ICICI Bank Performance Review-Quarter ended December 31, 2009
Capital adequacy
The Bank’s capital adequacy at December 31, 2009 as per Reserve Bank
of India’s Basel II norms was 19.4% and Tier-1 capital adequacy was
14.2%, well above RBI’s requirement of total capital adequacy of 9.0%
and Tier-1 capital adequacy of 6.0%.
Asset quality
Net non-performing assets decreased to Rs. 4,416 crore (US$ 949 million)
at December 31, 2009 from Rs. 4,558 crore (US$ 980 million) at
September 30, 2009. At December 31, 2009, the Bank’s net nonperforming
asset ratio was at the same level as September 30, 2009 at
2.19%.
Consolidated profits
Consolidated profit after tax of the Bank increased by 18% to Rs. 3,328
crore (US$ 715 million) for 9M-2010 from Rs. 2,829 crore (US$ 608
million) for 9M-2009.
Overseas banking subsidiaries
ICICI Bank Canada’s profit after tax for Q3-2010 was CAD 4.8 million. ICICI
Bank Canada’s capital position continued to be strong with a capital
adequacy ratio of 23.5% at December 31, 2009. ICICI Bank UK’s profit
after tax for Q3-2010 was USD 7.3 million. ICICI Bank UK’s capital position
continued to be strong with a capital adequacy ratio of 17.0% at
December 31, 2009.
Insurance subsidiaries
ICICI Prudential Life Insurance Company (ICICI Life) maintained its position
as the largest private sector life insurer based on retail new business
weighted received premium during 9M-2010. ICICI Life’s new business
annualised premium equivalent (APE) increased by 49% to Rs. 1,495
crore (US$ 321 million) in Q3-2010 from Rs. 1,002 crore (US$ 215 million)
in Q3-2009. Renewal premium in Q3-2010 increased by 20% compared to
Q3-2009, reflecting the long term sustainability of the business. ICICI Life’s
unaudited New Business Profit (NBP) increased by 48% to Rs. 282 crore
(US$ 61 million) in Q3-2010 from Rs. 190 crore (US$ 41 million) in Q3-
2009. Assets held increased 89% to Rs. 53,619 crore (US$ 11.5 billion) at
December 31, 2009 from Rs. 28,445 crore (US$ 6.1 billion) at December
31, 2008.
ICICI Lombard General Insurance Company (ICICI General) maintained its
leadership in the private sector during 9M-2010. ICICI General’s premium
in Q3-2010 was Rs. 833 crore (US$ 179 million). ICICI General’s profit after
tax for Q3-2010 was Rs. 43 crore (US$ 9 million).
Securities and asset management
ICICI Prudential Asset Management Company’s profit after tax for Q3-
2010 was Rs. 40 crore (US$ 9 million) and ICICI Securities’ profit after tax
for Q3-2010 was Rs. 37 crore (US$ 8 million).
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(This is a press release from ICICI Bank)
