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ICICI Bank (Q1 FY13)

Loan growth ahead of expectation; mix shifts towards corporate segment

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs928, Target Rs1,200, Upside 29.3% 
  • Loan growth ahead of expectation; mix shifts towards corporate segment

  • Healthy savings growth supports average CASA ratio at 39% 

  • Impressive resilience in NIM; likely to remain above 3% during FY13

  • Core fee income growth continues to disappoint; dividend from subsidiaries offset muted treasury performance

  • Consistent improvement in asset quality; credit cost guidance remains benign

  • Capital adequacy robust and strong RoA delivery

  • Continuation of robust operating performance calls for immediate valuation re-rating

Result table
(Rs mn) Q1 FY13 Q4 FY12 % qoq Q1 FY12 % yoy
Total Interest Income 95,457 91,746 4.0 76,185 25.3
Interest expended (63,527) (60,699) 4.7 (52,076) 22.0
Net Interest Income 31,929 31,048 2.8 24,109 32.4
Other income 18,799 22,285 (15.6) 16,430 14.4
Total Income 50,729 53,332 (4.9) 40,539 25.1
Operating expenses (21,235) (22,216) (4.4) (18,198) 16.7
Provisions (4,659) (4,693) (0.7) (4,539) 2.6
PBT 24,835 26,423 (6.0) 17,803 39.5
Tax (6,684) (7,405) (9.7) (4,480) 49.2
Reported PAT 18,151 19,018 (4.6) 13,323 36.2
EPS 63.0 66.0 (4.6) 46.3 36.1

(Rs bn) Q1 FY13 Q4 FY12 % qoq Q1 FY12 % yoy
Loans 2,684 2,537 5.8 2,207 21.6
Deposits 2,678 2,555 4.8 2,307 16.1
LDR (%) 100.2 99.3 0.9 95.7 4.6
Total assets 4,835 4,736 2.1 4,152 16.4
           
Key  Ratios (%) Q1 FY13 Q4 FY12 chg qoq Q1 FY12 chg yoy
NIM (%) 3.0 3.0 - 2.6 0.4
Yield on adv (%)* 10.6 10.4 0.1 9.7 0.8
Yield on inv (%)* 7.3 7.1 0.2 6.7 0.6
CASA (%) 40.6 43.5 (2.9) 41.9 (1.3)
C/D (%) 100.2 99.3 0.9 95.7 4.6
Non-int income (%) 37.1 41.8 (4.7) 40.5 (3.5)
Cost to Income (%) 41.9 41.7 0.2 44.9 (3.0)
Prov/Income (%) 9.2 8.8 0.4 11.2 (2.0)
BV (Rs) 546.6 524.0 22.6 490.1 56.5
RoE (%) 12.2 13.2 (1.0) 9.8 2.4
RoA (%) 1.6 1.7 (0.1) 1.4 0.2
CAR (%) 18.5 18.5 0.0 19.6 (1.0)
Gross NPA (%) 3.5 3.6 (0.1) 4.4 (0.8)
Net NPA (%) 0.6 0.6 (0.0) 0.9 (0.3)

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