Icici bank announces performance review – quarter ended september 30,
2012
Mumbai, india--(business wire)--the board of directors of icici bank limited (nyse: ibn) at its meeting held at mumbai today, approved the audited accounts of the bank for the quarter ended september 30, 2012. profit & loss account standalone profit before tax increased 32% to rs 2,685 crore (us$ 508 million) for the quarter ended september 30, 2012 (q2-2013) from rs 2,035 crore (us$ 385 million) for the quarter ended september 30, 2011 (q2-2012). standalone profit after tax increased 30% to rs 1,956 crore (us$ 370 million) for q2-2013 from rs 1,503 crore (us$ 284 million) for q2-2012. net interest income increased 35% to rs 3,371 crore (us$ 638 million) in q2-2013 from rs 2,506 crore (us$ 474 million) in q2-2012. net interest margin improved to 3.00% for q2-2013 from 2.61% for q2-2012. non-interest income increased by 17% to rs 2,043 crore (us$ 387 million) in q2-2013 from rs 1,740 crore (us$ 329 million) in q2-2012. cost-to-income ratio reduced to 40.9% in q2-2013 from 44.4% in q2-2012. provisions were at rs 508 crore (us$ 96 million) in q2-2013 compared to rs 319 crore (us$ 60 million) in q2-2012 and rs 466 crore (us$ 88 million) in q1-2013. return on average assets (annualised) was 1.59% in q2-2013 compared to 1.41% in q2-2012. operating review the bank has continued with its strategy of pursuing profitable growth. the bank has grown its retail lending volumes, resulting in an improvement in retail loan portfolio growth. the bank continued to leverage its strong corporate franchise, its international presence and its branch network in india. at september 30, 2012, the bank had 2,772 branches, the largest branch network among private sector banks in the country. the bank has also increased its atm network to 10,006 atms at september 30, 2012 as compared to 6,913 at september 30, 2011. credit growth advances increased by 18% year-on-year to rs 275,076 crore (us$ 52.0 billion) at september 30, 2012 from rs 233,952 crore (us$ 44.3 billion) at september 30, 2011. the year-on-year growth in retail advances was 14.0% at september 30, 2012 compared to a year-on-year growth of 10.3% at june 30, 2012. deposit growth at september 30, 2012, savings account deposits increased by 15% year-on-year to rs 80,618 crore (us$ 15.3 billion). current account deposits were rs 33,800 crore (us$ 6.4 billion) at september 30, 2012. the casa ratio was at 40.7% at september 30, 2012. the average casa ratio was at 37.5% for q2-2013. capital adequacy the bank’s capital adequacy at september 30, 2012 as per reserve bank of india’s guidelines on basel ii norms was 18.28% and tier-1 capital adequacy was 12.83%, well above rbi’s requirement of total capital adequacy of 9.0% and tier-1 capital adequacy of 6.0%. asset quality net non-performing assets at september 30, 2012 were rs 2,138 crore (us$ 405 million) compared to rs 1,941 crore (us$ 367 million) at june 30, 2012 and rs 2,236 crore (us$ 423 million) at september 30, 2011. the bank’s net non-performing asset ratio was 0.66% at september 30, 2012 compared to 0.61% at june 30, 2012 and 0.80% at september 30, 2011. the bank’s provision coverage ratio computed in accordance with the rbi guidelines was 78.7% at september 30, 2012. net restructured assets at september 30, 2012 were rs 4,158 crore (us$ 787 million) compared to rs 4,172 crore (us$ 789 million) at june 30, 2012. consolidated profits consolidated profit after tax increased 20% to rs 2,390 crore (us$ 452 million) for q2-2013 from rs 1,992 crore (us$ 377 million) for q2-2012. the consolidated return on equity (annualised) improved from 13.7% in q2-2012 to 14.8% in q2-2013. insurance subsidiaries icici prudential life insurance company (icici life) was the largest private sector life insurer based on new business retail weighted received premium during april-august 2012. icici life’s profit after tax for q2-2013 was rs 396 crore (us$ 75 million) compared to rs 350 crore (us$ 66 million) for q2-2012. icici life’s annualised premium equivalent (ape) increased by 14% to rs 1,351 crore (us$ 256 million) in h1-2013 from rs 1,180 crore (us$ 223 million) in h1-2012. the assets under management at september 30, 2012 were rs 73,521 crore (us$ 13.9 billion). icici lombard general insurance company (icici general) maintained its leadership in the private sector during q2-2013. the gross premium income of icici general increased by 16% to rs 1,517 crore (us$ 287 million) in q2-2013 from rs 1,306 crore (us$ 247 million) in q2-2012. icici general’s profit after tax for q2-2013 was rs 101 crore (us$ 19 million) compared to rs 56 crore (us$ 11 million) for q2-2012. september 30,2011 march 31,2012 june 30,2012 september 30,2012 all financial and other information in this press release, other than financial and other information for specific subsidiaries where specifically mentioned, is on an unconsolidated basis for icici bank limited only unless specifically stated to be on a consolidated basis for icici bank limited and its subsidiaries. please also refer to the statement of audited unconsolidated, consolidated and segmental results required by indian regulations that has, along with this release, been filed with the stock exchanges in india where icici bank’s equity shares are listed and with the new york