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ICICI Bank: Retail the key

Jan 29, 2004

ICICI Bank has reported encouraging results for the December quarter. While the bank's topline has fallen by 3%, its bottomline growth has been strong at 33% in the December quarter on a YoY basis. Continuing fall in interest expenses has led to a strong growth in net interest income, which has contributed to the bottomline improvement. The bank has reported a sharp rise in other income, which has further helped the bottomline growth. Operating margins, however, continue to remain in the negative territory due to high incidence of operating expenses that have shown a further rise in the December quarter.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Income from Operations 22,587 21,917 -3.0% 69,340 66,362 -4.3%
Other Income 5,678 8,130 43.2% 27,494 23,191 -15.7%
Interest Expenses 19,162 17,067 -10.9% 59,484 52,852 -11.1%
Net interest income 3,425 4,850 41.6% 9,857 13,510 37.1%
Other Expenses 5,206 6,454 24.0% 14,449 18,806 30.2%
Operating Profit (1,781) (1,603) -10.0% (4,593) (5,296)  
Operating Profit Margin (%) -7.9% -7.3% -6.6% -8.0%  
Provisions and Contingencies 293 1,370 367.1% 18,346 4,402 -76.0%
Profit before Tax 3,604 5,157 43.1% 4,556 13,492 196.1%
Tax 301 756 151.2% (4,129) 1,675 -140.6%
Profit after Tax/(Loss) 3,303 4,401 33.2% 8,685 11,817 36.1%
Net Profit Margin (%) 14.6% 20.1%   12.5% 17.8%  
No. of Shares (m) 612.6 613.4   612.6 613.4  
Diluted Earnings per share* 21.6 28.7   18.9 25.7  
P/E Ratio         11.2  
*(annualised)            

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