Monday, January 2, 2012

ICICI BANK = RESULTS FOR = Q2 FY 2012 = Q/E SEO,2011 = VERY GOOD IMPROVEMENT = FUTURE MORE PROMISING


ICICI Bank Limited

NSE Symbol        ICICIBANK
RESULTS FOR Q2 FY 2012 ENDING SEP,2011

Performance Review
Quarter ended September 30, 2011

• 43% year-on-year increase in consolidated profit after tax to Rs.1,992 crore (US$ 407 million) for the quarter ended September 30, 2011 from Rs. 1,395 crore (US$ 285 million) for the quarter ended  September 30, 2010
• 20% year-on-year increase in advances to Rs.233,952 crore (US$ 47.8 billion) at September 30, 2011
Current and savings account (CASA) ratio at 42.1% at September 30, 2011
Net non-performing asset ratio decreased to 0.80% at September 30, 2011 from 1.37% at September 30, 2010 and 0.91% at June 30, 2011
Strong capital adequacy ratio of 18.99% and Tier-1 capital adequacy of 13.14% at September 30, 2011

Profit & loss account

Consolidated profit after tax of the Bank increased by 47% to Rs.3,658 crore (US$ 747 million) for the six months ended September 30, 2011 (H1-2012) from Rs.2,486 crore (US$ 508 million) for the six months ended September 30, 2010 (H1-2011).
Standalone profit after tax increased 25% to Rs.2,835 crore (US$ 579 million) for H1-2012 from Rs.2,262 crore (US$ 462 million) for H1-2011.
Standalone profit after tax increased 22% to Rs.1,503 crore (US$ 307 million) for Q2-2012 from Rs.1,236 crore (US$ 252 million) for Q2-2011.
Net interest income increased 14% to Rs.2,506 crore (US$ 512 million) in Q2-2012 from Rs.2,204 crore (US$ 450 million) in Q2-2011.
Fee income increased 7% to Rs.1,700 crore (US$ 347 million) in Q2-2012 from Rs.1,590 crore (US$ 325 million) in Q2-2011.

Operating review

At September 30, 2011, the Bank had 2,535 branches and 6,913 ATMs, the largest branch network among private sector banks in the country.

Credit growth

Advances increased by 20% year-on-year to Rs.233,952 crore (US$ 47.8 billion) at September 30, 2011 from Rs.194,201 crore (US$ 39.6 billion) at September 30, 2010.

Deposit growth During Q2-2012, savings deposits and current account deposits increased by Rs.3,291 crore (US$ 672 million) and Rs.3,220 crore (USD 657 million) respectively. At September 30, 2011 savings account deposits were Rs,70,149 crore (US$ 14.3 billion) and current account deposits were Rs.32,997 crore (US$ 6.7 billion). The CASA ratio at September 30, 2011 was 42.1%.
Capital adequacy

The Bank’s capital adequacy at September 30, 2011 as per RBI’s guidelines on Basel II norms was 18.99% and Tier-1 capital adequacy was 13.14%, 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 30% to Rs.2,236 crore (US$ 457 million) at September 30, 2011 from Rs.3,192 crore (US$ 652 million) at September 30, 2010. The Bank’s net non-performing asset ratio decreased to 0.80% at September 30, 2011 from 1.37% at September 30, 2010 and 0.91% at June 30, 2011. The Bank’s provision coverage ratio computed in accordance with RBI guidelines at September 30, 2011 was 78.2% compared to 69.0% at September 30, 2010 and 76.9% at June 30, 2011. Net  restructured assets at September 30, 2011 were Rs. 2,501 crore (US$ 511 million).

Insurance subsidiaries

The profit after tax of ICICI Prudential Life Insurance Company (ICICI Life) for Q2-2012 was ` 350 crore (US$ 71 million) compared to a profit of ` 15 crore (US$ 3 million) during Q2-2011 (excluding surplus of ` 254 crores (US$ 52 million) in non-participating policyholders’ funds in Q2-2011). The assets under management were ` 64,849 crore (US$ 13.2 billion) at September 30, 2011.

The gross premium income of ICICI Lombard General Insurance Company (ICICI General) increased by 20% to ` 1,306 crore (US$ 267 million) in Q2-2012 from ` 1,091 crore (US$ 223 million) in Q2-2011. ICICI Lombard’s profit after tax for Q2-2012 was ` 56 crore (US$ 11 million) compared to a profit of ` 104 crore (US$ 21 million) for Q2-2011, mainly due to higher sourcing costs and lower investment income.

STAND ALONE RESULTS TABLE

Interest on Advances for Q2 FY 12 is Rs.5380.74 cr – compared to Rs.4935.13 cr (Up by 9.03%) in previous    qtr of Q1 FY 12;  and Rs.3949.17 cr (Up by 36.25%) in corresponding Qtr of Q2 FY 11.

