ICICI BANK
FIRST QUARTER RESULTS
Q1 FY 2013
ICICI
BANK has released much improved results
for the first quarter ending June, 2012.
HIGH LIGHTS
Total Income
for the first quarter stands at Rs.11425.57 Cr ; up by 0.2% from the previous quarter ( Q4 FY
12), Of Rs.11403.10 Cr; and up by 23.37%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs.9261.41 Cr. While QoQ,
total income is FLAT, there is very good
improvement YoY.
Total Expenditure for the first quarter stands at Rs.8476.24
Cr ; up by 2.23% from the previous quarter ( Q4 FY 12), Of Rs.8291.51 Cr;
and up by 20.62% from the corresponding quarter of FY 12 (Q1 FY 12) of
Rs.7027.38 Cr.
Profit before
Interest, Dep. & Taxes
for the first quarter stands at Rs.2949.33 Cr ; down by -5.21%
from the previous quarter ( Q4 FY 12), Of Rs.3111.59 Cr; and up by 32.02% from the corresponding
quarter of FY 12 (Q1 FY 12) of Rs.2234.03 Cr.
Net Profit for the first quarter stands at Rs.1815.05 Cr
; down by -4.56% from the previous quarter ( Q4 FY 12), Of Rs.1901.76 Cr; and up by 36.24% from the corresponding
quarter of FY 12 (Q1 FY 12) of Rs. 1332.20
Cr.
Diluted EPS
for the
first quarter stands at Rs.15.71 ; down by -4.56% from the previous quarter ( Q4
FY 12), Of Rs.16.46; and up by 36.49%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs.11.51 Cr.
DETAILS
Interest on
Advances for the first quarter stands at Rs. 6455.83 Cr ; up by 5.35%
from the previous quarter ( Q4 FY 12), Of Rs.6128.18 Cr; and up by 30.81%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 4935.13 Cr.
Income on
Investments for
the first quarter stands at Rs.2701.91 Cr ; up by 3.3%
from the previous quarter ( Q4 FY 12), Of Rs.2615.47 Cr; and up by 20.03%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 2251.03 Cr.
Income on Balances
With RBI for
the first quarter stands at Rs.123.61 Cr ; down by -3.38% from the previous quarter ( Q4
FY 12), Of Rs.127.93 Cr; and up by 8.59% from the corresponding quarter of
FY 12 (Q1 FY 12) of Rs.113.83 Cr.
Interest Earned for the first quarter stands at Rs.9545.65
Cr ; up by 4.04% from the previous
quarter ( Q4 FY 12), Of Rs.9174.64 Cr; and up by 25.3%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 7618.52 Cr.
Other Income for the first quarter stands at Rs.1879.92
Cr ; down by -15.64% from the previous quarter ( Q4 FY 12), Of Rs.2228.46 Cr; and up by 14.43%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs.1642.89 Cr.
Total Income for the first quarter stands at Rs.11425.57
Cr ; up by 0.2% from the previous quarter ( Q4 FY 12), Of Rs.11403.10 Cr; and up by 23.37%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 9261.41 Cr.
Interest Expended for the first quarter stands at Rs.6352.71 Cr ;
up by 4.66%
from the previous quarter ( Q4 FY 12), Of Rs.6069.87 Cr; and up by 21.99%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 5207.60 Cr.
Net interest income
increased 32% to Rs 31.93 billion in Q1 FY2013 from Rs 24.11
billion in Q1 FY2012.
Employees Cost for the first quarter stands at Rs.987.03
Cr ; down by -10.52% from the previous quarter ( Q4 FY 12), Of Rs.1103.10 Cr; and up by 34.68%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 732.85 Cr.
Other Operating
Expenses for
the first quarter stands at Rs.1136.50 Cr ; up by 1.61%
from the previous quarter ( Q4 FY 12), Of Rs.1118.54 Cr; and up by 4.56%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 1086.93 Cr.
Operating Expenses for the first quarter stands at Rs.212353
Cr ; down by -4.42% from the previous quarter ( Q4 FY 12), Of Rs.2221.64 Cr; and up by 16.69%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs.1819.78 Cr.
Total Expdr(Excl.Provisions)
for the first quarter stands at Rs.8476.24 Cr ; up by 2.23%
from the previous quarter ( Q4 FY 12), Of Rs.8291.51 Cr; and up by 20.62%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs.7027.38 Cr.
