Profit and loss account
‚EuroĘ Standalone profit after tax (PAT) increased 20pc to ' 2,352 crore (USUSD 376 million) for the quarter ended September 30, 2013 (Q2-2014) from ' 1,956 crore (USUSD 312 million) for the quarter ended September 30, 2012 (Q2-2013).
‚EuroĘ The Bank has fully recognised the mark-to-market provisions of ' 279 crore (USUSD 45 million) on its investment portfolio, and has not availed the option permitted by the Reserve Bank of India of recognising the same over three quarters.
‚EuroĘ Operating profit excluding treasury increased 31pc year-on-year to ' 3,967 crore (USUSD 634 million) in Q2-2014 from ' 3,022 crore (USUSD 483 million) in Q2-2013.
‚EuroĘ Net interest income increased 20pc to ' 4,044 crore (USUSD 646 million) in Q2-2014 from ' 3,371 crore (USUSD 538 million) in Q2-2013.
‚EuroĘ Net interest margin increased by 31 basis points from 3.00pc for Q2-2013 and 3.27pc in Q1-2014 to 3.31pc for Q2-2014.
‚EuroĘ Net interest margin of international branches increased from 1.60pc in Q1-2014 to 1.80pc in Q2-2014, while the domestic net interest margin was stable at 3.65pc in Q2-2014 vis-a-vis 3.63pc in Q1-2014.
‚EuroĘ Fee income increased by 17pc to ' 1,994 crore (USUSD 319 million) in Q2-2014 from ' 1,709 crore (USUSD 273 million) in Q2-2013.
‚EuroĘ Cost-to-income ratio reduced to 37.3pc in Q2-2014 from 40.9pc in Q2-2013.
‚EuroĘ Provisions were at ' 625 crore (USUSD 100 million) in Q2-2014 compared to ' 508 crore (USUSD 81 million) in Q2-2013.
‚EuroĘ Return on average assets was 1.70pc in Q2-2014 compared to 1.54pc in Q2-2013.
The Bank has continued with its strategy of pursuing profitable growth.
The Bank continued to leverage its branch network, its strong corporate franchise and its international presence.
During the quarter, the Bank added 157 branches, including 105 low cost Gramin branches, and 196 ATMs to its network. At September 30, 2013, the Bank had 3,507 branches, the largest branch network among private sector banks in the country.
The Bank's ATM network increased to 11,098 ATMs at September 30, 2013 as compared to 10,006 at September 30, 2012.
Total advances increased by 16pc year-on-year to ' 317,786 crore (USUSD 50.8 billion) at September 30, 2013 from ' 275,076 crore (USUSD 43.9 billion) at September 30, 2012. The year-on-year growth in domestic advances was 14pc .
The Bank has continued to see healthy growth in its retail disbursements.
As a result, the outstanding mortgages and auto loan portfolios for the Bank have grown by 23pc and 27pc respectively on a year-on-year basis at September 30, 2013. Based on the above, the Bank has seen a year-on-year growth of 20pc in its total retail portfolio at September 30, 2013.
The Bank has seen healthy trends in current and savings account (CASA) deposits mobilisation.
During Q2-2014, savings account deposits increased by ' 4,682 crore (USUSD 748 million) and current account deposits increased by ' 3,391 crore (USUSD 542 million).
At September 30, 2013, savings account deposits were ' 93,535 crore (USUSD 14.9 billion) and current account deposits were ' 40,373 crore (USUSD 6.4 billion).
The Bank's CASA ratio was maintained at 43.3pc at September 30, 2013. The average CASA ratio improved to 40.3pc during Q2-2014 compared to 39.0pc during the quarter ended June 30, 2013 (Q1-2014).
The Bank's capital adequacy at September 30, 2013 as per Reserve Bank of India's guidelines on Basel III norms was 16.50pc and Tier-1 capital adequacy was 11.33pc , well above regulatory requirements.
In line with applicable guidelines, the Basel III capital ratios reported by the Bank for at September 30, 2013 do not include the profits for the half year ended September 30, 2013 (H1-2014).
Including the profits for H1-2014, the capital adequacy ratio for the Bank as per Basel III norms would have been 17.21pc and the Tier I ratio would have been 12.04pc .
Net non-performing assets at September 30, 2013 were ' 2,707 crore (USUSD 432 million) compared to ' 2,472 crore (USUSD 395 million) at June 30, 2013.
The net non-performing asset ratio was 0.73pc at September 30, 2013 compared to 0.69pc at June 30, 2013. The Bank's provision coverage ratio, computed in accordance with the RBI guidelines was 73.1pc at September 30, 2013.
Net loans to companies whose facilities have been restructured were ' 6,826 crore (USUSD 1.1 billion) at September 30, 2013 compared to ' 5,915 crore (USUSD 945 million) at June 30, 2013.
Consolidated profit after tax increased 13pc to ' 2,698 crore (USUSD 431 million) for Q2-2014 from ' 2,390 crore (USUSD 382 million) for Q2-2013, after including the impact of market volatility on subsidiaries with market linked businesses.
The consolidated return on equity on an annualised basis was 14.6pc during Q2-2014.
The consolidated profit after tax increased by 22pc from ' 4,467 crore (USUSD 714 million) for the half year ended September 30, 2012 (H1-2013) to ' 5,445 crore (USUSD 870 million) for the half year ended September 30, 2013 (H1-2014).
The consolidated return on equity on an annualised basis increased from 14.1pc in H1-2013 to 15.1pc in H1-2014
ICICI Life's profit after tax for Q2-2014 was ' 387 crore (USUSD 62 million) compared to ' 396 crore (USUSD 63 million) for Q2-2013. ICICI Life's new business annualised premium equivalent (APE) was ' 954 crore (USUSD 152 million) in Q2-2014 compared to ' 781 crore (USUSD 125 million) in Q2-2013.
The assets under management at September 30, 2013 were ' 73,976 crore (USUSD 11.8 billion).
ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during April-August 2013.
The gross premium income of ICICI General increased by 12pc to ' 1,701 crore (USUSD 272 million) in Q2-2014 from ' 1,517 crore (USUSD 242 million) in Q2-2013.
ICICI General's profit after tax for Q2-2014 increased to ' 156 crore (USUSD 25 million) from ' 101 crore (USUSD 16 million) for Q2-2013.
--IBNS (Posted on 25-10-2013)