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ICICI Bank: Signs of comeback
Jul 27, 2012

ICICI Bank declared the results for the first quarter of financial year 2012-2013 (1QFY13). The bank has reported 32% YoY growth in net interest income and 36% YoY growth in net profits for the first quarter. Here is our analysis of the results.

Performance summary
  • Net interest income grows by 32% in 1QFY13 on the back of 22% YoY growth in advances while net interest margin (NIM) improved to 3.0% from 2.6% in 1QFY12.
  • Cost to income ratio reduces to 42% from 44.7% in 1QFY12.
  • Capital adequacy ratio healthy at 18.5% at the end of June 12.
  • Net NPAs remain stable at 0.6% of advances in 1QFY13 as was the case in 4QFY12 (0.9% in 1QFY12).
  • Bottomline grows by 36% YoY in 1QFY13 largely due to higher interest margins and other income. This is despite increase in provisioning which enhanced coverage ratio to 80.6% in June 2012.
Standalone Financial Performance
Rs (m) 1QFY12 1QFY13 Change
Interest income 76,185 95,456 25.3%
Interest Expense 52,076 63,527 22.0%
Net Interest Income 24,109 31,929 32.4%
NIM (%) 2.6% 3.0%  
Other Income 16,428 18,799 14.4%
Other Expense 18,197 21,235 16.7%
Provisions and contingencies 4,538 4,658 2.6%
Profit before tax 17,802 24,835 39.5%
Tax 4,479 6,684 49.2%
Profit after tax / (loss) 13,323 18,151 36.2%
Net profit margin (%) 17.5% 19.0%  
No. of shares (m)   1,152.9  
Book value per share (Rs)*   546.7  
P/BV (x)               1.7  

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