UNCONSOLIDATED FINANCIAL RESULTS
(₹ in crore)
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Year
ended
|
June
30, 2017
(Q1-2018)
|
March
31, 2017
(Q4-2017)
|
June
30, 2016
(Q1-2017)
|
March
31, 2017
(FY2017)
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
13,459.13
|
13,568.53
|
13,330.25
|
54,156.28
|
|
|
a)
|
Interest/discount
on advances/bills
|
9,847.31
|
9,990.72
|
9,837.31
|
39,603.39
|
|
|
b)
|
Income
on investments
|
2,827.13
|
2,621.66
|
2,810.87
|
11,377.07
|
|
|
c)
|
Interest
on balances with Reserve Bank of India and other inter-bank funds
|
198.50
|
281.93
|
50.05
|
495.46
|
|
|
d)
|
Others
|
586.19
|
674.22
|
632.02
|
2,680.36
|
|
2.
|
Other
income (refer note no. 9 and 10)
|
3,387.91
|
3,017.23
|
3,429.26
|
19,504.48
|
|
3.
|
TOTAL
INCOME (1)+(2)
|
16,847.04
|
16,585.76
|
16,759.51
|
73,660.76
|
|
4.
|
Interest
expended
|
7,869.29
|
7,606.37
|
8,171.73
|
32,418.96
|
|
5.
|
Operating
expenses (e)+(f)
|
3,794.44
|
3,867.37
|
3,373.05
|
14,755.06
|
|
|
e)
|
Employee
cost
|
1,511.16
|
1,480.45
|
1,290.65
|
5,733.71
|
|
|
f)
|
Other
operating expenses
|
2,283.28
|
2,386.92
|
2,082.40
|
9,021.35
|
|
6.
|
TOTAL
EXPENDITURE (4)+(5)
|
|
|
|
|
|
|
(excluding
provisions and contingencies)
|
11,663.73
|
11,473.74
|
11,544.78
|
47,174.02
|
|
7.
|
OPERATING
PROFIT (3)–(6)
|
5,183.31
|
5,112.02
|
5,214.73
|
26,486.74
|
|
|
(Profit
before provisions and contingencies)
|
|
8.
|
Provisions
(other than tax) and contingencies (refer note no. 6 and 7)
|
2,608.74
|
2,898.22
|
2,514.52
|
15,208.13
|
|
9.
|
PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8)
|
2,574.57
|
2,213.80
|
2,700.21
|
11,278.61
|
|
10.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
|
11.
|
PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10)
|
2,574.57
|
2,213.80
|
2,700.21
|
11,278.61
|
|
12.
|
Tax
expense (g)+(h)
|
525.57
|
189.16
|
467.86
|
1,477.52
|
|
|
g)
|
Current
period tax
|
827.96
|
(981.07)
|
489.47
|
2,180.12
|
|
|
h)
|
Deferred
tax adjustment
|
(302.39)
|
1,170.23
|
(21.61)
|
(702.60)
|
|
13.
|
NET
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12)
|
2,049.00
|
2,024.64
|
2,232.35
|
9,801.09
|
|
14.
|
Extraordinary
items (net of tax expense)
|
..
|
..
|
..
|
..
|
|
15.
|
NET
PROFIT/(LOSS) FOR THE PERIOD (13)–(14)
|
2,049.00
|
2,024.64
|
2,232.35
|
9,801.09
|
|
16.
|
Paid-up
equity share capital (face value ₹ 2/- each) (refer note no. 4)
|
1,282.78
|
1,165.11
|
1,163.60
|
1,165.11
|
|
17.
|
Reserves
excluding revaluation reserves (refer note no. 4 and 5)
|
96,293.71
|
95,737.57
|
87,956.17
|
95,737.57
|
|
18.
|
Analytical
ratios
|
|
|
|
|
|
|
i)
|
Percentage
of shares held by Government of India
|
0.17
|
0.19
|
0.15
|
0.19
|
|
|
ii)
|
Capital
adequacy ratio (Basel III)
|
17.69%
|
17.39%
|
16.22%
|
17.39%
|
|
|
iii)
|
Earnings
per share (EPS) (refer note no. 4)
|
|
|
|
|
|
|
|
a)
|
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹)
|
3.20
|
3.16
|
3.49
|
15.31
|
|
|
|
b)
|
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹)
|
3.17
|
3.15
|
3.48
|
15.25
|
|
19.
|
NPA
Ratio
1
|
|
|
|
|
|
|
i)
|
Gross
non-performing customer assets (net of write-off)
|
43,147.64
|
42,551.54
|
27,562.93
|
42,551.54
|
|
|
ii)
|
Net
non-performing customer assets
|
25,306.21
|
25,451.03
|
15,308.37
|
25,451.03
|
|
|
iii)
|
%
of gross non-performing customer assets (net of write-off) to gross customer assets
|
7.99%
|
7.89%
|
5.28%
|
7.89%
|
|
|
iv)
|
%
of net non-performing customer assets to net customer assets
|
4.86%
|
4.89%
|
3.01%
|
4.89%
|
|
20.
