Tuesday, January 31, 2012

ICICI BANK - QTRLY RESULT - Q3 FY 2012 - 3rd Q/E Dec,2011 - S/A NPT UP 20.26%YoY; Total Income up 24.14% YoY; NPAs Down - Good performance


ICICI Bank Limited
NSE Symbol        ICICIBANK

ICICI BANK has released IMPROVED (stand Alone)RESULTS  for the third quarter ending Dec, 2011.

Interest on Advances stands at Rs.5685.84 cr – up by 5.67% from Q2 FY 12; up by 15.21% from Q1 FY 12; and up by 36.61% from Q3 FY 11

Income on Investments       stands at Rs.2472.54 Cr – up by 5.44% from Q2 FY 12;  up by 9.84% from Q1 FY 12; and up by 16.56% from Q3 FY 11

Interest Earned stands at Rs.8591.87Cr – up by 5.32% from Q2 FY 12; up by  12.78% from Q1 Fy 12; and up by 28.31% from Q3 FY 11.

Interest Expended  stands at Rs.5879.85 Cr – up by   4.05% from Q2 FY 12; up by 12.91% from Q1 FY 12; and up by 34.11% from Q3 FY 11.

Net Interest Income stands at Rs.2712.02 Cr – up by 8.2% from Q2 FY 12; up by 12.49% from Q1 FY 12; and up by 17.32% from Q3 FY 11. There is thus a steady increase in NII every quarter.

Other Income     stands at Rs.1891.86 cr – up by 8.76% from Q2 FY 12; up by 15.15% from Q1 FY 12; and up by 8.18% from Q3 FY 11.

Total Income stands at Rs.10483.73 Cr -   up by 5.93% from Q2 FY 12; up by 13.2% from Q1 FY 12; and up by 24.14% from Q3 FY 11. We can see that there has been steady Growth of Income and Net Interest Income both, quarter after quarter.

Total Expdr(Excl.Prov) stands at Rs.7796.63 Cr – up by 3.36% from Q2 FY 12; up by 10.95% from Q1 FY 12; 27.77% from Q3 FY 11.

Operating Profit  stands  at Rs.2687.10 Cr – up by 14.16% from Q2 FY 12; up by 20.28% from Q1 FY 12; and up by  14.71% from Q3 FY 11. While improvement with reference to Q2 and Q1 is steady, improvement over Q3 FY 11 is not so impressive – but, the trend indicates that in future quarters, there will be better improvement YoY.

Provisions stands at Rs.341.10 Cr – up by  7% from Q2 FY 12; down by  -24.84% from Q1 FY 12; and down by -26.53% from Q3 FY 11.The downtrend in Provisions with reference to Q1 FY 12 and Q3 FY 11 is good, though there is slight increase over preceding Qtr of q2 FY 12.

Profit  before tax stands at Rs.2346 Cr – up by 15.28% from Q2 FY 12; up by 31.79% from Q1 FY 12;and up by 24.9% from Q3 FY 11.

Tax Expense stands at Rs.617.90 Cr – up by  16.2% from Q2FY12; up by 37.93% from Q1 FY 12; and up by 40.01% from Q3 FY 11.

Net Profit  stands  at Rs.1728.10 Cr – up by 14.96% from Q2 FY 12; up by29.72% from Q1 FY 12; and up by 20.26% from Q3 FY 11. Net profit is growing steadily

Capital Adequacy Ratio         stands at 18.88% which is quite Good.

Basic EPS stands at Rs.14.99 in Q3 FY 12; Rs.13.05 in Q2 FY 12;  Rs.11.56 in Q1 FY 12; Rs.12.48 in Q3 FY 11. The improvement is good and steady.

Gross/Net NPA stands  at Rs.2047.67 cr – down by  -6.23% from Q2 FY 12; down by  -11.07% from Q1 FY 12;  and down by  -28.72% from Q3 FY 12. This downtrend indicates reasonable control on NPAs.

% of Gross/Net NPA  stands at 0.83%, down by -10.75% from Q2 FY 12; down by -20.19% from q1 FY 12; and down by -40.29% from Q3 FY 11.

Return on Assets is good at 1.57%.

