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ICICI Bank Announces Performance Review – Quarter Ended June 30, 2013

Stocks in this article: IBN

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, 2013.

Profit & loss account

  • Standalone profit after tax increased 25% to Rs 2,274 crore (US$ 383 million) for the quarter ended June 30, 2013 (Q1-2014) from Rs 1,815 crore (US$ 306 million) for the quarter ended June 30, 2012 (Q1-2013).
  • Net interest income increased 20% to Rs 3,820 crore (US$ 643 million) in Q1-2014 from Rs 3,193 crore (US$ 538 million) in Q1-2013.
  • Net interest margin increased by 26 basis points from 3.01% for Q1-2013 to 3.27% for Q1-2014. The domestic net interest margin was 3.63% in Q1-2014.
  • Non interest income increased by 32% to Rs 2,484 crore (US$ 418 million) in Q1-2014 from Rs 1,880 crore (US$ 317 million) in Q1-2013
  • Cost-to-income ratio reduced to 39.4% in Q1-2014 from 41.8% in Q1-2013.
  • Provisions were at Rs 593 crore (US$ 100 million) in Q1-2014 compared to Rs 466 crore (US$ 78 million) in Q1-2013.
  • Return on average assets was 1.75% in Q1-2014 compared to 1.51% in Q1-2013.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. The Bank continued to leverage its strong corporate franchise, its international presence and its branch network in India. During the quarter, the Bank added 250 branches, including 150 low cost Gramin branches, and 421 ATMs to its network. At June 30, 2013, the Bank had 3,350 branches, the largest branch network among private sector banks in the country. The Bank’s ATM network increased to 10,902 ATMs at June 30, 2013 as compared to 9,366 at June 30, 2012.

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