|
Return
on assets (annualised)
|
1.09%
|
1.10%
|
1.27%
|
1.35%
|
|
1.
|
At
June 30, 2017, the percentage of gross non-performing advances (net of write-off) to gross advances was 8.84% and net non-performing
advances to net advances was 5.41%.
|
SUMMARISED
UNCONSOLIDATED BALANCE SHEET
(₹ in crore)
|
Particulars
|
At
|
June
30, 2017
(Q1-2018)
|
March
31, 2017
(FY2017)
|
June
30, 2016
(Q1-2017)
|
|
(Audited)
|
(Audited)
|
(Audited)
|
|
Capital
and Liabilities
|
|
|
|
|
Capital
(refer note no. 4)
|
1,282.78
|
1,165.11
|
1,163.60
|
|
Employees
stock options outstanding
|
6.16
|
6.26
|
6.65
|
|
Reserves
and surplus (refer note no. 4 and 5)
|
99,335.45
|
98,779.71
|
90,779.48
|
|
Deposits
|
486,253.95
|
490,039.06
|
424,086.18
|
|
Borrowings
(includes preference shares and subordinated debt)
|
141,460.06
|
147,556.15
|
174,095.03
|
|
Other
liabilities and provisions
|
32,577.17
|
34,245.16
|
37,091.53
|
|
Total
Capital and Liabilities
|
760,915.57
|
771,791.45
|
727,222.47
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash
and balances with Reserve Bank of India
|
28,762.33
|
31,702.41
|
25,646.90
|
|
Balances
with banks and money at call and short notice
|
13,748.25
|
44,010.66
|
13,083.88
|
|
Investments
|
185,407.88
|
161,506.54
|
168,322.25
|
|
Advances
|
464,075.24
|
464,232.08
|
449,426.53
|
|
Fixed
assets
|
8,022.64
|
7,805.21
|
7,609.11
|
|
Other
assets
|
60,899.23
|
62,534.55
|
63,133.80
|
|
Total
Assets
|
760,915.57
|
771,791.45
|
727,222.47
|
CONSOLIDATED
FINANCIAL RESULTS
(₹ in crore)
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Year
ended
|
June
30, 2017
(Q1-2018)
|
March
31, 2017
(Q4-2017)
|
June
30, 2016
(Q1-2017)
|
March
31, 2017
(FY2017)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
1.
|
Total
income
|
26,517.57
|
28,603.29
|
24,483.75
|
113,397.63
|
|
2.
|
Net
profit
|
2,604.73
|
2,082.75
|
2,515.85
|
10,188.38
|
|
3.
|
Earnings
per share (EPS) (refer note no. 4)
|
|
|
|
|
|
|
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹)
|
4.06
|
3.25
|
3.93
|
15.91
|
|
|
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹)
|
4.02
|
3.24
|
3.92
|
15.84
|
|
4.
|
Total
assets
|
988,813.65
|
986,042.66
|
939,608.59
|
986,042.66
|
UNCONSOLIDATED
SEGMENTAL RESULTS
(₹ in crore)
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Year
ended
|
June
30, 2017
(Q1-2018)
|
March
31, 2017
(Q4-2017)
|
June
30, 2016
(Q1-2017)
|
March
31, 2017
(FY2017)
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|
1.
|
Segment
Revenue
|
|
|
|
|
|
a
|
Retail
Banking
|
12,196.45
|
12,031.01
|
10,695.41
|
45,391.18
|
|
b
|
Wholesale
Banking
|
7,228.59
|
7,373.45
|
7,742.19
|
30,640.57
|
|
c
|
Treasury
|
11,955.09
|
11,426.54
|
12,271.81
|
54,562.99
|
|
d
|
Other
Banking
|
428.81
|
459.75
|
392.50
|
1,864.09
|
|
|
Total
segment revenue
|
31,808.94
|
31,290.75
|
31,101.91
|
132,458.83
|
|
|
Less:
Inter segment revenue
|
14,961.90
|
14,704.99
|
14,342.40
|
58,798.07
|
|
|
Income
from operations
|
16,847.04
|
16,585.76
|
16,759.51
|
73,660.76
|
|
2.
