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EQUITY - MARKET SCREENER

ICICI Bank
24-Oct-21   09:00 Hrs IST
ICICI Bank reported strong30% growth in net profit at record high quarterly level of Rs 5510.95 crore forthe quarter ended September 2021 (Q2FY2022). Bank has improved margins, loangrowth, asset quality and cost-to-income ratio in Q2FY2022. Bank has showedaccelerated business growth, while CASA ratio continued to improve in Q2FY2022.Bank has also continued to expand its distribution network.

Asset quality improves: Bank has exhibited healthyimprovement in the asset quality with decline in fresh slippages of advances andstrong recoveries and upgradations in Q2FY2022.

Fresh slippages ofloans declined to Rs 5578 crore in Q2FY2022 from Rs 7231 crore a quarter ago. Freshslippages ratio eased to 2.92% (annualized percentage of advance) against 3.92%a quarter ago.

Meanwhile, therecovery, upgradations and write-offs improved to 3.76% (annualized percentageof advance) in the quarter ended September 2021.

Retail NPA`sincreased 88% yoy, but declined 8% qoq to Rs 17388 crore at end September 2021.

Risk weighted assets(on balance sheet) stood at Rs 833783 crore at end September 2021, showing anincrease of 12% over September 2020.

Asset Quality Indicators: ICICI Bank

 

Sep-21

Jun-21

Mar-21

Dec-20

Sep-20

Variation

QoQ

YTD

YoY
Gross NPA (Rs Crore)

 41437.41

 43148.28

 41373.42

 34860.43

 38989.19

 -4

 0

 6
Net NPA (Rs Crore)

 9161.04

 9305.83

 9180.20

 4860.55

 7187.51

 -2

 0

 27
% Gross NPA

 4.82

 5.15

 4.96

 4.38

 5.17

 -33

 -14

 -35
% Net NPA

 0.99

 1.16

 1.14

 0.63

 1.00

 -17

 -15

 -1
% Provision Coverage Ratio

 80.10

 78.20

 77.70

 86.00

 81.50

 190

 240

 -140
% CRAR - Basel III

 18.33

 18.71

 19.12

 18.04

 18.47

 -38

 -79

 -14
% CRAR - Tier I Basel III

 17.34

 17.68

 18.06

 16.65

 17.02

 -34

 -72

 32

Variation in basis points for figures given in percentages and in % for figures in Rs crore

 Business performance:

Business growth accelerates: Business of the bankincreased at accelerated pace of 17% yoy to Rs 1742386 crore at end September2021, supported by loans growth improving to 17% at Rs 764937 crore. Meanwhile,the deposits growth galloped to 17% at Rs 977449 crore at end September 2021.

Domestic loan growth improves: Domestic advancebook grew at improved pace of 19% yoy to Rs 726236 crore, while the overseasadvance book declined 9% at Rs 38701 crore at end September 2021.

Growth in thedomestic advance book was led by corporate book rising 12% yoy to Rs 175504crore.  SME loan book growth alsoaccelerated to 42% yoy at Rs 33140 crore at end September 2021.  Further, the retail loan book expanded 11%yoy to Rs 478025 crore at end September 2021. The share of retail book in theoverall advance book eased on sequential basis at 62% at end September 2021.

CASA ratio continues to improve: CASA depositsincreased 24% yoy to Rs 450704 crore, while the term deposits moved up 12% toRs 526745 crore at end September 2021. CASA ratio of the bank improved to46.11% at end September 2021 from 45.90% at end September 2020 and 43.77% atend September 2020.

NIMs at record high: NIMs of the bank improved to 4.00% inQ2FY2022. Domestic NIM moved up to 4.09%, while international NIM was flat at 0.26%in Q2FY2022 from Q2FY2021. The higher CASA ratio has supported NIMs of thebank.

Investment book declined 2% yoy to Rs 285220 crore at endSeptember 2021, as equity investments in subsidiaries fell 9% to Rs 8922 crore,while SLR investment was flat at Rs 227381 crore at end September 2021. SLRratio of the bank has eased to 23.26% at end September 2021 from 27.32% a yearago.

Network expansion: Bank has added9 branches and reduced 96 ATMsin Q2FY2022. Bank has the network of 5277 branches and 14045 ATMs at end September2021.

Book Value per share has increased to Rs 221.49 pershare, while adjusted book value (net of NNPA and 10% of restructured advances)stood at Rs 207.0 per share at end September 2021.

Quarterly Performance:

NII rises on higher NIMs: Bank has postedhealthy 25% increase in NII at Rs 11689.74 crore for the quarter endedSeptember 2021. Interest income increased 8% to Rs 21233.64 crore, whileinterest expenses declined 7% to Rs 9543.90 crore.

Healthy growth in core fee income: Other income jumped 19%to Rs 4797.18 crore. The core fee income of the bank continued to rise at strongpace of 21% to Rs 3811.00 crore. The other income also increased 75% to Rs583.00 crore in Q2FY2022. However, the treasury income dipped to Rs 397 crorein Q2FY2022 from Rs 542 crore in Q2FY2021.

Net total incomemoved up 23% to Rs 16486.92 crore in the quarter ended September 2021.

