ICICI Bank Performance Review-Quarter ended December 31, 2009
Mumbai, January 21, 2010:
The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting
held at Mumbai today, approved the audited unconsolidated accounts
and the unaudited consolidated accounts of the Bank for the quarter
ended December 31, 2009.
Profit & loss account
• Profit after tax increased by 6% sequentially to Rs. 1,101 crore (US$
237 million) for the quarter ended December 31, 2009 (Q3-2010)
from Rs. 1,040 crore (US$ 224 million) for the quarter ended
September 30, 2009 (Q2-2010). Profit after tax was lower than Rs.
1,272 crore (US$ 273 million) for the quarter ended December 31,
2008 (Q3-2009) due to absence of treasury income in Q3-2010
compared to treasury income of Rs. 976 crore (US$ 210 million) in
Q3-2009, on account of increase in yields on government securities
in Q3-2010 compared to decline in yields in Q3-2009.
• Profit after tax for the nine months ended December 31, 2009 (9M-
2010) was Rs. 3,019 crore (US$ 649 million) compared to Rs. 3,014
crore (US$ 648 million) for the nine months ended December 31,
2008 (9M-2009).
• Net interest margin increased to 2.6% in Q3-2010 from 2.4% in Q3-
2009 and 2.5% in Q2-2010. Net interest income increased
sequentially to Rs. 2,058 crore (US$ 442 million) in Q3-2010 from Rs.
2,036 crore (US$ 438 million) in Q2-2010. Net interest income
increased by 3% from Rs. 1,990 crore (US$ 428 million) in Q3-2009
despite a decrease in loan book.
• Fee income increased to Rs. 1,422 crore (US$ 306 million) in Q3-2010
from Rs. 1,387 crore (US$ 298 million) in Q2-2010. Fee income
increased by 6% from Rs. 1,347 crore (US$ 289 million) in Q3-2009.
• Operating expenses (including direct marketing agency expenses)
decreased by 3% to Rs. 1,342 crore (US$ 288 million) in Q3-2010
from Rs. 1,379 crore (US$ 296 million) in Q2-2010. Operating
expenses decreased by 20% from Rs. 1,680 crore (US$ 361 million)
in Q3-2009.
• Total provisions decreased to Rs. 1,002 crore (US$ 215 million) in
Q3-2010 from Rs. 1,071 crore (US$ 230 million) in Q2-2010.
Provisions were Rs. 1,008 crore (US$ 217 million) in Q3-2009.
Balance sheet
The Bank has made further progress in its strategy of strengthening its
deposit franchise. This is reflected in the continued growth in savings and
current account deposits and increase in the CASA ratio. The Bank
continues to invest in expansion of its branch network to enhance its
deposit franchise and create an integrated distribution network for both
asset and liability products.
CASA deposits grew by 36% from Rs. 57,382 crore (US$ 12.3 billion) at
December 31, 2008 to Rs. 78,247 crore (US$ 16.8 billion) at December 31,
2009 and the CASA ratio at December 31, 2009 was 39.6%. Total deposits
of the Bank were Rs. 197,653 crore (US$ 42.5 billion) at December 31,
2009, compared to Rs. 197,832 crore (US$ 42.5 billion) at September 30,
2009.
The branch network of the Bank stood at 1,626 at January 21, 2010. The
Bank is in the process of implementing the 580 branch licenses received
from Reserve Bank of India which would expand the branch network to
about 2,000 branches, giving the Bank a wide distribution reach in the
country.
The loan book of the Bank decreased to Rs. 179,269 crore (US$ 38.5
billion) at December 31, 2009 from Rs. 190,860 crore (US$ 41.0 billion) at
September 30, 2009 mainly due to the repayments from the retail loan
portfolio and the loan portfolio of overseas branches.
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(This is a press release from ICICI Bank)