|
Segmental
Results (i.e. Profit before tax)
|
|
|
|
|
|
a
|
Retail
Banking
|
1,686.45
|
1,688.80
|
1,252.53
|
5,385.30
|
|
b
|
Wholesale
Banking
|
(665.37)
|
(839.42)
|
(530.14)
|
(7,434.11)
|
|
c
|
Treasury
|
1,320.44
|
1,170.94
|
1,906.79
|
12,670.70
|
|
d
|
Other
Banking
|
233.05
|
193.48
|
71.03
|
656.72
|
|
|
Total
segment results
|
2,574.57
|
2,213.80
|
2,700.21
|
11,278.61
|
|
|
Unallocated
expenses
|
..
|
..
|
..
|
..
|
|
|
Profit
before tax
|
2,574.57
|
2,213.80
|
2,700.21
|
11,278.61
|
|
3.
|
Segment
assets
|
|
|
|
|
|
a
|
Retail
Banking
|
224,465.35
|
213,695.04
|
182,317.88
|
213,695.04
|
|
b
|
Wholesale
Banking
|
251,229.22
|
261,265.28
|
270,392.19
|
261,265.28
|
|
c
|
Treasury
|
263,794.33
|
274,821.84
|
249,995.41
|
274,821.84
|
|
d
|
Other
Banking
|
10,916.73
|
10,999.93
|
17,488.18
|
10,999.93
|
|
e
|
Unallocated
|
10,509.94
|
11,009.36
|
7,028.81
|
11,009.36
|
|
|
Total
segment assets
|
760,915.57
|
771,791.45
|
727,222.47
|
771,791.45
|
|
4.
|
Segment
liabilities
|
|
|
|
|
|
a
|
Retail
Banking
|
365,973.97
|
367,808.59
|
317,906.91
|
367,808.59
|
|
b
|
Wholesale
Banking
|
142,949.24
|
149,519.14
|
119,888.10
|
149,519.14
|
|
c
|
Treasury
|
147,494.91
|
151,145.75
|
185,953.47
|
151,145.75
|
|
d
|
Other
Banking
|
3,873.07
|
3,366.90
|
11,524.26
|
3,366.90
|
|
e
|
Unallocated
|
..
|
..
|
..
|
..
|
|
|
Total
segment liabilities
|
660,291.19
|
671,840.38
|
635,272.74
|
671,840.38
|
|
5.
|
Capital
employed (i.e. Segment assets – Segment liabilities)
|
|
|
|
|
|
a
|
Retail
Banking
|
(141,508.62)
|
(154,113.55)
|
(135,589.03)
|
(154,113.55)
|
|
b
|
Wholesale
Banking
|
108,279.98
|
111,746.14
|
150,504.09
|
111,746.14
|
|
c
|
Treasury
|
116,299.42
|
123,676.09
|
64,041.94
|
123,676.09
|
|
d
|
Other
Banking
|
7,043.66
|
7,633.03
|
5,963.92
|
7,633.03
|
|
e
|
Unallocated
|
10,509.94
|
11,009.36
|
7,028.81
|
11,009.36
|
|
|
Total
capital employed
|
100,624.38
|
99,951.07
|
91,949.73
|
99,951.07
|
Notes on segmental results:
|
1.
|
The
disclosure on segmental reporting has been prepared in accordance with Reserve Bank of India (RBI) circular no. DBOD.No.BP.BC.81/21.04.018/2006-07
dated April 18, 2007 on guidelines on enhanced disclosures on 'Segmental Reporting' which is effective from the reporting
period ended March 31, 2008 and Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July
5, 2016 on Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities.
|
|
2.
|
'Retail
Banking' includes exposures which satisfy the four criteria of orientation, product, granularity and low value of individual
exposures for retail exposures laid down in Basel committee on Banking Supervision document 'International Convergence of
Capital Measurement and Capital Standards: A Revised Framework'. This segment also includes income from credit cards, debit
card, third party product distribution and the associated costs.
|
|
3.
|
'Wholesale
Banking' includes all advances to trusts, partnership firms, companies and statutory bodies, which are not included under
Retail Banking.
|
|
4.
|
'Treasury'
includes the entire investment and derivative portfolio of the Bank.
|
|
5.
|
Other
Banking' includes leasing operations and other items not attributable to any particular business segment of the Bank.
|
Notes:
|
1.
|
The
above financial results have been approved by the Board of Directors at its meeting held on July 27, 2017. The auditors have
issued unmodified opinion on the unconsolidated financial statements for the three months ended June 30, 2017.
|
|
2.
|
The
financial statements have been prepared in accordance with Accounting Standard (AS) 25 on 'Interim Financial Reporting'.
|
|
3.
|
In
accordance with RBI guidelines on 'Basel III Capital Regulations' read together with the RBI circular dated July 1, 2015,
the consolidated Pillar 3 disclosure (unaudited) at June 30, 2017 including leverage ratio and liquidity coverage ratio is
available at http://www.icicibank.com/regulatory-disclosure.page.
|
|
4.
|
The
shareholders of the Bank have approved the issue of bonus shares of ₹ 2 each in the proportion of 1:10, i.e. 1 (One) bonus
equity share of ₹ 2 each for every 10 (Ten) fully paid-up equity shares held (including shares underlying ADS), through
postal ballot on June 12, 2017. Accordingly, the Bank has issued 582,984,544 equity shares as bonus shares during Q1-2018.
