ICICI Bank has posted a better than expected profit for the September 2012 quarter. Against an expected profit growth of 22 per cent at Rs 1,829 crore the bank has announced profit of Rs 1,956 crore. Growth in profit has been mainly on account of a sharp increase in profit from its treasury operations.
Following are the key takeaways of its results:
- Net interest income stood at Rs 3,371 crore as compared to Rs 3,256 crore in September 2011.
- Net profit stood at Rs 1,956 crore as compared to Rs 1,503 crore in September 2011 and Rs 1,815 crore in June 2012.
- Gross NPA was at 3.54 per cent compared to 4.14 per cent previous year and at the same level as in June 2012.
- Net NPA at 0.78 per cent though lower than 0.93 per cent as of last year is higher than 0.71 per cent recorded in June 2012.
- Capital adequacy ratio is at a healthy 18.28 per cent.
- Provisions for the quarter stood at Rs 508 crore as compared to Rs 466 crore in June 2012 and Rs 319 crore in September 2011.
- Deccan Chronicle’s Rs 500 crore exposure has been classified as NPA
- Net interest margin has been maintained at 3 per cent for the third consecutive quarter
- Return on assets have improved from Rs 1.41 per cent in September 2011 to Rs 1.59 per cent in September 2012, it stood at 1.57 per cent in June 2012.
- In terms of segment wise profit before tax from treasury operations saw a sharp jump from Rs 347 crore in September 2011 to Rs 828 crore in September 2012. Profit from treasury stood at Rs 799 crore in June 2012.
- Retail Banking too posted a sharp jump from Rs 105 crore to Rs 299 crore. They were at Rs 143 crore in June 2012.
- Contribution to profit from Wholesale Banking was lower at Rs 1487 crore as against Rs 1595 crore in the previous year and Rs 1,588 crore in the previous quarter.
- Debt recast pipeline has Rs 500 crore.
- Advances improved by 18 per cent to Rs 275,076 crore, the bank has given a guidance of 20 per cent growth.
- Current account and Savings account (CASSA) stood at 40.7 per cent at September 30, 2012.
- Savings account deposit grew by 15 per cent.