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It is necessary for assessing their performance that they furnish their consolidated & Stand Alone Reports both on quarterly basis in a Standardized format - to the Exchanges and in their Ads to news papers. The Ads in news Papers may shorten the format if so necessary.

Performance Review
Quarter ended December 31, 2011

Ø  29% YoY increase in consolidated profit after tax to Rs.5,833 Cr. (US$ 1.1 billion) for the nine months ended December 31, 2011 (9M-2012) from Rs.4,525 Cr. (US$ 852 million) for the 9 months ended December 31, 2010 (9M-2011)
Ø  23% YoY increase in standalone profit after tax to Rs.4,563 Cr. (US$ 859 million) for 9M-2012 from Rs.3,699 Cr. (US$ 696 million) for 9M-2011
Ø  20% YoY increase in standalone profit after tax to Rs.1,728 Cr. (US$ 325 million) for the quarter ended December 31, 2011 (Q3-2012) from Rs.1,437 Cr. (US$ 271 million) for the Q/E December 31, 2010 (Q3-2011)
Ø  19% YoY increase in advances to Rs.246,157 Cr. (US$ 46.3 billion) at December 31, 2011
Ø  Current and savings account (CASA) ratio increased to 43.6% at December 31, 2011 from 42.1% at September 30, 2011
Ø  Net non-performing asset ratio decreased to 0.70% at December 31, 2011 from 0.80% at September 30, 2011 and 1.16% at December 31, 2010
Ø  Strong capital adequacy ratio of 18.88% and Tier-1 capital adequacy of 13.13%

Ø  Consolidated profit after tax increased 29% to Rs.5,833 Cr. (US$ 1.1 billion) for the 9 m/e December 31, 2011 (9M-2012) from ` 4,525 Cr. (US$ 852 million) for the 9 m/e December 31, 2010 (9M-2011).
Ø  Standalone profit after tax increased 23% to Rs. 4,563 Cr. (US$ 859 million) for 9M-2012 from  Rs.3,699 Cr. (US$ 696 million) for 9M-2011.
Ø  Standalone profit after tax increased 20% to Rs.1,728 Cr. (US$ 325 million) for the quarter ended December 31, 2011 (Q3-2012) from Rs.1,437 Cr. (US$ 271 million) for the Q/E December 31, 2010 (Q3-2011).

Ø  Net interest income increased 17% to Rs.2,712 Cr. (US$ 511 million) in Q3-2012 from Rs.2,312 Cr. (US$ 435 million) in Q3-2011.
Ø  Fee income increased 5% to Rs.1,701 Cr. (US$ 320 million) in Q3-2012 from ` 1,625 Cr. (US$ 306 million) in Q3-2011.
Ø  Provisions decreased 27% to Rs.341 Cr. (US$ 64 million) in Q3-2012 from ` 465 Cr. (US$ 88 million) in Q3-2011.

Operating review

Ø  At December 31, 2011, the Bank had 2,552 branches, the largest branch network among private sector banks in the country.
Ø  Advances increased by 19% YoYr to ` 246,157 Cr. (US$ 46.3 billion) at December 31, 2011 from ` 206,692 Cr. (US$ 38.9 billion) at December 31, 2010.
Ø  During Q3-2012, savings deposits and current account deposits increased by Rs.3,349 Cr. (US$ 631 million) and Rs.7,042 Cr. (US$ 1.3 billion) respectively. At December 31, 2011, savings account deposits were Rs.73,498 Cr. (US$ 13.8 billion) and current account deposits were Rs.40,039 Cr. (US$ 7.5 billion). The CASA ratio increased to 43.6% at December 31, 2011 from 42.1% at September 30, 2011. The average CASA ratio increased from 38.3% in Q2-2012 to 39.0% in Q3-2012.

Capital adequacy

capital adequacy at December 31, 2011 on Basel II norms was 18.88% and Tier-1 capital adequacy was 13.13%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.

