5282402 | 5170733 | 5050348 | 5112633 |
| Dividend (%) | - | - | - | 120 | - |
| Capital Adequacy Ratio | 19.98 | 20.23 | 20.2 | 19.41 | 19.4 |
| Basic EPS | 12.48 | 10.91 | 9.2 | 9.02 | 9.89 |
| Diluted EPS | 12.41 | 10.86 | 9.16 | 8.98 | 9.84 |
| % of Gross/Net NPA | 1.39 | 1.62 | 1.87 | 2.12 | 2.43 |
| Return on Assets | 1.46 | 1.31 | 1.15 | 1.15 | 1.27 |
| Public Shareholding (%) | 100 | 100 | 100 | 100 | 100 |
Insurance subsidiaries
ICICI Life maintained its position as the largest private sector life insurer based on new business retail weighted received premium during April-November 2010.
ICICI Life’s new business premium increased by 21.3% to Rs.4,650 crore (US$ 1,040 million) in 9M-2011 from Rs.3,833 crore (US$ 857 million) in 9M-2010.
ICICI Life’s unaudited new business profit (NBP) in 9M-2011 was Rs.579 crore (US$ 130 million). Assets held increased by 23.7% to Rs.66,334 crore (US$ 14.8 billion) at December 31, 2010 from Rs.53,619 crore (US$ 12.0 billion) at December 31, 2009. ICICI Life’s profit after tax for 9M-2011 was Rs.513 crore (US$ 115 million). ICICI Life’s NBP and profit after tax for Q3-2011 were Rs.100 crore (US$ 22 million) and Rs.614 crore (US$ 137 million) respectively. ICICI Life’s profit after tax for 9M-2011 and Q3-2011 include Rs.520 crore (US$ 116 million) on account of transfer of surplus in the non-participating policyholders' funds on a quarterly basis, as compared to an annual basis as permitted earlier, as per Insurance Regulatory and Development Authority (IRDA) circular dated December 27, 2010.
ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during 9M-2011 with a market share of 9.8%. ICICI General’s premium income in 9M-2011 increased by 29.4% to Rs.3,250 crore (US$ 727 million) from Rs.2,512 crore (US$ 562 million) in 9M-2010. ICICI General’s profit after tax was Rs.210 crore (US$ 47 million) in 9M-2011 compared to Rs.132 crore (US$ 30 million) in 9M-2010. ICICI General’s profit after tax for Q3-2011 was Rs.74 crore (US$ 17 million).
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