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ICICI Bank Q4FY15 ResultsStandalone profit crosses Rs. 10,000 crore | ||
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Apr 27, 2015 14:45 IST
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Mumbai, Maharashtra, India
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, 2015.
Profit & loss account:
Operating review:
Credit growth Total advances increased by 14% year-on-year to Rs. 387,522 crore (US$ 62.0 billion) at March 31, 2015 from Rs. 338,703 crore (US$ 54.2 billion) at March 31, 2014. The year-on-year growth in domestic advances was 18%. The Bank has continued to see robust growth in its retail disbursements resulting in a year-on-year growth of 25% in the retail portfolio at March 31, 2015. The retail portfolio constituted about 42% of the loan portfolio of the Bank at March 31, 2015.
Deposit growth The Bank has seen healthy trends in CASA deposit mobilisation. During Q4-2015, savings account deposits increased by Rs. 4,327 crore (US$ 692 million) and current account deposits increased by Rs. 3,604 crore (US$ 577 million). For FY2015, savings account deposits increased by Rs. 15,727 crore
(US$ 2.5 billion) and current account deposits increased by Rs. 6,275 crore (US$ 1.0 billion). The Bank’s CASA ratio improved to 45.5% at March 31, 2015 from 44.0% at December 31, 2014 and 42.9% at March 31, 2014. The average CASA ratio for Q4-2015 was at 39.9%. Total deposits increased by 9% year-on-year to Rs. 361,563 crore (US$ 57.9 billion) at March 31, 2015. Total CASA deposits increased by 15% year-on-year to Rs. 164,380 crore (US$ 26.3 billion) at March 31, 2015. At March 31, 2015, the Bank had a network of 4,050 branches and 12,451 ATMs.
Capital adequacy The Bank’s capital adequacy at March 31, 2015 as per Reserve Bank of India’s guidelines on Basel III norms was 17.02% and Tier-1 capital adequacy was 12.78%, well above regulatory requirements.
Asset quality Net non-performing assets at March 31, 2015 were Rs. 6,325 crore (US$ 1,012 million) compared to Rs. 4,831 crore (US$ 773 million) at December 31, 2014 and Rs. 3,301 crore (US$ 528 million) at March 31, 2014. The net non-performing asset ratio was 1.40% at March 31, 2015 compared to 1.12% at December 31, 2014 and 0.82% at March 31, 2014. The Bank’s provision coverage ratio, computed in accordance with RBI guidelines, was 58.6% at March 31, 2015. Net loans to companies whose facilities have been restructured were Rs. 11,017 crore (US$ 1.8 billion) at March 31, 2015 compared to Rs. 12,052 crore (US$ 1.9 billion) at December 31, 2014 and Rs. 10,558 crore (US$ 1.7 billion) at March 31, 2014.
Technology initiatives The Bank continues to focus on leveraging trends in digitisation and mobility to enhance its franchise. During Q4-2015, the Bank launched a digital mobile wallet called ‘Pockets’, India’s first digital bank. ‘Pockets’ allows any individual - whether an ICICI Bank customer or not - to download and instantly activate an e-wallet. The e-wallet is amongst India’s most comprehensive wallets which can be used to pay on all websites and mobile apps in the country. The Bank also launched ‘Video Banking’ for NRI customers during the quarter. Using this service, NRI customers can now connect with a customer care representative over a video call, round-the-clock, on all days from anywhere using their smart phone.
Dividend on equity shares The Board has recommended a dividend of Rs. 5 per equity share of face value of Rs. 2 each (equivalent to dividend of US$ 0.16 per ADS) for FY2015. The declaration and payment of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course.
Consolidated results Consolidated profit after tax increased by 11% to Rs. 12,247 crore (US$ 2.0 billion) in FY2015 compared to Rs. 11,041 crore (US$ 1.8 billion) in FY2014. Consolidated profit after tax increased by 13% to Rs. 3,085 crore (US$ 494 million) for Q4-2015 from Rs. 2,724 crore (US$ 436 million) for Q4-2014. The consolidated return on equity was at 15.0% in FY2015 compared to 14.9% in FY2014.
Insurance subsidiaries ICICI Prudential Life Insurance Company (ICICI Life) achieved profit after tax of Rs. 1,634 crore (US$ 261 million) for FY2015 compared to Rs. 1,567 crore (US$ 251 million) for FY2014. ICICI Life maintained its leadership in the private sector. ICICI Life’s retail weighted received premium increased by 41% from Rs. 3,253 crore (US$ 520 million) in FY2014 to Rs. 4,596 crore (US$ 735 million) in FY2015. ICICI Life’s assets under management crossed Rs. 100,000 crore in FY2015 and were at Rs. 100,183 crore (US$ 16.0 billion) at March 31, 2015 compared to Rs. 80,597 crore (US$ 12.9 billion) at March 31, 2014.
ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector. The gross premium income of ICICI General was Rs. 6,914 crore (US$ 1.1 billion) in FY2015 compared to Rs. 7,134 crore (US$ 1.1 billion) in FY2014. ICICI General’s profit before tax increased by 33% to Rs. 691 crore (US$ 144 million) in FY2015 from Rs. 520 crore (US$ 83 million) in FY2014. ICICI General’s profit after tax increased to Rs. 536 crore (US$ 86 million) in FY2015 from Rs. 511 crore (US$ 82 million) in FY2014.
All financial and other information in this press release, other than financial and other information for specific subsidiaries where specifically mentioned, is on an unconsolidated basis for ICICI Bank Limited only unless specifically stated to be on a consolidated basis for ICICI Bank Limited and its subsidiaries. Please also refer to the statement of audited unconsolidated, consolidated and segmental results required by Indian regulations that has, along with this release, been filed with the stock exchanges in India where ICICI Bank’s equity shares are listed and with the New York
Stock Exchange and the US Securities Exchange Commission, and is available on our website www.icicibank.com.
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for banking and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our rural expansion, our exploration of merger and acquisition opportunities, our ability to integrate recent or future mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our ability to manage the increased complexity of the risks we face following our rapid international growth, future levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our allowance for credit and investment losses, technological changes, investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in banking regulations and other regulatory changes in India and other jurisdictions on us, the bond and loan market conditions and availability of liquidity amongst the investor community in these markets, the nature or level of credit spreads, interest spreads from time to time, including the possibility of increasing credit spreads or interest rates, our ability to roll over our short-term funding sources and our exposure to credit, market and liquidity risks as well as other risks that are detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
This release does not constitute an offer of securities.
For further press queries please call Sujit Ganguli at 91-22-2653 8525 or email ganguli.sujit@icicibank.com.
For investor queries please call Anindya Banerjee / Nayan Bhatia at 91-22-2653 7131 / 91-22-2653 7144 or email ir@icicibank.com.
1 crore = 10.0 million
US$ amounts represent convenience translations at US$1= Rs. 62.50
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