Expense ratio improves: Operating expenses of the bank rose28% to Rs 6572.20 crore, as employee expenses moved up 21% to Rs 2384.59 crore,while other operating expenses also increased 32% to Rs 4187.61 crore inQ2FY2022. Expense ratio of the bank improved to 39.9% in Q2FY2022 from 40.43%in Q1FY2022, while rose from 38.32% in Q2FY2021.

Operating profitsurged 20% to Rs 9914.72 crore in Q2FY2022.

Provisions declines: Provisions and contingencies declined9% to Rs 2713.48 crore in Q2FY2022 from Rs 2996.27 crore in Q2FY2021. Theprofit before tax jumped 37% to Rs 7201.24 crore in Q2FY2022 over Q2FY2021.

Effective tax rate roseto 23.47% from 19.25%. The Net Profit increased 30% to Rs 5510.95 crore for thequarter ended September 2021.

ConsolidatedPerformance:

Consolidated profitafter tax moved up 25% to Rs 6092 crore for the quarter ended September 2021.The consolidated return on equity stood at 14.60% in quarter ended September2021 compared to 14.20% in quarter ended September 2020.

Subsidiary Performance:

ICICI Home FinancePAT jumped 2200% to Rs 46 crore in Q2FY2022. Capital adequacy ratio stood at21.03% against 15.43% at end September 2020. The gross impaired loans (stage 3)of the company stood at 10.92% and net impaired loans (stage 3) at 8.31% endSeptember 2021.

ICICI Life`s profitafter tax increased 47% to Rs 445 crore in Q2FY2022. AUM improved 31% yoy to Rs237087 crore. Expense ratio has increased to 16% in Q2FY2022 against 13.90% inQ2FY2021.

ICICI Generalrecorded 38% increase in the Gross premium at Rs 4508 crore, while PAT rose 7%to Rs 446 crore for Q2FY2022 from Rs 416 crore in Q2FY2021.

Other domesticsubsidiaries like ICICI securities Primary Dealership has reported 519% jump inPAT at Rs 161 crore, while the PAT of ICICI Pru AMC increased 36% to Rs 383crore in Q2FY2022. ICICI Securities also reported 26% rise in PAT at Rs 351crore for Q2FY2022. ICICI Venture posted net loss of Rs 9 crore in Q2FY2022.

ICICI Bank Canada`sprofit after tax increased 65% to Canadian Dollar 8.4 million in Q2FY2022.Loans declined 9% to Canadian Dollar 4970.8 million, while deposits fell 6% toCanadian Dollar 2706.7 million at end September 2021. The capital adequacyratio stood at 25.90% at end September 2021.

ICICI Bank UK`sprofit after tax declined-59% to US$ 2 million in Q2FY2022. Loans dipped 29% toUS$ 1408.3 million, while deposits fell 17% to US$ 1758.8 million at endSeptember 2021. The capital adequacy ratio stood at 21.70% at end September2021.

Financial PerformanceH1FY2022:

For the six-monthsended September 2021 (H1FY2022), Bank posted 48% increase in net profit to Rs10126.97 crore. The net interest income improved 21% to Rs 22625.50 crore,while non-interest income declined 14% to Rs 8793.04 crore in H1FY2022. Theexpense ratio jumped 620 bps yoy to 40.13% in H1FY2022. The operating expensesincreased 29% to Rs 12609.42 crore, while provision and contingencies dipped 47%to Rs 5565.17 crore in H1FY2022. The profit before tax increased 57% to Rs13243.95 crore in H1FY2022. The effective tax rate rose 462 bps to 40.13%. Netprofit improved 48% to Rs 10126.97 crore in H1FY2022.

ICICI Bank: Results

Particulars

2109 (3)

2009 (3)

Var %

2109 (6)

2009 (6)

Var %

2103 (12)

2003 (12)

Var %
Interest Earned

 21233.64

 19622.46

 8

 41617.05

 39546.81

 5

 79118.27

 74798.32

 6
Interest Expended

 9543.90

 10256.37

 -7

 18991.55

 20900.97

 -9

 40128.84

 41531.25

 -3
Net Interest Income

 11689.74

 9366.09

 25

 22625.50

 18645.84

 21

 38989.43

 33267.07

 17
Other Income

 4797.18

 4028.31

 19

 8793.04

 10170.91

 -14

 18968.53

 16448.62

 15
Net Total Income

 16486.92

 13394.40

 23

 31418.54

 28816.75

 9

 57957.96

 49715.69

 17
Operating Expenses

 6572.20

 5133.31

 28

 12609.42

 9779.21

 29

 17960.83

 18014.41

 0
Operating Profits

 9914.72

 8261.09

 20

 18809.12

 19037.54

 -1

 39997.13

 31701.28

 26
Provisions & Contingencies

 2713.48

 2996.27

 -9

 5565.17

 10589.22

 -47

 19814.41

 17653.24

 12
Profit Before Tax

 7201.24

 5264.82

 37

 13243.95

 8448.32

 57

 20182.72

 14048.04

 44
Provision for tax

 1690.29

 1013.49

 67

 3116.98

 1597.84

 95

 3990.04

 6117.23

 -35
Net Profit

 5510.95

 4251.33

 30

 10126.97

 6850.48

 48

 16192.68

 7930.81

 104
EPS*(Rs)

 31.8

 24.5

  

 29.2

 19.8

  

 23.3

 11.4

  

* Annualized on current equity of Rs 1387.24 crore. Face Value: Rs 2 per share, Figures in Rs crore

Source: Capitaline Corporate Database

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