ICICI Bank (Q1 FY14)

India Infoline News Service | Mumbai |

ICICI Bank’s domestic corporate loan book grew by brisk 20% yoy driven partially by short term loans to highly-rated corporate customers.

CMP Rs910, Target Rs1,212, Upside 33.2%
  • Domestic book grows by 14% yoy; weak retail credit growth disappointed

  • CASA ratio improves for yet another quarter; bank confident of sustaining average balance at 39%

  • NIM performance better than expectation aided by normalization of international margin

  • Core fee income growth improves; C/I ratio declines on huge treasury income

  • Notable stress in asset quality; aggravating risks to credit cost guidance

  • Retain BUY but reduce 9-month target price to Rs1,212  

Result table (Standalone)
(Rs mn)
Q1 FY14
Q4 FY13
% qoq
Q1 FY13
% yoy
Total Interest Income
104,207
103,653
0.5
95,457
9.2
Interest expended
(66,002)
(65,621)
0.6
(63,527)
3.9
Net Interest Income
38,205
38,032
0.5
31,929
19.7
Other income
24,843
22,082
12.5
18,799
32.1
Total Income
63,048
60,114
4.9
50,729
24.3
Operating expenses
(24,906)
(24,073)
3.5
(21,235)
17.3
Provisions
(5,932)
(4,600)
28.9
(4,659)
27.3
PBT
32,210
31,441
2.4
24,835
29.7
Tax
(9,468)
(8,400)
12.7
(6,684)
41.6
Reported PAT
22,742
23,041
(1.3)
18,151
25.3
EPS
78.9
80.0
(1.3)
63.1
25.2


(Rs bn)
Q1 FY14
Q4 FY13
% qoq
Q1 FY13
% yoy
Loans
3,014
2,902
3.8
2,684
12.3
Deposits
2,912
2,926
(0.5)
2,678
8.7
LDR (%)
103.5
99.2
4.3
100.2
3.3
Total assets
5,486
5,368
2.2
4,835
13.5


(Rs mn)
BSE 306.85 2.30 (0.76%)
NSE 306.70 2.35 (0.77%)

***Note: This is a NSE Chart

 

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