Asset quality

Ø  Net non-performing assets decreased by 28% to ` 2,082 Cr. (US$ 392 million) at December 31, 2011 from ` 2,873 Cr. (US$ 541 million) at December 31, 2010.
Ø  Net non-performing asset ratio decreased to 0.70% at December 31, 2011 from 1.16% at December 31, 2010 and 0.80% at September 30, 2011.
Ø  Provision coverage ratio computed in accordance with the RBI guidelines at December 31, 2011 was 78.9% compared to 71.8% at December 31, 2010.
Ø  Net restructured assets at December 31, 2011 were ` 3,070 Cr. (US$ 578 million).
Insurance subsidiaries

Ø  ICICI Prudential Life Insurance Company (ICICI Life) was the largest private sector life insurer based on new business retail weighted received premium during April-December 2011.
Ø  ICICI Life’s profit after tax for 9M-2012 was Rs.1,056 Cr. (US$ 199 million) compared to Rs.513 Cr. (US$ 97 million) for 9M-2011.
Ø  ICICI Life’s annualised premium equivalent (APE) was  Rs.860 Cr. (US$ 162 million) in Q3-2012 compared to ` 571 Cr. (US$ 108 million) in Q3-2011. The assets under management at December 31, 2011 were Rs.63,222 Cr.s (US$ 11.9 billion).
Ø  ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during 9M-2012.
Ø  The gross premium income of ICICI General increased by 22% to Rs.3,965 Cr. (US$ 747 million) in 9M-2012 from  Rs.3,250 Cr. (US$ 612 million) in 9M-2011.
Ø  ICICI General’s profit after tax for 9M-2012 was  Rs.197 Cr. (US$ 37 million).
Ø  ICICI General’s profit after tax increased by 36% to Rs.101 Cr. (US$ 19 million) in Q3-2012 from Rs.74 Cr. (US$ 14 million) in Q3-2011. 

Stand Alone
RESULTS TABLE

ICICI BANK
31-Dec-11
30-Sep-11
%dfi1
30-Jun-11
%dif2
31-Dec-10
%dif3
Interest on Advances
568584
538074
5.67
493513
15.21
416195
36.61
Income on Investments
247254
234498
5.44
225103
9.84
212123
16.56
Income on Balances With RBI
13411
11527
16.34
11383
17.82
9535
40.65
Others
29938
31663
-5.45
31853
-6.01
31743
-5.69
Interest Earned
859187
815762
5.32
761852
12.78
669596
28.31
Other Income
189186
173955
8.76
164289
15.15
174879
8.18
Total Income
1048373
989717
5.93
926141
13.2
844475
24.14
Interest Expended
587985
565118
4.05
520760
12.91
438422
34.11
NII
271202
250644
8.2
241092
12.49
231174
17.32
Employees Cost
83663
84270
-0.72
73285
14.16
76047
10.01
Other Oprtng Expenses
108015
104954
2.92
108693
-0.62
95745
12.82
Oprtng Expenses
191678
189224
1.3
181978
5.33
171792
11.58
Total Expdr(Excl.Prov)
779663
754342
3.36
702738
10.95
610214
27.77
Operating Profit
268710
235375
14.16
223403
20.28
234261
14.71
Provisions
34110
31879
7
45386
-24.8
46427
-26.53
Profit  before tax
234600
203496
15.28
178017
31.79
187834
24.9
Tax Expense
61790
53177
16.2
44797
37.93
44132
40.01
Net Profit
172810
150319
14.96
133220
29.72
143702
20.26
Face Value (Rs.)
10
10
0
10
0
10
0
Paid-up Equity
115262
115247
0.01
115218
0.04
115147
0.1
Reserves
5982105
-

-

5427768
10.21
Capital Adequacy Ratio
18.88
18.99
-0.58
19.57
-3.53
19.98
-5.51
Basic EPS
14.99
13.05
14.87
11.56
29.67
12.48
20.11
Diluted EPS
14.96
13
15.08
11.51
29.97
12.41
20.55
Gross/Net NPA
204767
218377
-6.23
230252
-11.1
287274
-28.72
% of Gross/Net NPA
0.83
0.93
-10.8
1.04
-20.2
1.39
-40.29
Return on Assets
1.57
1.41
11.35
1.3
20.77
1.46
7.53
Public holding (%)
100
100
0
100
0
100
0

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