Further, the basic and diluted earnings per share have been restated for Q4-2017, Q1-2017 and FY2017 as required by Accounting
Standard (AS) 20 - Earnings per share.
|
|
5.
|
The
shareholders of the Bank have also approved dividend of ₹ 2.50 per equity share (pre-bonus issue) and dividend of ₹ 100
per preference share at the Annual General Meeting held on June 30, 2017. Accordingly, the Bank has appropriated an amount
of ₹ 1,466.19 crore (including corporate dividend tax) from retained earnings during Q1-2018.
|
|
6.
|
On
April 18, 2017, RBI through its circular advised that the provisioning rates prescribed as per the prudential norms circular
are the regulatory minimum and banks are encouraged to make provisions at higher rates in respect of advances to stressed
sectors of the economy and had specifically highlighted the telecom sector. During FY2016, the Bank had identified certain
sectors, as having been adversely impacted due to the weak global environment, sharp downturn in the commodity cycle and gradual
nature of domestic economic recovery. Accordingly, during Q1-2018, the Bank as per its Board approved policy has made an additional
general provision amounting to ₹ 160.12 crore on standard loans to borrowers rated below a certain rating threshold in the
telecom, power, iron and steel, mining and rigs sectors, other than loans where specific provision has been made in accordance
with RBI guidelines.
|
|
7.
|
During
Q1-2018, RBI advised banks to initiate insolvency resolution process in respect of 12 accounts under the provisions of Insolvency
and Bankruptcy Code, 2016 and also required banks to make higher provisions for these accounts during the year. RBI has allowed
banks to spread this additional provision over three quarters starting Q2-2018. The Bank at June 30, 2017 had outstanding
loans to these borrowers amounting to ₹ 6,889.46 crore (excluding non-fund outstanding amount of ₹ 351.00 crore). At June
30, 2017, the Bank holds a provision of ₹ 2,827.66 crore against these outstanding loans, which amounts to 41.04% provision
coverage in respect of outstanding loans to these borrowers. The Bank is required to make an additional provision of ₹ 647.28
crore over the next three quarters as advised by RBI, in addition to the provisions to be made as per the existing RBI guidelines.
|
|
8.
|
During
Q1-2018, with the approval of Board of Directors, the Bank has transferred securities amounting to ₹ 24,362.06 crore from
held-to-maturity (HTM) category to available-for-sale (AFS) category, being transfer of securities at the beginning of the
accounting year as permitted by RBI. Further, the Bank has not sold any securities under HTM category during Q1-2018. During
FY2017, the Bank undertook 1,547 transactions for sale of securities with a net book value of ₹ 70,002.45 crore, amounting
to 70.60% of the HTM portfolio at the beginning of FY2017 (Q4-2017: 566 transactions for ₹ 22,026.79 crore, amounting to
22.22% of HTM portfolio; Q1-2017: 430 transactions for ₹ 18,965.36 crore, amounting to 19.13% of HTM portfolio). The above
sale is excluding sale to RBI under pre-announced Open Market Operation auctions and repurchase of government securities by
Government of India, as permitted by RBI guidelines.
|
|
9.
|
During
the year ended March 31, 2017, the Bank sold a part of its shareholding in ICICI Prudential Life Insurance Company Limited
in the initial public offer (IPO) for a total consideration of ₹ 6,056.79 crore. The unconsolidated financial results include
a gain (before tax and after IPO related expenses) on this sale of ₹ 5,682.03 crore for FY2017 and consolidated financial
results include a gain (before tax and after IPO related expenses) on this sale of ₹ 5,129.88 crore for FY2017.
|
|
10.
|
Other
income includes net foreign exchange gain relating to overseas operations amounting to Nil in Q1-2018, Nil in Q4-2017, ₹
206.06 crore in Q1-2017 and Nil in FY2017. The net foreign exchange gain amounting to ₹ 288.41 crore recognised upto December
31, 2016 was subsequently reversed in Q4-2017 as per the RBI circular on ‘Guidelines on compliance with Accounting Standard
(AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks - clarification' dated April 18, 2017, on repatriation
of accumulated profits or retained earnings from overseas operations.
|
|
11.
|
During
Q1-2018, the Bank has allotted 5,369,305 equity shares of ₹ 2 each pursuant to exercise of employee stock options.
|
|
12.
|
Previous
period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
|
|
13.
|
The
amounts for Q4-2017 are balancing amounts between the amounts as per audited accounts for FY2017 and 9M-2017.
