ICICI Bank Limited
Performance Review
Quarter and Y/E Mar 31,
2012
Ø 31%
YoY increase in Standalone profit after tax to Rs.1,902 Cr for Q/e Mar 31, 2012
(Q4-2012) from Rs.1,452 Cr for the Q/e
Mar 31, 2011 (Q4-2011)
Ø 26%
YoY increase in standalone profit after tax to Rs.6,465 Cr ) for the y/e Mar
31, 2012 (FY2012) from Rs.5,151 Cr for the y/e Mar 31, 2011 (FY2011)
Ø 25%
YoY increase in consolidated profit after tax to Rs.7,643 Cr for FY 2012 from
Rs. 6,093 Cr for FY2011.
Ø Improvement
in net interest margin to 3.01% in Q4-2012 from 2.74% for Q4-2011
Ø 17%
YoY increase in advances to Rs.253,728 Cr
at Mar 31, 2012
Ø Current
and savings account (CASA) ratio maintained at 43.5% at Mar 31, 2012
Ø Net
non-performing asset ratio decreased to 0.62% at Mar 31, 2012 from 0.94% at Mar
31, 2011
Ø Strong
capital adequacy ratio of 18.52% and Tier-1 capital adequacy of 12.68%
Ø Dividend
of Rs.16.50 per share proposed
Profit & loss account
Ø Standalone
profit before tax increased 38% to Rs.2,642 Cr
for the q / e Mar 31, 2012 (Q4-2012) from Rs.1,921 Cr for the q / e Mar
31, 2011 (Q4-2011).
Ø Standalone
profit after tax increased 31% to Rs.1,902 Cr for Q4-2012 from Rs.1,452 Cr for
Q4-2011.
Ø Net
interest income increased 24% to Rs.3,105 Cr in Q4-2012 from Rs.2,510 Cr in
Q4-2011.
Ø Net
interest margin improved to 3.01% for Q4-2012 from 2.74% for Q42011.
Ø Non
interest income increased by 36% to Rs.2,228 Cr in Q4-2012 from Rs.1,641
Cr in Q4-2011.
Ø Standalone
profit after tax increased 26% to Rs.6,465 Cr for FY2012 from Rs. 5,151 Cr for
FY2011.
Operating review
At Mar 31, 2012, ICICI
Bank had 2,752 branches, the largest branch network among private sector banks
in the country. It also increased its ATM network to 9,006 ATMs at Mar 31, 2012
as compared to 6,104 at Mar 31, 2011.
Ø Credit growth
Advances increased by 17%
YoY to Rs.253,728 Cr at Mar 31, 2012 from Rs.216,366 Cr at Mar 31, 2011.
Ø Deposit growth
At
Mar 31, 2012, savings account deposits were Rs. 76,046 Cr and current account
deposits were Rs.34,973 Cr. The CASA ratio was maintained at 43.5% at Mar 31,
2012 as compared to 43.6% at December 31, 2011 and the average CASA ratio
remained stable at 39.0% in Q4-2012.
Ø Capital adequacy
Capital adequacy at Mar
31, 2012 as per RBI’s guidelines on Basel II norms was 18.52% and Tier-1
capital adequacy was 12.68%, well above RBI’s requirement of total capital
adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.
Ø Asset quality
Net
NPAs decreased by 23% to Rs.1,894 Cr at Mar 31, 2012 from Rs.2,459 Cr at Mar
31, 2011. Net NPA ratio decreased to 0.62% at Mar 31, 2012 from 0.94% at Mar
31, 2011 and 0.70% at December 31, 2011. Provision coverage ratio computed in
accordance with the RBI guidelines at Mar 31, 2012 was 80.4% compared to 76.0%
at Mar 31, 2011. Net restructured assets at Mar 31, 2012 were Rs.4,256 Cr.
Ø Dividend on equity
shares
The Board has recommended
a dividend of Rs.16.50 per equity share for FY2012.
Ø Consolidated profits
Consolidated
profit after tax increased 25% to Rs.7,643 Cr for FY2012 from Rs.6,093 Cr for
FY2011.
Consolidated
profit after tax increased 15% to Rs.1,810 Cr for Q4-2012 from Rs.1,568 Cr for
Q4-2011.
IRDA
through its orders dated Dec 23, 2011, Jan 3, 2012 and Mar 22, 2012 had
directed dismantling of the third party motor pool (the Pool) on a clean cut
basis and advised recognition of the Pool liabilities as per the loss ratios
estimated by GAD UK (“GAD Estimates”) for all underwriting years commencing
from y/e Mar 31, 2008 to y/e Mar 31, 2012, with the option to recognise the
same over a three year period. ICICI Lombard General Insurance Company (ICICI
General) has decided to recognise the additional liabilities of the Pool in the
current year and therefore, the loss after tax of ICICI General of Rs.416 Cr for FY2012 and Rs.613 Cr for
Q4-2012 includes the impact of additional Pool losses of Rs.685 Cr.
Consolidated net profit
after tax for FY2012 and Q42012 includes the impact of additional Pool losses
of Rs.503 Cr in line with the Bank’s
shareholding in ICICI General.
Ø Insurance subsidiaries
ICICI Prudential Life
Insurance Company (ICICI Life) was the largest private sector life insurer
based on new business retail weighted received premium during FY2012. ICICI
Life’s profit after tax for FY2012 was Rs.1,384 Cr compared to Rs.808 Cr for
FY2011. ICICI Life’s annualised premium equivalent (APE) was Rs.1,077 Cr in
Q4-2012 compared to Rs.878 Cr in Q4-2011. The assets under management at Mar
31, 2012 were Rs.70,771 Crs.
