ICICI Bank Limited
NSE Symbol ICICIBANK
Performance Review
Quarter and year ended March 31, 2011
• 44% year-on-year increase in standalone profit after tax to 1,452 crore (US$ 326 million) for the quarter ended March 31, 2011 from ` 1,006 crore (US$ 226 million) for the quarter ended March 31, 2010
• 28% increase in standalone profit after tax to ` 5,151 crore (US$ 1.2 billion) for the year ended March 31, 2011 from ` 4,025 crore (US$ 903 million) for the year ended March 31, 2010
• 30% year-on-year increase in consolidated profit after tax to ` 6,093 crore (US$ 1.4 billion) for the year ended March 31, 2011 from ` 4,670 crore (US$ 1.0 billion) for the year ended March 31, 2010
• Current and savings account (CASA) deposit ratio increased to 45.1% at March 31, 2011 from 41.7% at March 31, 2010
• Net non-performing asset ratio decreased to 0.94% at March 31, 2011 from 1.87% at March 31, 2010 and 1.16% at December 31, 2010
• Provision coverage ratio increased to 76.0% at March 31, 2011 from 59.5% at March 31, 2010 and 71.8% at December 31, 2010
• Strong capital adequacy ratio of 19.54% and Tier-1 capital adequacy of 13.17%
• Increase in dividend to ` 14 per share proposed
Profit & loss account
• Profit after tax increased 44% to ` 1,452 crore (US$ 326 million) for the quarter ended March 31, 2011 (Q4-2011) from ` 1,006 crore (US$ 226 million) for the quarter ended March 31, 2010 (Q4-2010).
• Net interest income increased 23% to ` 2,510 crore (US$ 563 million) In Q4-2011 from ` 2,035 crore (US$ 456 million) in Q4-2010.
· Fee income increased 18% to ` 1,791 crore (US$ 402 million) in Q4-2011 from ` 1,521 crore (US$ 341 million) in Q4-2010.
• Provisions decreased 61% to ` 384 crore (US$ 86 million) in Q4-2011 from ` 990 crore (US$ 222 million) in Q4-2010.
• Profit after tax for the year ended March 31, 2011 (FY2011) increased 28% to ` 5,151 crore (US$ 1.2 billion) from ` 4,025 crore (US$ 903 million) for the year ended March 31, 2010 (FY2010).
Operating review
· The Bank has continued with its strategy of pursuing profitable growth. In this direction, the Bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. At March 31, 2011, the Bank had 2,529 branches and 6,104 ATMs, the largest branch network among private sector banks in the country.
Credit growth
· Advances increased by 19% year-on-year to ` 216,366 crore (US$ 48.5 billion) at March 31, 2011 from ` 181,206 crore (US$ 40.6 billion) at March 31, 2010.
Deposit growth
· Savings deposits increased by 26% year-on-year to ` 66,869 crore (US$ 15.0 billion) at March 31, 2011 from ` 53,218 crore (US$ 11.9 billion) at March 31, 2010 and the CASA ratio increased to 45.1% at March 31, 2011 from 41.7% at March 31, 2010.
Capital adequacy
· The Bank’s capital adequacy at March 31, 2011 as per Reserve Bank of India’s revised guidelines on Basel II norms was 19.54% and Tier-1 capital adequacy was 13.17%, 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 37% to ` 2,459 crore (US$ 551 million) at March 31, 2011 from ` 3,901 crore (US$ 875 million) at March 31, 2010 (` 2,873 crore (US$ 644 million) at December 31, 2010). The Bank’s net non-performing asset ratio decreased to 0.94% at March 31, 2011 from 1.87% at March 31, 2010 and 1.16% at December 31, 2010.
· The Bank’s provisioning coverage ratio computed in accordance with RBI guidelines at March 31, 2011 was 76.0% compared to 59.5% at March 31, 2010 and 71.8% at December 31, 2010.
Dividend on equity shares
· The Board has recommended a dividend of ` 14 per equity share (equivalent to US$ 0.63 per ADS) for FY2011. The declaration and payment of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course
Consolidated profits
· Consolidated profit after tax of the Bank increased by 30% to ` 6,093 crore (US$ 1.4 billion) in FY2011 from ` 4,670 crore (US$ 1.0 billion) in FY2010. Consolidated profit after tax for Q4-2011 increased 17% to `1,568 crore (US$ 352 million) compared to ` 1,342 crore (US$ 301 million) for Q4-2010.
