ICICI Bank: 'Spread'ing growth - Views on News from Equitymaster

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ICICI Bank: 'Spread'ing growth

Jan 31, 2003

ICICI Bank, the largest private sector bank in the country, has posted encouraging December quarter numbers. The bank has reported a marginal 1% QoQ drop in its interest income while its bottomline has improved by 16% in the same period. A year on year comparison is not possible since the bank has now been merged with parent ICICI. What is further encouraging is the fact that the bank has been able to reduce its interest expenses on a QoQ basis. This indicates an improving net interest margin scenario. Net interest income has recorded an impressive 12% sequential growth. Just to put things in perspective SBI had reported a marginal sequential drop in net interest income while HDFC Bank had reported a 7% QoQ increase in net interest income.

(Rs m) 2QFY03 3QFY03 Change
Income from Operations 22,798 22,587 -0.9%
Other Income 5,531 5,678 2.7%
Interest Expenses 19,727 19,162 -2.9%
Net interest income 3,070 3,425 11.6%
Other Expenses 4,817 5,206 8.1%
Operating Profit (1,747) (1,781) 2.0%
Operating Profit Margin (%) -7.7% -7.9%  
Provisions and Contingencies 17,558 293 -98.3%
Profit before Tax (13,774) 3,604 -126.2%
Extra-ordinary income/(expense) 11,910 -  
Tax (4,717) 301 -106.4%
Profit after Tax/(Loss) 2,853 3,303 15.8%
Net Profit Margin (%) 12.5% 14.6%  
No. of Shares (m) 612.6 612.6  
Diluted Earnings per share* (Rs) 18.6 21.6  
P/E Ratio (x)   7.1  
*(annualised)      

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