ICICI Bank Q3FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
ICICI Bank Ltd has announced its Q3FY13 result on 31st January 2013.
The bank’s total income increased by 5.53% QoQ and 24.10% YoY to INR5713.64 crores, driven by 29.02% and 17.06% YoY growth in its Net Interest Income (NII) and Other Income respectively. Whereas, Profit After Tax (PAT) increased by 15.04% QoQ and 30.21% YoY to INR2250.24 crores.
During the quarter, Bank's loans book and total deposits expanded by 16.50% and 9.91% YoY to INR286765.98 and INR286418.06 crores respectively. On the assets quality front, the bank has improved its assets quality despite challenging environment. Bank’s GNPA and NNPA improved by 23 and 2bps QoQ and 51 and 7bps YoY to 3.31% and 0.76% respectively. Moreover, bank is well capitalized to support its growth trajectory. Capital Adequacy Ratio (CAR) improved by 125bps QoQ and 65bps YoY to 19.53% which is more than double the regulator’s stipulated norm and probably best in the industry. On the margin front, Net Interest Margin (NIM) improved by 7bps QoQ and 37bps YoY to 3.07%. Moreover, bank is in well position to tame any time liabilities with 77.70% of its Provision Coverage Ratio (PCR). Moreover, bank has also improved its low cost deposits base, CASA ratio improved by 20bps QoQ to 40.90%.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 5636.7 |
5713.64 |
1.36% |
|
PAT |
2080.5 |
2250.24 |
8.16% |
|
ICICI Bank Ltd Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
10138.29 |
10026.33 |
8591.87 |
1.12 |
18.00 |
|
Interest Expended |
6639.27 |
6655.10 |
5879.85 |
-0.24 |
12.92 |
|
NII |
3499.02 |
3371.23 |
2712.02 |
3.79 |
29.02 |
|
Other Income |
2214.62 |
2042.97 |
1891.86 |
8.40 |
17.06 |
|
Total Income |
5713.64 |
5414.20 |
4603.88 |
5.53 |
24.10 |
|
Operating Expenses |
2261.16 |
2220.90 |
1916.78 |
1.81 |
17.97 |
|
Operating Profit before Prov.& Cont. |
3452.48 |
3193.30 |
2687.10 |
8.12 |
28.48 |
|
Provisions and Contingencies |
368.73 |
507.92 |
341.10 |
-27.40 |
8.10 |
|
PBT |
3083.75 |
2685.38 |
2346.00 |
14.83 |
31.45 |
|
Tax |
833.51 |
729.27 |
617.90 |
14.29 |
34.89 |
|
Profit After Tax |
2250.24 |
1956.11 |
1728.10 |
15.04 |
30.21 |
|
Basic Calculated EPS |
19.51 |
16.97 |
14.99 |
14.97 |
30.15 |
|
Advances |
286765.98 |
275075.63 |
246157.49 |
4.25 |
16.50 |
|
Deposits |
286418.06 |
281438.20 |
260589.36 |
1.77 |
9.91 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
19.53% |
18.28% |
18.88% |
125 |
65 |
|
% of Net NPAs |
0.76% |
0.78% |
0.83% |
-2 |
-7 |
|
% of Gross NPAs |
3.31% |
3.54% |
3.82% |
-23 |
-51 |
|
CASA% |
40.90% |
40.70% |
43.60% |
20 |
-270 |
|
NIM % |
3.07% |
3.00% |
2.70% |
7 |
37 |
|
Provisions Coverage% |
77.70% |
78.70% |
78.90% |
-100 |
-120 |
|
C/D ratio |
100.12% |
97.74% |
94.46% |
238 |
566 |
|
C/I Ratio |
39.57% |
41.02% |
41.63% |
-145 |
-206 |
|
OI/TI |
60.43% |
58.98% |
58.37% |
145 |
206 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai