India's largest private sector bank ICICI Bank has posted a growth of 12.53% in standalone profit to Rs 25.32 billion for the quarter ended Dec. 31, 2013. Analysts, on average, expected ICICI Bank to report a profit of Rs 24.56 billion
Quarterly standalone income was at Rs 142.6 billion, an increase of 15.41% over Rs 123.5 billion for the same quarter, a year ago.
Net interest income increased 22% to Rs 42.55 billion (US$ 688 million) in Q3-2014 from Rs 34.99 billion (US$ 566 million) in Q3-2013.
Net interest margin increased by 25 basis points from 3.07% for Q3-2013 and 3.31% for Q2-2014 to 3.32% for Q3-2014. The domestic net interest margin was 3.67% and net interest margin of international branches was 1.70% for Q3-2014.
Fee income increased by 13% to Rs 19.97 billion (US$ 323 million) in Q3-2014 from Rs 17.71 billion (US$ 287 million) in Q3-2013.
Cost-to-income ratio was maintained sequentially at 37.0% in Q3-2014.
Total advances increased by 16% year-on-year to Rs 3,326.32 billion (US$ 53.8 billion) at Dec. 31, 2013 from Rs 2867.66 billion (US$ 46.4 billion) at Dec. 31, 2012.
At Dec. 31, 2013, savings account deposits were Rs 957.25 billion (US$ 15.5 billion) and current account deposits were Rs 414.41 billion (US$ 6.7 billion).
The Bank’s capital adequacy at Dec. 31, 2013 as per Reserve Bank of India's guidelines on Basel III norms was 16.81% and Tier-1 capital adequacy was 11.53%, well above regulatory requirements.
Net non-performing assets at Dec. 31, 2013 were Rs 31.21 billion (US$ 505 million) compared to Rs 27.07 billion (US$ 438 million) at Sept. 30, 2013. The net non-performing asset ratio was 0.81% at Dec. 31, 2013 compared to 0.73% at Sept. 30, 2013.
The bank's provision coverage ratio, computed in accordance with the RBI guidelines, was 70.0% at Dec. 31, 2013. Net loans to companies whose facilities have been restructured were Rs 86.02 billion (US$ 1.4 billion) at Dec. 30, 2013 compared to Rs 68.26 billion (US$ 1.1 billion) at Sept. 30, 2013.
Shares of the bank gained Rs 6.95 or 0.68%, to trade at Rs 1,026.15 at the BSE (1.03 p.m., Wednesday).