ICICI General maintained
its leadership in the private sector during FY2012. The gross premium income of
ICICI General increased by 22% to Rs.5,358 Cr in FY2012 from
Rs.4,408 Cr in FY2011. ICICI General provided Rs.685 Cr during Q4-2012 towards additional motor pool losses pursuant to
the IRDA orders dated December 23, 2011, January 3, 2012 and Mar 22, 2012.
After taking the same into account, ICICI General reported a loss of Rs.416 Cr for FY2012.
Summary Profit and Loss Statement
(as per unconsolidated Indian GAAP accounts)
Rs. Cr
ITEM :: Q4-2011 :: FY11 :: Q3-12
::
Q4-12 :: FY 12
Net
interest income :: 2,510 :: 9,017 :: 2,712 :: 3,105 :: 10,734
Non-interest
income :: 1,641 :: 6,648 :: 1,892 :: 2,228 :: 7,502
Less:
Operating
expense :: 1,789 :: 6,381 :: 1,870 :: 2,160 :: 7,648
Operating
profit :: 2,305 :: 9,048 :: 2,687 :: 3,111
:: 10,386
Less:
Provisions :: 384
:: 2,287 :: 341
:: 469
:: 1,583
Profit
before tax :: 1,921
:: 6,761 :: 2,346 :: 2,642
:: 8,803
Less:
Tax :: 469 :: 1,610
:: 618 :: 740 :: 2,338
Profit
after tax :: 1,452 :: 5,151 :: 1,728
:: 1,902 :: 6,465
CONSOLIDATED RESULTS
FOR FY 12,FY 11 & FY10
The table below shows the
consolidated Results for FY12 and FY 11 and the percentage improvement (+/-) of
FY 12 over FY11; next column id result for FY 10 and then, the percentage
improvement (+/-) of FY 12 over FY10; Total income over previous 2 years has
improved by 11.84%; while the total expenditure has increased by 12.59%.
Operating Profit has
increased by 8.58%; Profit before tax by 62.44% helped by a steep decrease in
Provisions in current year (FY 12). Consolidated Net Profit has increased by
63.65%.
Basic EPS has increased in
FY 12 by 23.89% over FY 11 and by 58.19% over FY 11. The improvement is quite
impressive. The asset quality also has improved .
Current Market price of ICICI Bank is Rs.870.70; while the 52
week high price is Rs.1128.50 and the 52
week low price is Rs.641.
But, on a Face Value of Rs.10, at Rs.66.33 in Basic
EPS, it is still far behind both HDFC Bank which has clocked Rs.112.5 (Rs.22.5
on FV of Rs.2) and Axis Bank, which has clocked Rs.102.4 in FY 12.
The PE for HDFC Bank is
23.97,while the PE Ratio for Axis Bank is 10.97. The PE Ratio for ICICI Bank is
13.13. Considering the excellent performance of Axis Bank, and the improving
performance of ICICI Bank, there is good scope for improvement in their Market
prices.
|
FY12
|
%dif1
|
%dif2
|
|||
|
Interest on Advances
|
2462012
|
1909754
|
28.92
|
2036264
|
20.91
|
|
Income on Investments
|
1137629
|
918068
|
23.92
|
781644
|
45.54
|
|
Intrst on Balances With
RBI
|
70060
|
46932
|
49.28
|
71117
|
-1.49
|
|
Others
|
129785
|
133386
|
-2.70
|
126346
|
2.72
|
|
Interest Earned
|
3799486
|
3008140
|
26.31
|
3015371
|
26
|
|
Other Income
|
2866342
|
3151330
|
-9.04
|
2944606
|
-2.66
|
|
Total Income
|
6665828
|
6159470
|
8.22
|
5959977
|
11.84
|
|
Interest Expended
|
2501325
|
1934257
|
29.32
|
2072919
|
20.67
|
|
Employees cost
|
510127
|
439260
|
16.13
|
367843
|
38.68
|
|
Other Operating Expenses
|
2445077
|
2690985
|
-9.14
|
2405481
|
1.65
|
|
Operating Expenses
|
2955204
|
3130245
|
-5.59
|
2773324
|
6.56
|
|
Total
Expdr(excl.provisions)
|
5456529
|
5064502
|
7.74
|
4846243
|
12.59
|
|
Operating Profit
|
1209299
|
1094968
|
10.44
|
1113734
|
8.58
|
|
Provisions
|
140634
|
255998
|
-45.06
|
455870
|
-69.15
|
|
Profit before tax
|
1068665
|
838970
|
27.38
|
657864
|
62.44
|
|
Tax Expense
|
274901
|
207151
|
32.71
|
173523
|
58.42
|
|
Net Profit
|
793764
|
631819
|
25.63
|
484341
|
63.89
|
|
Minority Interest
|
29470
|
22492
|
31.02
|
17312
|
70.23
|
|
Consolidated NPT
|
764294
|
609327
|
25.43
|
467029
|
63.65
|
|
Face Value.Rs.
|
10
|
10
|
0.00
|
10
|
0
|
|
Paid-up Equity
|
115277
|
115182
|
0.08
|
111489
|
3.4
|
|
Basic EPS .Rs.
|
66.33
|
53.54
|
23.89
|
41.93
|
58.19
|
|
Diluted EPS.Rs.
|
66.06
|
53.25
|
24.06
|
41.72
|
58.34
|
* * *
E N D * * *
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