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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* E N D *
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