Income on Investments for Q2 FY 12 stands at Rs.2344.98 Cr – compared to Rs.2251.03 (Up by 4.17%) in previous qtr  - and Rs.1916.13 cr (Up by 22.38%) in corresponding Qtr.

Net Interest Income stands at Rs.2506.44 cr in Q2 FY 12 – compared to Rs.2410.92 cr (Up by 3.96%) in preceding Qtr and Rs.2204.38 cr (Up by 13.7%) in corresponding Qtr.

Total Income stands at Rs.9897.17 cr for Q2 FY 12 – compared to Rs.9261.41 cr (Up by 6.86%) in previous Qtr and Rs.7887.03 cr ( up by 25.49%) in corresponding qtr.

Total Expenditure stands at Rs.7543.42 cr in Q2 FY 12 – compared to Rs.7027.38 cr (Up by 7.34%) in previous qtr and Rs.5675.09 cr in corresponding qtr (Up by 32.92%).

Operating Profit  stands at  Rs.2353.75 cr in Q2 FY 12 – compared to Rs.2234.03 cr (Up by 5.36%) in previous qtr – and Rs.2211.94 cr (Up by 6.41%) in corresponding qtr.

Provisions stands at Rs.318.79 cr in 2 FY 12 compared to Rs.453.86 cr(down by -29.8%) in preceding Qtr and Rs.641.14 cr (down by -50.28%) in corresponding Qtr.

Profit  before tax stands at Rs.2034.96 cr in Q2 FY 12 – compared to Rs.1780.17 cr(Up by 14.31%) in preceding Qtr and Rs.1570.80 cr (Up by 29.55%) in corresponding qtr.

Net Profit       stands at Rs.1503.19 cr in Q2 FY 12 – compared to Rs.1332.20 cr (Up by 12.84%) in preceding qtr – and Rs.1236.27 cr in corresponding Qtr (Up by 21.59%).

Basic EPS stands at Rs.13.05 in Q2 FY 12 – compared to Rs.11.56 in Q1 FY 12; Rs.12.61 in Q4 FY 11; Rs.12.48 in Q3 FU 11; and Rs.10.91 in Q2 FY 11.

% of Gross/Net NPA has come down to 0.93% in Q2 FY 12 – from 1.04% in Q1 FY 12; and 1.62% in Q2 FY 11.

Return on Assets is very good at 1.41.

The Annualised EPS can be in the range of Rs.50 (or more) – on a Face Value of Rs.10.

Current MP is Rs.696.60 - 52 week high price is Rs.1158.40 and 52 week low price  is Rs.641. The PE Ratio is around 13.93. 

Considering the all-round improvement in the performance of ICICI BANK, the Bank can be expected to perform much better in coming Quarters. It is not known if the Bank has some exposure to some Infra companies – but the problems of Infra companies are themselves  temporary and as they come out, their loans will be good loans – and may not affect Banks. Hence, the future performance over all for ICICI Bank is likely to be very good.

STAND ALONE RESULTS TABLE

ICICI BANK
30-Sep-11
30-Jun-11
31-Mar-11
31-Dec-10
30-Sep-10
Interest on Advances
538074
493513
453513
416195
394917
Income on Investments
234498
225103
220928
212123
191613
Income on Balances With RBI
11527
11383
9106
9535
8230
Others
31663
31853
32098
31743
36150
Interest Earned
815762
761852
715645
669596
630910
Other Income
173955
164289
164067
174879
157793
Total Income
989717
926141
879712
844475
788703
Interest Expended
565118
520760
464672
438422
410472
NII
250644
241092
250973
231174
220438
Employees Cost
84270
73285
85662
76047
62426
Other Oprting Expenses
104954
108693
98885
95745
94611
Oprting Expenses
189224
181978
184547
171792
157037
Total Expenditure
754342
702738
649219
610214
567509
Operating Profit
235375
223403
230493
234261
221194
Provisions
31879
45386
38361
46427
64114
Profit  before tax
203496
178017
192132
187834
157080
Tax Expense
53177
44797
46921
44132
33453
Net Profit
150319
133220
145211
143702
123627
Face Value (in Rs.)
10
10
10
10
10
Paid-up Equity
115247
115218
115182
115147
115083
Capital Adequacy Ratio
18.99
19.57
19.54
19.98
20.23
Basic EPS
13.05
11.56
12.61
12.48
10.91
Diluted EPS
13
11.51
12.55
12.41
10.86
Gross/Net NPA
218377
230252
240736
287274
314523
% of Gross/Net NPA
0.93
1.04
1.11
1.39
1.62
 Return on Assets
1.41
1.3
1.47
1.46
1.31
Public holding (%)
100
100
100
100
100

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