ICICI Bank (Q3 FY14)

India Infoline News Service | Mumbai |

ICICI Bank’s domestic loan book grew by modest 13% yoy and the international advances increased by 11% in dollar terms.

CMP Rs1,001, Target Rs1,162, Upside 16.1% 
  • Domestic book grows by 13% yoy; retail credit remains the key driver

  • Savings deposits growth further improved to 17.5% yoy; average CASA was lower 

  • NIM performance was resilient; marginal improvement likely in medium term

  • Fee growth healthy; C/I ratio declines on higher treasury income and robust NII performance

  • Large influx of stressed assets; credit cost to remain elevated

  • Retain BUY but reduce 9-12 month target price to Rs1,162 

Result table (Standalone)
(Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Total Interest Income
114,550
108,133
5.9
101,383
13.0
Interest expended
(71,999)
(67,698)
6.4
(66,393)
8.4
Net Interest Income
42,551
40,435
5.2
34,990
21.6
Other income
28,010
21,665
29.3
22,150
26.5
Total Income
70,561
62,100
13.6
57,140
23.5
Operating expenses
(26,170)
(23,221)
12.7
(22,612)
15.7
Provisions
(6,946)
(6,248)
11.2
(3,687)
88.4
PBT
37,444
32,630
14.8
30,841
21.4
Tax
(12,122)
(9,110)
33.1
(8,335)
45.4
Reported PAT
25,322
23,520
7.7
22,506
12.5
EPS
87.9
81.6
7.7
78.1
12.6

(Rs bn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Loans
  3,326
  3,178
  4.7
  2,868
  16.0
Deposits
  3,170
  3,090
  2.6
  2,864
  10.7
LDR (%)
  104.9
  102.8
   2.1
  100.1
  4.8
Total assets
  5,741
  4,544
  26.3
  5,273
  8.9

(Rs mn)
BSE 311.10 0.55 (0.18%)
NSE 311.45 0.70 (0.23%)

***Note: This is a NSE Chart

 

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