|
|
14.
|
The
above unconsolidated financial results are audited by the statutory auditors, B S R & Co. LLP, Chartered Accountants.
|
|
15.
|
₹
1 crore = ₹ 10.0 million.
|
|
|
|
For
and on behalf of the Board of Directors
|
|
|
|
|
|
|
|
|
/s/ N. S. Kannan
|
|
|
|
|
|
|
|
|
|
N. S. Kannan
|
|
|
Place:
|
Mumbai
|
Executive
Director
|
|
|
Date:
|
July 27, 2017
|
DIN-00066009
|
|
Item
2
|
B S R & Co. LLP
|
|
|
Chartered Accountants
|
|
|
|
5
th
Floor, Lodha
Excelus,
|
Telephone
|
+91 (22) 4345 5300
|
|
|
|
Apollo Mills Compound
|
Fax
|
+91 (22) 4345 5399
|
|
|
|
N. M. Joshi Marg, Mahalaxmi
|
|
|
|
Mumbai – 400 011
|
|
|
|
India
|
Auditor’s Report on Quarterly Standalone
Financial Results of ICICI Bank Limited pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015
To The Board of Directors of
ICICI Bank Limited
|
|
1.
|
We have audited the standalone quarterly financial results of ICICI Bank Limited (the ‘Bank’)
for the quarter ended 30 June 2017, attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33
of the Securities and Exchange Board of India (‘SEBI’) (Listing Obligations and Disclosure Requirements) Regulations,
2015, except for the disclosure relating to ‘consolidated Pillar 3 disclosure as at 30 June 2017, including leverage ratio
and liquidity coverage ratio under Basel III Capital Regulations’ as have been disclosed on the Bank’s website and
in respect of which a link has been provided in the standalone quarterly financial results and have not been audited by us.
|
|
|
2.
|
These standalone quarterly financial results have been prepared from the condensed standalone interim
financial statements, which are the responsibility of the Bank’s management and have been approved by the Board of Directors.
Our responsibility is to express an opinion on these standalone quarterly financial results based on our audit of such condensed
standalone interim financial statements, which have been prepared in accordance with the recognition and measurement principles
laid down in Accounting Standard (‘AS’) 25, Interim Financial Reporting, mandated under Section 133 of the Companies
Act, 2013 read with the relevant rules issued thereunder, provisions of Section 29 of the Banking Regulation Act, 1949, circulars
and guidelines issued by Reserve Bank of India from time to time and other accounting principles generally accepted in India.
|
|
|
3.
|
We conducted our audit in accordance with the auditing standards generally accepted in India. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free
of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial
results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe
that our audit provides a reasonable basis for our opinion.
|
|
|
4.
|
In our opinion and to the best of our information and according to the explanations given to us,
these standalone quarterly financial results:
|
|
|
i)
|
have been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 in this regard; and
|
|
|
ii)
|
give a true and fair view of the net profit and other financial information for the quarter ended
30 June 2017.
|
|
B S R & Co. LLP
|
|
|
Chartered Accountants
|
|
|
|
5
th
Floor, Lodha
Excelus,
|
Telephone
|
+91 (22) 4345 5300
|
|
|
|
Apollo Mills Compound
|
Fax
|
+91 (22) 4345 5399
|
|
|
|
N. M. Joshi Marg, Mahalaxmi
|
|
|
|
Mumbai – 400 011
|
|
|
|
India
|
Auditor’s Report on Quarterly Standalone
Financial Results and Year to Date Results of ICICI Bank Limited pursuant to the Regulation 33 of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Continued)
ICICI Bank Limited
Other matter
|
|
5.
|
For the purpose of our audit as stated in paragraph 3 above, we did not audit the financial statements
of Singapore, Bahrain, Hong Kong and Dubai branches of the Bank, whose financial statements reflect total assets of ₹ 1,178,829
million as at 30 June 2017, total revenues of ₹ 11,784 million for the quarter ended 30 June 2017 and net cash outflows amounting
to ₹ 4,191 million for the quarter ended 30 June 2017. These financial statements have been audited by other auditors, duly
qualified to act as auditors in the country of incorporation of the said branches, whose reports have been furnished to us, and
our opinion in so far as it relates to such branches is based solely on the reports of the other auditors. Our opinion is not modified
in respect of this matter.
