• November 07, 2016
• views
• Print

ICICI Bank releases performance review: Quarter ended September 30, 2016

• 21% year-on-year growth in retail portfolio; domestic advances grew by 16% year-on-year at September 30, 2016
• 18% year-on-year growth in current and savings account (CASA) eposits; CASA ratio at 45.7% at September 30, 2016
• Standalone profit after tax of ₹ 3,102 crore (US$ 466 million) for quarter ended September 30, 2016 (Q2-2017)
• Consolidated profit after tax of ₹ 2,979 crore (US$ 447 million) for Q2-2017
• The Bank further strengthened its balance sheet with additional provisions of ₹ 3,588 crore (US$ 539 million)
• Capital adequacy ratios significantly higher than regulatory requirements; total capital adequacy of 16.67% and Tier-1 capital adequacy of 13.26% on standalone basis at September 30, 2016, including profits for the six months ended September 30, 2016 (H1-2017)

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, 2016.

Profit & loss account

• Net interest income was ₹ 5,253 crore (US$ 789 million) in the quarter ended September 30, 2016 (Q2-2017) compared to ₹ 5,251 crore (US$ 788 million) in the quarter ended September 30, 2015 (Q2-2016) 
• Non-interest income was ₹ 9,120 crore (US$ 1.37 billion) in Q2-2017 compared to ₹ 3,007 crore (US$ 451 million) in Q2-2016. During Q2-2017, ICICI Prudential Life Insurance Company (ICICI Life) completed an initial public offer (IPO) of equity shares. The Bank sold approximately 12.63% shareholding in the IPO. Other income for the quarter includes gains of ₹ 5,682 crore (US$ 853 million) relating to this sale of shares. Excluding gains relating to sale of shares of ICICI Life, the non-interest income grew by 14% year-on-year in Q2-2017.
• The Bank further strengthened its balance sheet by making additional provisions of ₹ 3,588 crore (US$ 539 million) which comprise the following:
• Provisions of ₹ 1,678 crore (US$ 252 million) for standard loans;
• Entire loss of ₹ 395 crore (US$ 59 million) on sale of NPA during the six months ended September 30, 2016 (H1-2017), which is permitted to be amortised as per Reserve Bank of India (RBI) guidelines, recognized upfront; and o Floating provision of ₹ 1,515 crore (US$ 227 million).
• Other provisions were ₹ 3,495 crore (US$ 525 million) in Q2-2017 compared to ₹ 2,515 crore (US$ 378 million) in Q1-2017 and ₹ 942 crore (US$ 141 million) in Q2-2016.
• Standalone profit after tax was ₹ 3,102 crore (US$ 466 million) for Q2-2017 compared to ₹ 2,232 crore (US$ 335 million) for Q1-2017 and ₹ 3,030 crore (US$ 455 million) for Q2-2016.
• Consolidated profit after tax was ₹ 2,979 crore (US$ 447 million) for Q2-2017 compared to ₹ 2,516 crore (US$ 378 million) for Q1-2017 and ₹ 3,419 crore (US$ 513 million) for Q2-2016.

Re-disseminated by The Asian Banker