ICICI BANK Announces Quarterly Results (4QFY20); Net Profit Up 26.0%

Tue, 12 May

ICICI BANK has announced its results for the quarter ended March 2020. Here is a detailed performance review of the same:

ICICI BANK Quarterly Financials

No. of Mths Qtr. Ending		3 Mar-19*	3 Dec-19*	3 Mar-20*	QoQ Change	YoY Change
Operating income	Rs m	172,928	190,643	191,887	0.7%	11.0%
Other income	Rs m	36,210	45,740	42,550	-7.0%	17.5%
Total revenues	Rs m	209,138	236,383	234,437	-0.8%	12.1%
Interest	Rs m	96,727	105,190	102,618	-2.4%	6.1%
Gross Profit	Rs m	76,201	85,453	89,269	4.5%	17.1%
Other expenses	Rs m	50,077	55,707	57,918	4.0%	15.7%
Profit before tax	Rs m	7,820	54,654	14,227	-74.0%	81.9%
Tax	Rs m	-1,871	13,190	2,013	-84.7%
Profit after tax	Rs m	9,691	41,465	12,214	-70.5%	26.0%
Gross profit margin	%	44.1	44.8	46.5
Effective tax rate	%	-23.9	24.1	14.1
Net profit margin	%	5.6	21.7	6.4

Year-on-Year Performance:

• The bank's operating income (interest earned) during the quarter grew 11.0% on a year-on-year (YoY) basis. The interest expended was up by 6.1% YoY during the same period.
• The bank's operating profit increased by 17.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 46.5% in 4QFY20 as against 44.1% in 4QFY19.
• Other income increased by 17.5% YoY during the quarter.
• Net profit for the quarter increased by 26.0% YoY. Net profit margins during the quarter increased from 5.6% in 4QFY19 to 6.4% in 4QFY20.

Quarter-on-Quarter Performance:

• The bank's operating income (interest earned) during the quarter grew 0.7% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 2.4% QoQ during the same period.
• The bank's operating profit increased by 4.5% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 46.5% in 4QFY20 as against 44.8% in 3QFY19.
• Net profit for the quarter declined by 70.5% QoQ, while net profit margins declined from 21.8% in 3QFY19 to 6.4% in 4QFY20.

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

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ICICI BANK Share Price Performance

Over the last one year,ICICI BANK share price has moved down from Rs 384.8 to Rs 313.7, registering a Loss of Rs 71.1 or around 18.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 21,159.1 (down 2.5%). Over the last one year it has moved down from 32,385.1 to 21,159.1, a gain of 11,226 points (down 34.7%).

Overall, the S&P BSE SENSEX is down 16.1% over the year.

Current Valuations

At the current price of Rs 313.7, the price to earnings (P/E) ratio of ICICI BANK stands at 25.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.