|
|
|
For
B S R & Co. LLP
|
|
|
Chartered Accountants
|
|
|
Firm’s Registration No: 101248W/W-100022
|
|
|
|
|
|
|
|
|
/s/ Venkataramanan Vishwanath
|
|
|
|
|
|
Venkataramanan Vishwanath
|
|
Mumbai
|
Partner
|
|
27 July 2017
|
Membership No: 113156
|
Item 3
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
News
Release
|
July
27, 2017
|
Performance Review: Quarter
ended June 30, 2017
|
·
|
19%
year-on-year growth in retail portfolio; retail portfolio constituted 53% of the total
portfolio at June 30, 2017
|
|
·
|
24%
year-on-year growth in current and savings account (CASA) deposits; CASA ratio at 49.0%
at June 30, 2017
|
|
·
|
Net
NPA ratio decreased from 4.89% at March 31, 2017 to 4.86% at June 30, 2017
|
|
·
|
25%
sequential growth in consolidated profit after tax to ₹ 2,605 crore (US$ 403 million)
for the quarter ended June 30, 2017 (Q1-2018) from ₹ 2,083 crore (US$ 323 million)
for the quarter ended March 31, 2017 (Q4-2017)
|
|
·
|
Standalone
profit after tax of ₹ 2,049 crore (US$ 317 million) for Q1-2018
|
|
·
|
Total
capital adequacy of 17.89% and Tier-1 capital adequacy of 14.80% on standalone basis
at June 30, 2017, including profits for Q1-2018
|
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 quarter ended June 30, 2017.
Profit & loss account
|
·
|
Net interest income increased by 8% on a year-on-year basis to
₹
5,590 crore (US$ 866 million) in the quarter ended June 30, 2017 (Q1-2018) from
₹
5,159 crore (US$ 799 million) in the quarter ended June 30, 2016 (Q1-2017)
|
|
·
|
Non-interest income was
₹
3,388
crore (US$ 525 million) in Q1-2018 compared to
₹
3,429 crore (US$
531 million) in Q1-2017. Non-interest income in Q1-2017 included exchange rate gain related to overseas operations of
₹
206 crore, which is no longer permitted to be accounted as income following the Reserve Bank of India (RBI) guideline issued in
April 2017, and quarterly dividend of
₹
204 crore from ICICI Prudential
Life Insurance Company (ICICI Life), which has moved to dividend payments on a half-yearly basis following its initial public offering
in September 2016.
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
·
|
Fee income increased by 10% on a year-on-year basis to
₹
2,377 crore (US$ 368 million) in Q1-2018 from
₹
2,156 crore (US$
334 million) in Q1-2017.
|
|
·
|
Consolidated profit after tax increased sequentially by 25% to
₹
2,605 crore (US$ 403 billion) in Q1-2018 from
₹
2,083 crore
(US$ 323 million) in Q4-2017.
|
|
·
|
Standalone profit after tax was
₹
2,049 crore (US$ 317 million) for Q1-2018 compared to
₹
2,025
crore (US$ 314 million) for Q4-2017 and
₹
2,232 crore (US$ 346
million) for Q1-2017.
|
Operating review
Credit growth
The year-on-year growth in domestic
advances was 11%. The Bank has continued to leverage its strong retail franchise, resulting in a year-on-year growth of 19% in
the retail portfolio. The retail portfolio constituted about 53% of the loan portfolio of the Bank at June 30, 2017. Total advances
increased by 3% year-on-year to
₹
464,075 crore (US$ 71.9 billion)
at June 30, 2017 from
₹
449,427 crore (US$ 69.6 billion) at June
30, 2016.
Deposit growth
CASA deposits increased by 24% year-on-year
to
₹
238,024 crore (US$ 36.9 billion) at June 30, 2017. The Bank’s
CASA ratio was 49.0% at June 30, 2017 compared to 50.4% at March 31, 2017 and 45.1% at June 30, 2016. The average CASA ratio was
45.4% in Q1-2018. Total deposits increased by 15% year-on-year to
₹
486,254
crore (US$ 75.3 billion) at June 30, 2017. The Bank had a network of 4,852 branches and 13,780 ATMs at June 30, 2017.
Capital adequacy
The Bank’s capital adequacy
at June 30, 2017 as per Reserve Bank of India’s guidelines on Basel III norms was 17.69% and Tier-1 capital adequacy was
14.59% compared to the regulatory requirements of 10.35% and 8.35% respectively. In line with applicable guidelines, the Basel
III capital ratios reported by the Bank for June 30, 2017 do not include the profits for Q1-2018. Including the profits for Q1-2018,
the capital adequacy ratio for the Bank as per Basel III norms would have been 17.89% and the Tier I ratio would have been 14.80%.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Asset quality
Net non-performing assets (NPAs) decreased
from
₹
25,451 crore (US$ 3.9 billion) at March 31, 2017 to
₹
25,306 crore (US$ 3.9 billion) at June 30, 2017. The Bank’s net non-performing asset ratio declined from 4.89% at March 31,
2017 to 4.86% at June 30, 2017. Net loans to companies whose facilities have been restructured were
₹
2,370 crore (US$ 367 million) at June 30, 2017 compared to
₹
4,265
crore (US$ 660 million) at March 31, 2017.
