ICICI Bank Posts Robust Q3FY13 Numbers
DSIJ Intelligence / 31 Jan 2013
ICICI Bank today reported a robust set of Q3FY13 numbers. Most of the bank’s parameters improved, putting the bank on a positive footing. Net Interest Income (NII) increased by 29% to Rs 3499 crore while Net Profit grew by 30% to Rs 2250 crore on a YoY basis.
ICICI Bank today reported a robust set of Q3FY13 numbers. Most of the bank’s parameters improved, putting the bank on a positive footing. Net Interest Income (NII) increased by 29% to Rs 3499 crore while Net Profit grew by 30% to Rs 2250 crore on a YoY basis. Non-Interest Income also grew by 17% to Rs 2215 crore on a YoY basis. The stock, however, closed on a soft note, down by 1.89% to Rs 1191.25 per share. The following are some of the key financial parameters of the bank:
| Particulars (%) | Dec 12 | Dec 11 |
|---|---|---|
| Net Interest Income (NII) | 3499 | 2712 |
| Net Profit (Rs/Cr) | 2250 | 1728 |
| CASA | 37.4 | 37.5 |
| NIM | 3.07 | 2.7 |
| CAR (Basel II) | 19.53 | 18.88 |
| Provisions (Rs/Cr) | 368.73 | 341.1 |
| Gross NPAs | 3.31 | 3.82 |
| Net NPAs | 0.76 | 0.83 |
| Return On Assets | 1.8 | 1.57 |
| Cost to Income Ratio (%) | 39.5 | 41.5 |
The asset quality of the bank also showed an improvement. Gross and Net NPA of the bank decreased by 23 and 2 basis points to 3.31% and 0.76% respectively on a sequential basis. Provision coverage ratio (PCR) of the bank also stood at 77% above the RBI guidance of maintaining at 70%.
As on Dec 31, 2012, the Capital Adequacy Ratio (CAR) of the bank stands at 19.53% against 18.88% in the similar period last year. Tier 1 CAR also stands at a healthy 13.25%. We believe that the bank is maintaining a good CAR and will not require funds any time in the near term unlike most of the banks which are currently raising funds.
As on Dec 31, 2012, the advances of the bank grew by 16.5% to Rs 286765 crore, which is in line with RBI forecast of 16% for FY13, while deposits grew by 10% to Rs 286418 crore below the apex guidance of 13% for FY13. Current Account and Saving Account (CASA) ratio of the bank more or less remained stable on a YoY basis at 37.4%.
On the segmental front, Treasury segment performed extremely well with revenue growing by 19% to Rs 9025 crore while profit from the same stood at Rs 934 crore against Rs 398 crore in the similar period last year. Profit from the retail segment de-grew by 24% to Rs 242 crore on a YoY basis.
Even on a consolidated basis, the total income grew by 13% to Rs 18715 crore while Net Profit grew by 22% to Rs 2644 crore on a YoY basis. On the valuation front, the bank is currently available at a Price-to-book value of 2x, which we believe is fairly valued and hence one could invest in the scrip keeping in mind long term horizon to garner better returns.
| Particulars | Revenue | Operating Profit | ||||
|---|---|---|---|---|---|---|
| Segment (Rs/Cr) | Dec 12 | Dec 11 | % Change | Dec 12 | Dec 11 | % Change |
| Treasury Operations | 9025.02 | 7603.06 | 18.70 | 934.49 | 398.24 | 134.65 |
| Retail Banking | 5698.63 | 4951.87 | 15.08 | 242.49 | 320.45 | -24.33 |
| Wholesale Banking | 8264.85 | 6798.37 | 21.57 | 1922.76 | 1657.14 | 16.03 |
| Other Banking Operations | 103.89 | 51.96 | 99.94 | -15.99 | -29.83 | -46.40 |
| Inter Segment | 10739.48 | 8921.53 | 20.38 | |||
| Unallocable Expense | ||||||
| Total | 12352.91 | 10483.73 | 17.83 | 3083.75 | 2346 | 31.45 |
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