ICICI BANK Announces Quarterly Results (2QFY19); Net Profit Down 55.8%

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ICICI BANK Announces Quarterly Results (2QFY19); Net Profit Down 55.8%
Fri, 9 Nov

ICICI BANK has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

ICICI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m135,771147,224151,0562.6%11.3%
Other incomeRs m51,86238,51831,565-18.1%-39.1%
Total revenuesRs m187,633185,742182,621-1.7%-2.7%
InterestRs m78,68086,20586,8810.8%10.4%
Gross Profit Rs m57,09161,01964,1765.2%12.4%
Other expensesRs m39,08841,45343,2444.3%10.6%
Profit before taxRs m24,836-1,62912,554-49.5%
TaxRs m4,254-4343,465-18.5%
Profit after taxRs m20,582-1,1969,089-55.8%
Gross profit margin %42.041.442.5
Effective tax rate%17.126.627.6
Net profit margin%15.2-0.86.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 11.3% on a year-on-year (YoY) basis. The interest expended was up by 10.4% YoY during the same period.
  • The bank's operating profit increased by 12.4% YoY during the quarter. Consequently, operating profit margins remained same and stood at 42.5% in 2QFY19.
  • Other income declined by 39.1% YoY during the quarter.
  • Net profit for the quarter declined by 55.8% YoY. Net profit margins during the quarter declined from 15.2% in 2QFY18 to 6.0% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.8% QoQ during the same period.
  • The bank's operating profit increased by 5.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.5% in 2QFY19 as against 41.4% in 1QFY18.
  • Net profit for the quarter increased by 860.3% QoQ, while net profit margins increased from -0.8% in 1QFY18 to 6.0% in 2QFY19.

To see how ICICI BANK has performed over the last eight quarters, please visit here.

ICICI BANK Share Price Performance

Over the last one year, ICICI BANK share price has moved up from Rs 311.6 to Rs 355.2, registering a Gain of Rs 43.6 or around 14.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,045.2 (up 0.0%). Over the last one year it has moved up from 28,634.8 to 29,045.2, a gain of 410 points (up 1.4%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 355.2, the price to earnings (P/E) ratio of ICICI BANK stands at 65.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.1 times.

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