ICICI BANK Announces Quarterly Results (3QFY19); Net Profit Down 2.7%

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ICICI BANK Announces Quarterly Results (3QFY19); Net Profit Down 2.7%
Thu, 31 Jan

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

ICICI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m136,654151,056162,8047.8%19.1%
Other incomeRs m31,66931,56538,82923.0%22.6%
Total revenuesRs m168,322182,621201,63310.4%19.8%
InterestRs m79,60186,88194,0528.3%18.2%
Gross Profit Rs m57,05364,17668,7537.1%20.5%
Other expensesRs m38,14443,24446,1176.6%20.9%
Profit before taxRs m14,88212,55419,02351.5%27.8%
TaxRs m-1,6213,4652,974-14.2%
Profit after taxRs m16,5029,08916,04976.6%-2.7%
Gross profit margin %41.742.542.2
Effective tax rate%-10.927.615.6
Net profit margin%12.16.09.9
* 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 19.1% on a year-on-year (YoY) basis. The interest expended was up by 18.2% YoY during the same period.
  • The bank's operating profit increased by 20.5% YoY during the quarter. Consequently, operating profit margins remained same and stood at 42.2% in 3QFY19.
  • Other income increased by 22.6% YoY during the quarter.
  • Net profit for the quarter declined by 2.7% YoY. Net profit margins during the quarter declined from 12.1% in 3QFY18 to 9.9% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 7.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 8.3% QoQ during the same period.
  • The bank's operating profit declined by 7.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 42.2% in 3QFY19 as against 42.5% in 2QFY18.
  • Net profit for the quarter increased by 76.6% QoQ, while net profit margins increased from 6.0% in 2QFY18 to 9.9% in 3QFY19.

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 353.0 to Rs 369.8, registering a Gain of Rs 16.8 or around 4.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,498.0 (up 0.9%). Over the last one year it has moved down from 30,986.1 to 30,498.0, a gain of 488 points (down 1.6%).

Overall, the S&P BSE SENSEX is down 0.2% over the year.

Current Valuations

At the current price of Rs 369.8, the price to earnings (P/E) ratio of ICICI BANK stands at 69.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.1 times.

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