Icici Personal Loan

ICICI Bank 2QFY2012 performance highlights and results update

For 2QFY2012, ICICI Bank’s standalone net profit grew by reasonable 21.6% yoy to Rs.1,503cr, in-line with ours as well as street’s estimates. Sequentially stable NIM and asset quality were the key highlights of the results. Continued reduction in NPA provisioning burden drove net profit growth. We maintain our Buy recommendation on the stock.

Stable NIM and asset quality: During 2QFY2012, the bank’s business momentum picked up a bit as compared to the previous quarter, with advances growing by  6.0% qoq (up 20.5% yoy) and deposits increasing by 6.3% qoq (moderate 9.9% yoy growth). Saving account deposits growth was relatively better at 10.9% yoy. Period-end CASA ratio improved marginally to 42.1%. Reported NIM remained flat on a sequential as well as yoy basis at 2.6%, as higher yields were offset by higher funding costs. Domestic NIM compressed marginally by 10bp qoq to ~2.9%; however, international NIM improved by ~20bp qoq to 1.1%. Growth in fee income continued to be below expectations at 7.0% yoy. Employee expenses  rose considerably by 35.0% yoy, primarily due to higher headcount. Provisioning expenses declined substantially by 50.3% yoy to Rs.319cr on the back of reduced share of unsecured credit portfolio of the bank. Asset quality remained largely stable with annualized slippage ratio remaining within manageable limits at ~1.4%, gross NPAs remaining flat sequentially and net NPAs declining by 5.2% qoq. Provision coverage ratio (as per the RBI’s guidelines) remained healthy at 78.2% in 2QFY2012 (76.9% in 1QFY2012).

Outlook and valuation: The bank’s substantial branch expansion in the past 24 months is expected to sustain a far more favorable deposit mix going forward. Moreover, a lower risk balance sheet has driven down NPA provisioning costs, which we believe will enable RoE of 15.4% by FY2013E (with further upside from financial leverage).

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