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ICICI Bank: FY02 net up 60%

May 3, 2002

ICICI Bank has reported its FY02 results including 2 days financial performance of its parent ICICI. As the merger has come into effect only on March 30, 2002, ICICI Bank's profit of Rs 2.6 bn for FY02 includes only two days profit of ICICI and its merging subsidiaries, amounting to about Rs 80 m. The profit of FY02 for the bank is therefore largely comparable to previous year.

(Rs m)4QFY014QFY02ChangeFY01FY02Change
Income from operations 3,691 6,773 83.5% 12,421 21,519 73.2%
Other Income 996 1,748 75.5% 2,200 5,747 161.2%
Interest expense 2,436 5,332 118.9% 8,377 15,589 86.1%
Net interest income 1,256 1,442 14.8% 4,045 5,930 46.6%
Other expenses 1,217 1,819 49.5% 3,343 6,226 86.2%
Operating Profit 39 (378)  702 (296) 
Operating Profit Margin (%)1.1%-5.6% 5.6%-1.4% 
Provisions and contingencies 235 1,381488.1% 637 2,553301.0%
Profit before Tax 800 (11)-101.3% 2,265 2,89827.9%
Tax 296 -580-295.7% 654 315-51.8%
Profit after Tax/(Loss) 504 569 12.9% 1,611 2,58360.3%
Net profit margin (%)13.7%8.4% 13.0%12.0% 
No. of Shares (m) 196.8 613.0   196.8 613.0  
Diluted Earnings per share*3.33.7 2.64.2 
P/E Ratio    27.3 
*(annualised)      

The bank's profits for the March quarter have been affected due to higher deposit mobilisation and substantial addition to the SLR portfolio to meet the reserve requirements of the merged entity. Also, higher provison for non-performing assets lowered the bank's profits.

The bank's equity capital increased to 613 m shares consequent to merger. The merged entity is likely to have net NPA ratio of 4.7% (1.4% in FY01 for ICICI Bank on a standalone basis).

At the current market price of Rs 115, ICICI Bank is trading at a Price/Book value ratio of 1.1x on a consolidated basis. ICICI Bank is holding its analyst meet today. We will update our notes post that.

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