Icici bank announces performance review – quarter ended june 30, 2011
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 june 30, 2011. profit & loss account standalone profit after tax increased 30% to rs 1,332 crore (us$ 298 million) for the quarter ended june 30, 2011 (q1-2012) from rs 1,026 crore (us$ 230 million) for the quarter ended june 30, 2010 (q1-2011). net interest income increased 21% to rs 2,411 crore (us$ 539 million) in q1-2012 from rs 1,991 crore (us$ 445 million) in q1-2011. fee income increased 12% to rs 1,578 crore (us$ 353 million) in q1-2012 from rs 1,413 crore (us$ 316 million) in q1-2011. provisions decreased 43% to rs 454 crore (us$ 102 million) in q1-2012 from rs 798 crore (us$ 179 million) in q1-2011, after making additional provisions for sub-standard and doubtful assets in accordance with revised reserve bank of india (rbi) guidelines. operating review the bank has continued with its strategy of pursuing profitable growth. in this direction, the bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in india. at june 30, 2011, the bank had 2,533 branches and 6,425 atms, the largest branch network among private sector banks in the country. credit growth advances increased by 20% year-on-year to rs 220,693 crore (us$ 49.4 billion) at june 30, 2011 from rs 184,378 crore (us$ 41.2 billion) at june 30, 2010. deposit growth savings deposits increased by 18% year-on-year to rs 66,858 crore (us$ 15.0 billion) at june 30, 2011 from rs 56,546 crore (us$ 12.7 billion) at june 30, 2010. the casa ratio at june 30, 2011 was 41.9%, despite the systemic decline in demand deposits. capital adequacy the bank’s capital adequacy at june 30, 2011 as per rbi’s revised guidelines on basel ii norms was 19.57% and tier-1 capital adequacy was 13.36%, 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 decreased 33% to rs 2,351 crore (us$ 526 million) at june 30, 2011 from rs 3,514 crore (us$ 786 million) at june 30, 2010 and rs 2,459 crore (us$ 550 million) at march 31, 2011. the bank’s net non-performing asset ratio decreased to 0.91% at june 30, 2011 from 1.62% at june 30, 2010 and 0.94% at march 31, 2011. the bank’s provisioning coverage ratio computed in accordance with rbi guidelines at june 30, 2011 was 76.9% compared to 64.8% at june 30, 2010 and 76.0% at march 31, 2011. consolidated profits consolidated profit after tax of the bank increased by 53% to rs 1,667 crore (us$ 373 million) in q1-2012 from rs 1,091 crore (us$ 244 million) in q1-2011. insurance subsidiaries icici prudential life insurance company (icici life) maintained its position as the largest private sector life insurer during april-may 2011, based on retail new business weighted received premium. icici life’s profit after tax for q1-2012 was rs 339 crore (us$ 76 million) compared to a loss of rs 116 crore (us$ 26 million) during q1-2011 (excluding surplus of rs 235 crore in non-participating policyholders’ funds in q1-2011). assets held increased by 13% to rs 67,447 crore (us$ 15.1 billion) at june 30, 2011 from rs 59,547 crore (us$ 13.3 billion) at june 30, 2010. icici lombard general insurance company (icici general) maintained its leadership in the private sector during april-may 2011. icici general’s gross premium income in q1-2012 increased by 17% to rs 1,303 crore (us$ 291 million) from rs 1,118 crore (us$ 250 million) in q1-2011. icici lombard’s profit after tax for q1-2012 was rs 40 crore (us$ 9 million) compared to a profit of rs 33 crore (us$ 7 million) for q1-2011. - fee income expenses on direct market agents (dmas) 1 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, including on the assets and liabilities of icici, a former financial institution not subject to indian banking regulations, the bond and loan market conditions and availability of liquidity amongst the investor community in these markets, the nature 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. 1 crore = 10.0 millionus$ amounts represent convenience translations at us$1= rs 44.70 (excluding provisions and contingencies) (profit before provisions and contingencies) .. .. .. .. .. .. .. .. .. (not annualised for three months)(in `) (not annualised for three months)(in `) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. (rs in crore) a) basic eps (not annualised for three months)(in rs) b) diluted eps (not annualised for three months)(in rs) .. .. .. notes on segmental results: notes: n. s. kannanexecutive director & cfo
