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ICICI Bank Announces Performance Review – Quarter Ended June 30, 2012

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 June 30, 2012.

Profit & loss account

  • Standalone profit before tax increased 39% to Rs 2,483 crore (US$ 446 million) for the quarter ended June 30, 2012 (Q1-2013) from Rs 1,780 crore (US$ 320 million) for the quarter ended June 30, 2011 (Q1-2012).
  • Standalone profit after tax increased 36% to Rs 1,815 crore (US$ 326 million) for Q1-2013 from Rs 1,332 crore (US$ 240 million) for Q1-2012.
  • Net interest income increased 32% to Rs 3,193 crore (US$ 574 million) in Q1-2013 from Rs 2,411 crore (US$ 434 million) in Q1-2012.
  • Net interest margin improved to 3.01% for Q1-2013 from 2.61% for Q1-2012.
  • Non interest income increased by 14% to Rs 1,880 crore (US$ 338 million) in Q1-2013 from Rs 1,643 crore (US$ 295 million) in Q1-2012.
  • Cost-to-income ratio reduced to 41.8% in Q1-2013 from 44.7% in Q1-2012.
  • Provisions were at Rs 466 crore (US$ 84 million) in Q1-2013 compared to Rs 454 crore (US$ 82 million) in Q1-2012. Provisions in Q1-2013 include general provisions of Rs 76 crore (US$ 14 million) on standard assets, reflecting the growth in the loan portfolio.

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 June 30, 2012, the Bank had 2,755 branches, the largest branch network among private sector banks in the country. The Bank has also increased its ATM network to 9,366 ATMs at June 30, 2012 as compared to 6,425 at June 30, 2011.

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