· The consolidated profits for FY2011 and Q4-2011 include the impact of additional motor pool losses on ICICI Lombard General Insurance Company (ICICI General) pursuant to the Insurance Regulatory and Development Authority (IRDA) order dated March 12, 2011, requiring all general insurance companies to provide for motor pool losses at a provisional loss ratio of 153% for all years commencing from the year ended March 31, 2008, compared to the earlier loss ratios of 122-127%.
· The profits of ICICI General include an impact of about ` 272 crore (US$ 61 million) and the consolidated profits of the Bank include an impact of about ` 200 crore (US$ 45 million) (in line with the Bank’s shareholding in ICICI General) on account of the above. Indian Motor Third Party Insurance Pool is an industry pool created for providing third party insurance to commercial vehicles. The results of the pool are shared by the general insurance companies in proportion to their overall market share.
Insurance subsidiaries
· ICICI Prudential Life Insurance Company (ICICI Life) maintained its position as the largest private sector life insurer based on retail new business weighted received premium in FY2011. ICICI Life’s profit after tax for FY2011 was ` 808 crore (US$ 181 million) compared to ` 258 crore (US$ 58 million) during FY2010. Assets held increased by 19% to ` 68,150 crore (US$ 15.3 billion) at March 31, 2011 from ` 57,318 crore (US$ 12.9 billion) at March 31, 2010.
· ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector in FY2011. ICICI General’s gross premium income in FY2011 increased by 28% to ` 4,408 crore (US$ 988 million) from ` 3,431 crore (US$ 769 million) in FY2010. ICICI General provided `272 crore (US$ 61 million) during Q4-2011 towards additional motor pool losses pursuant to the IRDA order dated March 12, 2011. After taking the same into account, ICICI General reported a loss of ` 80 crore (US$ 18 million) for FY2011.
ANNOUNCEMENTS TO NSE
09-05-2011 "Change in Base Rate and Prime Lending Rate".
28-04-2011 Icici Bank Limited has recommended payment of dividend of Rs 14.00 per equity share for the year ended March 31, 2011 (previous year dividend of Rs.12.00 per equity share).The declaration and payment of dividend is subject to requisite approvals. The Board of Directors has also Recommended a dividend of Rs.100.00 per preference share on 350 preference shares of the face value of Rs 1 crore each for the year ended March 31, 2011.
28-04-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 3008140 lacs for the year ending on 31-MAR-2011 against Rs. 3015371 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 1934257 lacs for the year ending on 31-MAR-2011 against Rs. 2072919 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 609327 lacs for the year ending on 31-MAR-2011 against Rs. 467029 lacs for the year ending on 31-MAR-2010.
28-04-2011 consolidated Results for the quarter ended on 31-MAR-2011 as follows: Interest earned of Rs. 819145 lacs for the quarter ending on 31-MAR-2011 against Rs. 689125 lacs for the quarter ending on 31-MAR-2010. Interest expended of Rs. 520301 lacs for the quarter ending on 31-MAR-2011 against Rs. 447508 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 156793 lacs for the quarter ending on 31-MAR-2011 against Rs. 134180 lacs for the quarter ending on 31-MAR-2010.
28-04-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 2597405 lacs for the year ending on 31-MAR-2011 against Rs. 2570693 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 1695715 lacs for the year ending on 31-MAR-2011 against Rs. 1759257 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 515138 lacs for the year ending on 31-MAR-2011 against Rs. 402498 lacs for the year ending on 31-MAR-2010.
28-04-2011 standalone Results for the quarter ended on 31-MAR-2011 as follows: Interest earned of Rs. 715645 lacs for the quarter ending on 31-MAR-2011 against Rs. 582698 lacs for the quarter ending on 31-MAR-2010. Interest expended of Rs. 464672 lacs for the quarter ending on 31-MAR-2011 against Rs. 379204 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 145211 lacs for the quarter ending on 31-MAR-2011 against Rs. 100557 lacs for the quarter ending on 31-MAR-2010.
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