ICICI Bank (Q4 FY13)

India Infoline News Service | Mumbai |

ICICI Bank’s domestic corporate loan book continued to grow at strong pace of 30% driven partially by short term loans to highly-rated corporate customers.

CMP Rs1,143, Target Rs1,404, Upside 22.8%

  • Loan growth below expectations; domestic book grows by 18%

  • NIM performance continues to beat expectations; margin to stabilize from hereon

  • Core fee income continues to be weak; C/I ratio stable

  • Asset quality continues to gradually improve; FY14 outlook benign

  • Capital adequacy robust; strong RoA delivery continues

  • Valuation re-rating imminent; raise 9-month target price Rs1,404

Result table (Standalone)
(Rs mn) Q4 FY13 Q3 FY13 % qoq Q4 FY12 % yoy
Total Interest Income 103,653 101,383 2.2 91,746 13.0
Interest expended (65,621) (66,393) (1.2) (60,699) 8.1
Net Interest Income 38,032 34,990 8.7 31,048 22.5
Other income 22,082 22,150 (0.3) 22,285 (0.9)
Total Income 60,114 57,140 5.2 53,332 12.7
Operating expenses (24,073) (22,612) 6.5 (22,216) 8.4
Provisions (4,600) (3,687) 24.8 (4,693) (2.0)
PBT 31,441 30,841 1.9 26,423 19.0
Tax (8,400) (8,335) 0.8 (7,405) 13.4
Reported PAT 23,041 22,506 2.4 19,018 21.2
EPS 80.0 78.1 2.4 66.1 21.0

(Rs bn) Q4 FY13 Q3 FY13 % qoq Q4 FY12 % yoy
Loans 2,902 2,868 1.2 2,537 14.4
Deposits 2,926 2,864 2.2 2,555 14.5
LDR (%) 99.2 100.1 (0.9) 99.3 (0.1)
Total assets 5,368 5,273 1.8 4,736 13.3

(Rs mn) Q4 FY13 Q3 FY13 chg qoq Q4 FY12 chg yoy
NIM (%) 3.3 3.1 0.3 3.0 0.3
Yield on advances (%)* 10.3 10.6 (0.4) 10.4 (0.2)
Yield on investment (%)* 6.8 6.9 (0.1) 7.1 (0.3)
CASA (%) 41.9 40.9 1.0 43.5 (1.6)
C/D (%) 99.2 100.1 (0.9) 99.3 (0.1)
Non-interest income (%) 36.7 38.8 (2.0) 41.8 (5.1)
Cost to Income (%) 40.0 39.6 0.5 41.7 (1.6)
Provisions/Income (%) 7.7 6.5 1.2 8.8 (1.1)
BV (Rs) 578.2 581.9 (3.7) 524.0 54.2
RoE (%) 14.5 14.1 0.4 13.2 1.3
RoA (%) 1.8 1.8 (0.0) 1.7 0.1
CAR (%) 18.7 19.5 (0.8) 18.5 0.2
Gross NPA (%) 3.2 3.3 (0.1) 3.6 (0.4)
Net NPA (%) 0.8 0.8 0.0 0.6 0.2
Source: Company, India Infoline Research; * Computed by us

Loan growth below expectations; domestic book grows by 18%

ICICI Bank’s domestic corporate loan book continued to grow at strong pace of 30% driven partially by short term lo

BSE 303.05 [4.35] ([1.42]%)
NSE 302.95 [4.65] ([1.51]%)

***Note: This is a NSE Chart

 

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