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- Jan 29, 2004 - ICICI Bank: Retail the key
ICICI Bank: Retail the key
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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