Operating Profit for the first quarter stands at Rs.2949.33
Cr ; down by -5.21% from the previous quarter ( Q4 FY 12), Of Rs.3111.59 Cr; and up by 32.02%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 2234.03 Cr.
Provisions
for the first quarter stands at Rs.465.87
Cr ; down by -0.73% from the previous quarter ( Q4 FY 12), Of Rs.469.30 Cr; and up by 2.65%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 453.86 Cr.
Profit before tax for the first quarter stands at Rs.2483.46
Cr ; down
by -6.01% from the previous quarter ( Q4
FY 12), Of Rs.2642.29 Cr; and up by 39.51% from the corresponding quarter
of FY 12 (Q1 FY 12) of Rs. 1780.17 Cr.
Tax Expense for the first quarter stands at Rs.668.41 Cr ; down by -9.74%
from the previous quarter ( Q4 FY 12), Of Rs.740.53 Cr; and up by 49.21%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 447.97 Cr.
Net Profit for the first quarter stands at Rs.1815.05 Cr
; down by -4.56% from the previous quarter ( Q4 FY 12), Of Rs.1901.76
Cr; and up by 36.24% from the corresponding quarter
of FY 12 (Q1 FY 12) of Rs. 133220 Cr.
Thus, while the YoY performance is VERY IMPRESSIVE, the QoQ performance is down
by 4.56%. There is, no doubt that ICICI Bank is improving its performance very
Fast. But, the impressive improvement YoY – this quarter needs to be repeated
in the coming quarters – to confirm ICICI Bank’s performance upgrade.
Face Value
of Share is Rs.10 and Paid-up Equity
stands at Rs.1152.93 Cr.
Capital Adequacy
Ratio for the first quarter stands at 18.54%;
compared to 18.52% in Q4 FY 12; and 19.57% in Q1 FY 12.
Basic EPS
stands at Rs.15.74 in Q1 FY 13; at Rs.16.5 in Q4 FY 12; and Rs.11.56 in Q1 FY
12.
Diluted EPS
stands at Rs.15.71 in Q1 FY 13; at Rs.16.46 in Q4 FY 12; and at Rs.11.51 in Q1
FY 12.
Gross/Net NPA
for the first quarter stands at Rs.1904.99 Cr ; up by 2.37%
from the previous quarter ( Q4 FY 12), Of Rs.1860.84 Cr; and down by -17.26%
from the corresponding quarter of FY 12 (Q1 FY 12) of Rs. 230252 Cr.
% of Gross/Net NPA for the first quarter stands at 0.71%
; at 0.73 % for Q4 FY 12; and 1.04% fro Q1 FY 12.
Return on Assets
for the first quarter stands at 1.57%; at 1.69% fro Q4 FY 12; and 1.3% for Q1
FY 12.
Public Shareholding
in ICICI Bank is 100%.
Other details
The Bank
says - `` the Bank continues to leverage its strong corporate franchise, its
international presence and its expanded branch network in India. At June 30,
2012, the Bank had 2,755 branches, the largest branch network among private
sector banks in the country. The Bank has also increased its ATM network to
9,366 ATMs at June 30, 2012 as compared to 6,425 at June 30, 2011.``
Advances
increased by 22% Y-o-Y to Rs 2,684.30 billion at June 30, 2012 from Rs 2206.93
billion at June 30, 2011.
Savings account
deposits increased by
17% year-on-year to Rs 779.23 billion. Current account deposits were Rs 307.54
billion at June 30, 2012. The CASA ratio was at 40.6% at June 30, 2012. The
average CASA ratio remained stable at 39.1% in Q1-2013.
Capital adequacy
Ratio as per Basel
II norms was 18.54% and Tier-1 capital adequacy was 12.78%, well above RBI`s
requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of
6.0%.
Net non-performing
assets decreased by
17% to Rs 19.41 billion at June 30, 2012 from Rs 23.51 billion at June 30,
2011. The bank`s net non-performing asset ratio decreased to 0.61% at June 30,
2012 from 0.91% at June 30, 2011 and 0.62% at March 31, 2012.
Provision coverage
ratio stands at
June 30, 2012 was 80.6% compared to 76.9% at June 30, 2011.
COMMENTS :
ICICI BANK’s Performance is improving very fast. However, the consistency of
improvement is yet to be established. If this rate of progress is maintained,
it is bound to establish itself as No.1 in the Private Banking Sector. However,
other Private sector Players are equally efficient and are moving fast up the
ladder. ICICI Bank has to compete
against them.
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