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ICICI Bank Ltd (updated - 28 April 2010)
ICICI Bank reported a 31 per cent increase in consolidated net profit to Rs 4,670 crore in 2009-10 from Rs 3,577 crore during 200809, with most subsidiaries pitching in with good numbers. ICICI Life reported accounting profitability for the first time since inception, with aprofit after tax (PAT) of Rs 258 crore in 2009-10.

For the March quarter, standalone profits increased 35 per cent year-on-year (yo-y) to Rs 1,006 crore, aided by higher fee income, lower operating expenses (down 16 per cent y-o-y) and lower absolute provisioning. A tight cap on operating expenses (down 11 per cent y-o-y), neartripling of treasury income and lower provisioning for tax boosted the bottom line.

For 2009-10, net interest income (NII) dipped 3 per cent y-o-y to Rs 8,114 crore, as the balance sheet continued to contract due to repayments from retail and international loan books.

Total deposits slipped 7.5 per cent y-o-y (up 2 per cent sequentially) and advances slipped 17 per cent (up 1 per cent sequentially) due to repayments from the retail and overseas branches loan portfolio during the recently-concluded quarter. Other operational parameters like current and saving account (Casa) have steadily improved to 41.7 per cent this year (28.7 per cent in the March quarter), helped by 7.6 per cent growth in Casa deposits.

Higher coverage (up 830 basis points to 59.5 per cent) has seen net non-performing assets (NPAs) shrink sequentially to 2.12 per cent from 2.43 per cent. It has received a six-month extension (up to March 2011) from the central bank to raise the provisioning coverage to the 70 per cent level.

Going ahead, ICICI Bank has a very comfortable buffer for growth with a capital adequacy ratio of 19.4 per cent and a Tier-I ratio of 14 per cent. It is also poised to accelerate its growth in advances.

The stock tumbled from the pre-result levels on Rs 975 on April 23 to Rs 946 on Tuesday and trades at a price to book valuation of over 2x consensus analyst estimates of FY11 book value per share.
source - business standard

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ICICI Bank Ltd (updated - 02 Nov 2010)
Staying close to its strategy of consolidating the loan book, while improving the portfolio quality and driving the current and savings account (Casa) ratio, has paid off for ICICI Bank. The management has guided for 18-20 per cent loan growth for the current financial year, up from 13-14 per cent indicated earlier. The push is also expected to come from international and retail segments.

The loan growth of just around two per cent in the September quarter, driven by a 28 per cent sequential rise in corporate loans, was quite significant, considering that the book has been shrinking for several quarters. Retail disbursements also picked up, matching the rate of repayments.

Other operational parameters like Casa improved nearly 200 basis points sequentially (including Bank of Rajasthan, or BoR) to 44 per cent, with strong uptick in savings accounts. Consequently, management guidance indicated that the average Casa ratio of 40 per cent was sustainable for 2010-11, as against the earlier guided 35 per cent.

An improvement in portfolio quality was a key feature, with quarterly rate of non-performing loan (NPL) accretion slowing remarkably to less than `100 crore from nearly

`700 crore for the last several quarters. The September quarter saw a small uptick of about `260 crore (2.6 per cent sequentially) in gross non-performing assets, mainly due to the BoR’s additions. The gross NPA ratio was 5.03 per cent of total advances. Provisions fell 40 per cent to `641 crore from `1,071 crore a year ago, helping the bank post a yearon-year jump in consolidated profit to `1,236 crore.

The improved loan growth outlook as well as expected lowering of credit costs have ensured earning upgrades. Given that the BoR merger hasn’t thrown major negative surprises, the bank seems to be on track to clock healthy growth again.

Not surprisingly, the stock has surged over 12 per cent in the last two trading sessions. It closed at `1,231 on Monday.
source - business standard