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%.
SUGGESTION TO COMPANIES & NSE/BSE :
Many Companies have subsidiary operations on a large scale - and only a few of them are furnishing the CONSOLIDATED RESULTS on a Quarterly Basis to the Exchanges concerned. Their consolidated Reports are very relevant for Investors and Analysts in Judging their performance Objectively.
Many times, Key Indicators are not available in their presentations (On their web site).
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
|
* *
* e n
d * * *
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