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ICICI Bank: Performance Review – Quarter Ended December 31, 2011

The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the quarter ended December 31, 2011.

Profit & loss account

  • Consolidated profit after tax increased 29% to Rs 5,833 crore (US$ 1.1 billion) for the nine months ended December 31, 2011 (9M-2012) from Rs 4,525 crore (US$ 852 million) for the nine months ended December 31, 2010 (9M-2011).
  • Standalone profit after tax increased 23% to Rs 4,563 crore (US$ 859 million) for 9M-2012 from Rs 3,699 crore (US$ 696 million) for 9M-2011.
  • Standalone profit after tax increased 20% to Rs 1,728 crore (US$ 325 million) for the quarter ended December 31, 2011 (Q3-2012) from Rs 1,437 crore (US$ 271 million) for the quarter ended December 31, 2010 (Q3-2011).
  • Net interest income increased 17% to Rs 2,712 crore (US$ 511 million) in Q3-2012 from Rs 2,312 crore (US$ 435 million) in Q3-2011.
  • Fee income increased 5% to Rs 1,701 crore (US$ 320 million) in Q3-2012 from Rs 1,625 crore (US$ 306 million) in Q3-2011.
  • Provisions decreased 27% to Rs 341 crore (US$ 64 million) in Q3-2012 from Rs 465 crore (US$ 88 million) in Q3-2011.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. In this direction, the Bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. At December 31, 2011, the Bank had 2,552 branches, the largest branch network among private sector banks in the country.

Credit growth

Advances increased by 19% year-on-year to Rs 246,157 crore (US$ 46.3 billion) at December 31, 2011 from Rs 206,692 crore (US$ 38.9 billion) at December 31, 2010.

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