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ICICI Bank
F4Q11 – First Cut.
Reasonably Good
Quick Comment: ICICI Bank reported F4Q11
earnings at Rs. 14.5 bn – This compares with our
estimate of Rs. 15.3 bn but the miss was mainly on
account of a Rs. 2 bn loss on investment compared to
our estimate of flat capital gains.
On an underlying basis, the numbers are fairly strong
with PBT (excluding capital gains) 6% ahead of
estimates:
1. Loan growth picked up to 5% QoQ and 19% YoY.
Some of the sequential increase would have been
driven by priority sector lending requirement, but still
volume progression was good.
2. Deposit growth was 4% QoQ with period end CASA
ratio improving to 45% from 44% in the last quarter.
3. NII growth was 11% QoQ implying good NIM
progression – we need to wait for details on this.
Non interest income (ex capital gains) was 3% QoQ.
Costs were up 7% QoQ.
4. Provisions continued to decline and were down to
Rs. 3.8 bn from Rs. 4.6 bn in the previous quarter.
LLP/Loans was around 70 bps this quarter
compared to 90 bps in the previous quarter.
In our view, the core numbers are fairly good and credit
costs continue to come off – which is a positive for the
stock. The bank will host a conference call at 5 PM IST
today.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
ICICI Bank
F4Q11 – First Cut.
Reasonably Good
Quick Comment: ICICI Bank reported F4Q11
earnings at Rs. 14.5 bn – This compares with our
estimate of Rs. 15.3 bn but the miss was mainly on
account of a Rs. 2 bn loss on investment compared to
our estimate of flat capital gains.
On an underlying basis, the numbers are fairly strong
with PBT (excluding capital gains) 6% ahead of
estimates:
1. Loan growth picked up to 5% QoQ and 19% YoY.
Some of the sequential increase would have been
driven by priority sector lending requirement, but still
volume progression was good.
2. Deposit growth was 4% QoQ with period end CASA
ratio improving to 45% from 44% in the last quarter.
3. NII growth was 11% QoQ implying good NIM
progression – we need to wait for details on this.
Non interest income (ex capital gains) was 3% QoQ.
Costs were up 7% QoQ.
4. Provisions continued to decline and were down to
Rs. 3.8 bn from Rs. 4.6 bn in the previous quarter.
LLP/Loans was around 70 bps this quarter
compared to 90 bps in the previous quarter.
In our view, the core numbers are fairly good and credit
costs continue to come off – which is a positive for the
stock. The bank will host a conference call at 5 PM IST
today.
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