Technology initiatives
The
Bank continued to be at the forefront of offering technology-enabled services to its customers. The Bank’s online banking
functionality received the highest overall score in the 2017 India Online Banking Functionality Benchmark study conducted by Forrester.
Further, the Bank’s mobile banking application also received the highest overall score in the 2017 India Mobile Banking Functionality
Benchmark study conducted by Forrester, for the second year in a row.
Debit and credit card transactions
continued to grow at a healthy rate. The number and the value of debit card transactions at point-of-sale terminals increased year-on-year
by 81% and 83% respectively in Q1-2018. Credit card transactions increased year-on-year by 49% and 52% in terms of number and value
respectively in Q1-2018.
Over 3.3 million Unified Payment Interface
(UPI) Virtual Payment Addresses have been created using the Bank’s mobile platforms till June 30, 2017. Further, the Bank
had acquired over 130,000 merchants till June 30, 2017 on ‘Eazypay’, its mobile payments application for merchants.
Digital channels like internet, mobile
banking, POS and call centre accounted for about 81% of the savings account transactions in Q1-2018.
During the quarter, the Bank
launched a new website and mobile application for Money2India (M2I), its online money transfer service for NRIs. The Bank recently
introduced personal loans of upto
₹
15 lakh through ATMs. This
facility enables existing customers to get pre-qualified loans in their savings account instantly, in a completely digital and
paperless manner.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Consolidated results
Consolidated profit after tax was
₹
2,605 crore (US$ 403 million) in Q1-2018 compared to
₹
2,083 crore (US$ 323 million) in Q4-2017 and
₹
2,516 crore (US$
390 million) in Q1-2017.
Consolidated assets grew by 5% from
₹
939,609 crore (US$ 145.5 billion) at June 30, 2016 to
₹
988,814 crore (US$ 153.1 billion) at June 30, 2017.
Subsidiaries
ICICI Life announced results for Q1-2018
on July 25, 2017. ICICI Life continued to maintain its market leadership among the private sector players in Q1-2018. ICICI Life’s
retail weighted received premium increased by 74.7% from
₹
936
crore (US$ 145 million) in Q1-2017 to
₹
1,636 crore (US$ 253 million)
in Q1-2018. ICICI Life’s profit after tax was
₹
406 crore
(US$ 63 million) for Q1-2018 compared to
₹
405 crore (US$ 63 million)
for Q1-2017.
ICICI Lombard General Insurance Company
(ICICI General) has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of
up to 86,247,187 equity shares of ICICI General, representing approximately 19.0% of its equity share capital, for cash, through
an offer for sale of upto 31,761,478 equity shares (7.0% of the offer) by ICICI Bank and upto 54,485,709 equity shares (12.0% of
the offer) by FAL Corporation. The offer includes a proposed reservation of upto 4,312,359 equity shares (5.0% of the offer) for
individual and Hindu Undivided Family (“HUF”) shareholders of the Bank. The profit after tax of ICICI General was
₹
214 crore (US$ 33 million) in Q1-2018.
The profit after tax of ICICI Prudential
Asset Management Company (ICICI AMC) increased by 44% year-on-year from
₹
98 crore (US$ 15 million) in Q1-2017 to
₹
141 crore (US$ 22 million)
in Q1-2018. ICICI AMC continues to be the largest mutual fund in India based on average assets under management for Q1-2018.
The profit after tax of ICICI Securities
increased by 67% year-on-year from
₹
69 crore (US$ 11 million)
in Q1-2017 to
₹
115 crore (US$ 18 million) in Q1-2018. ICICI Securities
continues to be the largest online retail broking platform in India. The company significantly strengthened its institutional broking
and investment banking franchise during Q1-2018. The profit after tax of ICICI Primary Dealership was at
₹
66 crore (US$ 10 million) in Q1-2018 compared to
₹
76 crore (US$
12 million) in Q1-2017.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary Profit and Loss Statement
(as per unconsolidated Indian GAAP accounts)
₹
crore
|
|
Q1-2017
|
Q4-2017
|
Q1-2018
|
FY
2017
|
|
Net
interest income
|
5,159
|
5,962
|
5,590
|
21,737
|
|
Non-interest
income
|
3,429
|
3,017
|
3,388
|
19,505
|
|
- Fee income
|
2,156
|
2,446
|
2,377
|
9,452
|
|
- Treasury income
|
768
|
503
|
858
|
8,577
2
|
|
- Other income
|
505
1
|
68
|
153
|
1,476
|
|
Less:
|
|
|
|
|
|
Operating expense
|
3,373
|
3,867
|
3,794
|
14,755
|
|
Operating
profit
|
5,215
|
5,112
|
5,184
|
26,487
|
|
Less:
|
|
|
|
|
|
Provisions
|
2,515
|
2,898
|
2,609
|
15,208
|
|
Profit
before tax
|
2,700
|
2,214
|
2,575
|
11,279
|
|
Less: Tax
|
468
|
189
|
526
|
1,478
|
|
Profit
after tax
|
2,232
|
2,025
|
2,049
|
9,801
|
|
1.
