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 September 30, 2013.
Profit & loss account
- Standalone profit after tax increased 20% to Rs 2,352 crore (US$ 376 million) for the quarter ended September 30, 2013 (Q2-2014) from Rs 1,956 crore (US$ 312 million) for the quarter ended September 30, 2012 (Q2-2013).
- The Bank has fully recognised the mark-to-market provisions of Rs 279 crore (US$ 45 million) on its investment portfolio, and has not availed the option permitted by the Reserve Bank of India of recognising the same over three quarters.
- Operating profit excluding treasury increased 31% year-on-year to Rs 3,967 crore (US$ 634 million) in Q2-2014 from Rs 3,022 crore (US$ 483 million) in Q2-2013.
- Net interest income increased 20% to Rs 4,044 crore (US$ 646 million) in Q2-2014 from Rs 3,371 crore (US$ 538 million) in Q2-2013.
- Net interest margin increased by 31 basis points from 3.00% for Q2-2013 and 3.27% in Q1-2014 to 3.31% for Q2-2014.
- Net interest margin of international branches increased from 1.60% in Q1-2014 to 1.80% in Q2-2014, while the domestic net interest margin was stable at 3.65% in Q2-2014 vis-à-vis 3.63% in Q1-2014.
- Fee income increased by 17% to Rs 1,994 crore (US$ 319 million) in Q2-2014 from Rs 1,709 crore (US$ 273 million) in Q2-2013.
- Cost-to-income ratio reduced to 37.3% in Q2-2014 from 40.9% in Q2-2013.
- Provisions were at Rs 625 crore (US$ 100 million) in Q2-2014 compared to Rs 508 crore (US$ 81 million) in Q2-2013.
- Return on average assets was 1.70% in Q2-2014 compared to 1.54% in Q2-2013.