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ICICI Bank Limited Performance Review: Consolidated Profit After Tax Crosses The Rs 10,000 Crore Milestone

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 year ended March 31, 2014.

Profit & loss account

  • Standalone profit after tax increased 18% to Rs 9,810 crore (US$ 1.6 billion) for the year ended March 31, 2014 (FY2014) from Rs 8,325 crore (US$ 1.4 billion) for the year ended March 31, 2013 (FY2013).
  • Net interest income increased 19% to Rs 16,475 crore (US$ 2.8 billion) in FY2014 from Rs 13,866 crore (US$ 2.3 billion) in FY2013. Net interest margin increased by 22 basis points from 3.11% in FY2013 to 3.33% in FY2014.
  • Non-interest income increased by 25% to Rs 10,428 crore (US$ 1.7 billion) in FY2014 from Rs 8,346 crore (US$ 1.4 billion) in FY2013.
  • Cost-to-income ratio reduced to 38.2% in FY2014 from 40.5% in FY2013.
  • Provisions were at Rs 2,626 crore (US$ 438 million) in FY2014 compared to Rs 1,803 crore (US$ 301 million) in FY2013.
  • Return on average assets was 1.76% in FY2014 compared to 1.66% in FY2013.
  • Standalone profit after tax increased by 15% to Rs 2,652 crore (US$ 443 million) for the quarter ended March 31, 2014 (Q4-2014) from Rs 2,304 crore (US$ 385 million) for the quarter ended March 31, 2013 (Q4-2013).
  • Net interest income increased 15% to Rs 4,357 crore (US$ 727 million) in Q4-2014 from Rs 3,803 crore (US$ 635 million) in Q4-2013.
  • Non-interest income increased by 35% to Rs 2,976 crore (US$ 497 million) in Q4-2014 from Rs 2,208 crore (US$ 369 million) in Q4-2013. Non-interest income in Q4-2014 included Rs 222 crore (US$ 37 million) of exchange rate gains on repatriation of retained earnings from overseas branches.
  • Cost-to-income ratio reduced to 39.2% in Q4-2014 from 40.0% in Q4- 2013.
  • Provisions were at Rs 714 crore (US$ 119 million) in Q4-2014 compared to Rs 460 crore (US$ 77 million) in Q4-2013.
  • Consolidated profit after tax increased by 15% to Rs 11,041 crore (US$ 1.8 billion) in FY2014 compared to Rs 9,604 crore (US$ 1.6 billion) in FY2013. Consolidated profit after tax increased by 9% to Rs 2,724 crore (US$ 455 million) for Q4-2014 from Rs 2,492 crore (US$ 416 million) for Q4-2013.

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