stock exchange and the us securities exchange commission, and is available on our website www.icicibank.com. except for the historical information contained herein, statements in this release which contain words or phrases such as 'will,' ‘expected to,’ etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements.' these forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. these risks and uncertainties include, but are not limited to, the actual growth in demand for banking and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the internet and other technology, our rural expansion, our exploration of merger and acquisition opportunities, our ability to integrate recent or future mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our ability to manage the increased complexity of the risks we face following our rapid international growth, future levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our allowance for credit and investment losses, technological changes, investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in india and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in banking regulations and other regulatory changes in india and other jurisdictions on us, the bond and loan market conditions and availability of liquidity amongst the investor community in these markets, the nature or level of credit spreads, interest spreads from time to time, including the possibility of increasing credit spreads or interest rates, our ability to roll over our short-term funding sources and our exposure to credit, market and liquidity risks as well as other risks that are detailed in the reports filed by us with the united states securities and exchange commission. icici bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. this release does not constitute an offer of securities. for further press queries please call sujit ganguli at 91-22-2653 8525 or email ganguli.sujit@icicibank.com. for investor queries please call rakesh mookim at 91-22-2653 6114 or email ir@icicibank.com. 1 crore = 10.0 millionus$ amounts represent convenience translations at us$1= rs 52.86 sr.no. particulars september 30,2012 june 30,2012 september 30,2011 september 30,2012 september 30,2011 march 31,2012 1. (excluding provisions and contingencies) (profit before provisions and contingencies) .. .. .. .. .. .. .. .. .. .. .. .. paid-up equity share capital (face value rs 10/- each) .. .. .. a) basic eps before and after extraordinary items, net of tax expense (not annualised for three months/six months) (in rs) b) diluted eps before and after extraordinary items, net of tax expense (not annualised for three months/six months) (in rs) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. september 30,2012 june 30,2012 march 31,2012 september 30,2011 consolidated financial results (rs in crore) sr.no. three months ended september 30,2012 june 30,2012 september 30,2011 september 30,2012 september 30,2011 march 31,2012 a) basic eps (not annualised for three months/six months)(in rs) b) diluted eps (not annualised for three months/six months)(in rs) (rs in crore) sr.no. september 30,2012 june 30,2012 september 30,2011 september 30,2012 september 30,2011 march 31,2012 .. .. .. .. .. .. (i.e. segment assets – segment liabilities) notes on segmental results: notes: 1. the financial statements have been prepared in accordance with accounting standard (as) 25 on ‘interim financial reporting.’ 2. the provision coverage ratio of the bank at september 30, 2012, computed as per the rbi circular dated december 1, 2009, is 78.7% (june 30, 2012: 80.6%; march 31, 2012: 80.4%; september 30, 2011: 78.2%). 3. in accordance with insurance regulatory and development authority (irda) guidelines, icici lombard general insurance company (icici general), together with all other general insurance companies participated in the indian motor third party insurance pool (the pool), administered by the general insurance corporation of india (gic) from april 1, 2007. the pool covered reinsurance of third party risks of commercial vehicles. irda through its orders dated december 23, 2011, january 3, 2012 and march 22, 2012 has directed the dismantling of the pool on a clean cut basis and advised recognition of the pool liabilities as per loss ratios estimated by gad uk (“gad estimates”) for underwriting years commencing from the year ended march 31, 2008 to year ended march 31, 2012. icici general recognised the additional liabilities of the pool in the three months ended march 31, 2012 and accordingly the bank’s consolidated net profit after tax for the year ended march 31, 2012 includes impact of additional pool losses of rs 503.03 crore in line with bank’s shareholding in icici general. 4. during the three months ended september 30, 2012, the bank has allotted 153,348 equity shares of rs 10/- each pursuant to exercise of employee stock options. 5. status of equity investors’ complaints/grievances for the three months ended september 30, 2012: 6. previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification. 7. the above financial results have been approved by the board of directors at its meeting held on october 26, 2012. 8. the above unconsolidated financial results are audited by the statutory auditors, s.r. batliboi & co., chartered accountants. 9. rs 1 crore = rs 10 million.
