ICICI Bank: Q4 and Annual Result

Stocks

oi-Shoaib MD

By Shoaib Md

Published: Thursday, April 28, 2011, 13:44 [IST]

ICICI bank announced its result with a profit of Rs 1452.11 crore during Q4, FY11, displaying a gain of 1.05 quarter-on-quarter. Under the audited result, the bank posted a net profit of Rs 4024.98 crore, this is 7.1% more over the previous year. (Data from BSE website)

The Group, ICICI Group, has posted a net profit of Rs 1567.93 crore for the quarter ended March 31, 2011 as which is 16.85% more than what it had earned in the previous year. For the annual audited result, it showed an increase of 30.47% from Rs 4670.29 crore to Rs 6093.27 crore. (Data from press release)

According to the press release of the ICICI Bank, Current and savings account (CASA) deposit ratio increased from 41.7% at FY11 to 45.1% at FY11.

Meanwhile, net non-performing asset ratio decreased from 1.87% at FY11 to 0.94% at FY11 and 1.16% at December 31, 2010. In the same period the bank increase the provision coverage ratio (PCR) from 59.5% to 76.0% FY11.

Strong capital adequacy ratio of 19.54% and Tier-1 capital adequacy of 13.17%.

It has been proposed to increase the dividend per share was increased to Rs 14 per share.

Advances increased by 19% year-on-year to Rs 216,366 crore (US$ 48.5 billion) at March 31, 2011 from Rs181,206 crore (US$ 40.6 billion) at March 31, 2010.

Our View

At its face value, the results are impressive, especially since the goal was to contract the balance sheet throughout the year. Although instant reaction in the market will be to sell and run but only after a detailed study should one take a call on the company.

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