ICICI Bank lost 0.80% to Rs 1,013.45 at 13:07 IST on BSE after net profit rose 20.24% to Rs 2352.05 crore on 7.54% growth in total income to Rs 12979.75 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced during trading hours today, 25 October 2013.
Meanwhile, the S&P BSE Sensex was down 75.07 points or 0.36% at 20,650.36.
On BSE, 4.24 lakh shares were traded in the counter as against average daily volume of 3.40 lakh shares in past two weeks.
The stock witnessed post-result volatility. The stock rose as much as 1.5% at the day's high of Rs 1,037 so far during the day. The scrip lost as much as 0.65% at the day's low of Rs 1,015 so far during the day.
ICICI Bank's operating profit excluding treasury jumped 31% to Rs 3967 crore in Q2 September 2013 over Q2 September 2012. Net interest income (NII) rose 20% to Rs 4044 crore in Q2 September 2013 over Q2 September 2012. Net interest margin (NIM) increased to 3.31% in Q2 September 2013 from 3% in Q2 September 2012 and from 3.27% in Q1 June 2013.
Fee income rose 17% to Rs 1994 crore in Q2 September 2013 over Q2 September 2012.
Cost-to-income ratio reduced to 37.3% in Q2 September 2013 from 40.9% in Q2 September 2012.
ICICI Bank said it has fully recognised the mark-to-market provisions of Rs 279 crore on its investment portfolio, and has not availed the option permitted by the Reserve Bank of India of recognising the same over three quarters.
ICICI Bank said it has seen healthy trends in current and savings account (CASA) deposits mobilisation. The bank's CASA ratio was maintained at 43.3% at end September 2013. The average CASA ratio improved to 40.3% in Q2 September 2013 from 39% in Q1 June 2013.
Total advances increased by 16% year-on-year to Rs 317786 crore as on 30 September 2013 from Rs 275076 crore as on 30 September 2012. The year-on-year growth in domestic advances was 14%. The bank has continued to see healthy growth in its retail disbursements. The outstanding mortgages and auto loan portfolios for the bank have grown by 23% and 27% respectively on a year-on-year basis at 30 September 2013. ICICI Bank has seen a year-on-year growth of 20% in its total retail portfolio at 30 September 2013.
ICICI Bank's capital adequacy as on 30 September 2013 as per Reserve Bank of India's guidelines on Basel III norms was 16.50% and Tier-1 capital adequacy was 11.33%, well above regulatory requirements. Including the profits for half-year ended 30 September 2013, the capital adequacy ratio for the bank as per Basel III norms would have been 17.21% and the Tier I ratio would have been 12.04%.
Net non-performing assets as on 30 September 2013 were Rs 2707 crore, compared to Rs 2472 crore as at 30 June 2013. The net non-performing asset ratio (NPA) was 0.73% as on 30 September 2013, higher than 0.69% as on 30 June 2013. The bank's provision coverage ratio, computed in accordance with the RBI guidelines was 73.1% at end September 2013. Net loans to companies whose facilities have been restructured were Rs 6826 crore as on 30 September 2013, compared with Rs 5915 crore as on 30 June 2013.
On consolidated basis, ICICI Bank's net profit rose 12.84% to Rs 2697.42 crore on 2.18% growth in total income to Rs 19015.58 crore in Q2 September 2013 over Q2 September 2012.
Mr. Rakesh Jha, Deputy Chief Financial Officer of the bank has been designated as Chief Financial Officer of ICICI Bank. He will continue to report to Mr. N. S. Kannan, Executive Director, ICICI Bank said.
ICICI Bank is a leading private sector bank in India.
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