|
As per the RBI circular on ‘Guidelines on compliance with Accounting Standard (AS) 11
(The Effects of Changes in Foreign Exchange Rates) by banks' dated April 18, 2017, on repatriation of accumulated profits or retained
earnings from overseas operations, the banks shall not recognise the proportionate exchange gains or losses held in the foreign
currency translation reserve in the P&L account. The Bank has therefore reversed foreign exchange gain amounting to
₹
288 crore in Q4-2017, which was recognised as other income in the nine months ended December 31, 2016 (9M-2017). Accordingly, other
income includes net foreign exchange gain relating to overseas operations amounting to
₹
206 crore in Q1-2017 (reversed in Q4-2017),
Nil
in Q1-2018 and Nil
in FY2017
|
|
2.
|
Includes profit on sale of shareholding in insurance subsidiaries of
₹
5,682 crore in FY2017
|
|
3.
|
Prior period figures have been re-grouped/re-arranged where necessary
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary Balance
Sheet
₹
crore
|
|
30-Jun-16
|
30-Jun-17
|
31-Mar-17
|
|
(Audited)
|
(Audited)
|
(Audited)
|
|
Capital
and Liabilities
|
|
|
|
|
Capital
|
1,164
|
1,283
1
|
1,165
|
|
Employee stock options outstanding
|
7
|
6
|
6
|
|
Reserves and surplus
|
90,779
|
99,335
2
|
98,780
|
|
Deposits
|
424,086
|
486,254
|
490,039
|
|
Borrowings (includes subordinated debt)
1
|
174,095
|
141,460
|
147,556
|
|
Other liabilities
|
37,092
|
32,578
|
34,245
2
|
|
Total
Capital and Liabilities
|
727,223
|
760,916
|
771,791
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and balances with Reserve Bank of India
|
25,647
|
28,762
|
31,702
|
|
Balances with banks and money at call and short notice
|
13,084
|
13,748
|
44,011
|
|
Investments
|
168,322
|
185,408
|
161,507
|
|
Advances
|
449,427
|
464,075
|
464,232
|
|
Fixed assets
|
7,609
|
8,023
|
7,805
|
|
Other assets
|
63,134
|
60,900
|
62,534
|
|
Total
Assets
|
727,223
|
760,916
|
771,791
|
|
1.
|
The shareholders of the Bank have approved the issue of bonus shares of
₹
2 each in the proportion of 1:10 i.e. 1 (One) bonus share of
₹
2 each for every 10 (Ten) fully paid-up equity shares held (including shares underlying ADS), through postal ballot in June 2017.
Accordingly, the Bank has issued 582,984,544 equity shares as bonus shares during Q1-2018. Capital and reserves at June 30, 2017
reflect the bonus shares issued by the Bank.
|
|
2.
|
The shareholders of the Bank also approved dividend of
₹
2.50 per equity shares (pre-bonus issue) and dividend of
₹
100
per preference share at the Annual General Meeting held on June 30, 2017. Accordingly, the Bank has appropriated an amount of
₹
1,466 crore (US$ 227 million) (including corporate dividend tax) from retained earnings during Q1-2018.
|
|
3.
|
Borrowings include preference share capital of
₹
350 crore
|
|
4.
|
Prior period figures have been re-grouped/re-arranged where necessary.
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
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
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 in our international operations, future
levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our allowance for credit and
investment losses, regulatory assessments of our asset quality, provisions, risk management, capital adequacy and management functioning,
other measures of the safety and soundness of our operations or compliance with applicable laws, regulations, accounting and taxation
norms or regulatory policies, technological changes, investment income including the ability to successfully monetise our investment
in subsidiaries, 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 equity, bond and loan market conditions and availability of liquidity amongst the investor community in these markets,
the nature or level of credit spreads and 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 / Kausik Datta at 91-22-2653 8525 / 91-22-2653 7026 or email
corporate.communications@icicibank.com
For investor queries please
call Anindya Banerjee / Sonal Bagaria at 91-22-2653 7131 / 91-22-2653 6124 or email
ir@icicibank.com
.
1 crore = 10.0 million
US$ amounts represent convenience
translations at US$1=
₹
64.58
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
|
For
ICICI Bank Limited
|
|
Date:
|
July 27, 2017
|
|
By:
|
/s/ P. Sanker
|
|
|
|
|
|
Name :
|
P. Sanker
|
|
|
|
|
|
Title :
|
Senior General Manager (Legal) & Company Secretary
|
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