CONSOLIDATED
FINANCIAL RESULTS
(₹
in crore)
|
Sr.
no.
|
Particulars
|
Three months ended
|
Nine months ended
|
Year
ended
|
December
31, 2017
(Q3-2018)
|
September
30, 2017
(Q2-2018)
|
December
31, 2016
(Q3-2017)
|
December
31, 2017
(9M-2018)
|
December
31, 2016
(9M-2017)
|
March
31, 2017
(FY2017)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
1.
|
Total
income
|
28,500.92
|
30,190.54
|
27,875.67
|
85,209.03
|
84,794.34
|
113,397.63
|
|
2.
|
Net
profit
|
1,894.15
|
2,071.38
|
2,610.83
|
6,570.26
|
8,105.63
|
10,188.38
|
|
3.
|
Earnings
per share (EPS) (refer note no. 5)
|
|
|
|
|
|
|
|
|
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹)
|
2.95
|
3.23
|
4.08
|
10.24
|
12.66
|
15.91
|
|
|
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in ₹)
|
2.92
|
3.20
|
4.06
|
10.14
|
12.61
|
15.84
|
|
4.
|
Total
assets
|
1053677.11
|
1,020,868.19
|
962,897.15
|
1053677.11
|
962,897.15
|
985,724.65
|
UNCONSOLIDATED
SEGMENTAL RESULTS
|
(₹
in crore)
|
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Nine months ended
|
Year
ended
|
December
31, 2017
(Q3-2018)
|
September
30, 2017
(Q2-2018)
|
December
31, 2016
(Q3-2017)
|
December
31, 2017
(9M-2018)
|
December
31, 2016
(9M-2017)
|
March
31, 2017
(FY2017)
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|
1.
|
Segment
Revenue
|
|
|
|
|
|
|
|
a
|
Retail
Banking
|
12,679.93
|
12,285.14
|
11,550.64
|
37,161.52
|
33,360.17
|
45,391.18
|
|
b
|
Wholesale
Banking
|
7,438.76
|
7,571.70
|
7,809.58
|
22,239.05
|
23,267.12
|
30,640.57
|
|
c
|
Treasury
|
11,735.55
|
13,691.68
|
12,806.15
|
37,382.32
|
43,136.45
|
54,562.99
|
|
d
|
Other
Banking
|
250.26
|
327.19
|
450.00
|
1,006.26
|
1,404.34
|
1,864.09
|
|
|
Total
segment revenue
|
32,104.50
|
33,875.71
|
32,616.37
|
97,789.15
|
101,168.08
|
132,458.83
|
|
|
Less:
Inter segment revenue
|
15,272.28
|
15,112.42
|
15,059.96
|
45,346.60
|
44,093.08
|
58,798.07
|
|
|
Income
from operations
|
16,832.22
|
18,763.29
|
17,556.41
|
52,442.55
|
57,075.00
|
73,660.76
|
|
2.
|
Segmental
Results (i.e. Profit before tax)
|
|
|
|
|
|
|
|
a
|
Retail
Banking
|
1,929.63
|
1,555.31
|
1,334.78
|
5,171.39
|
3,696.50
|
5,385.30
|
|
b
|
Wholesale
Banking
|
(1,587.05)
|
(2,407.53)
|
(978.62)
|
(4,659.95)
|
(6,594.69)
|
(7,434.11)
|
|
c
|
Treasury
|
1,102.25
|
3,214.56
|
2,241.43
|
5,637.25
|
11,499.76
|
12,670.70
|
|
d
|
Other
Banking
|
43.36
|
121.23
|
213.63
|
397.64
|
463.25
|
656.72
|
|
|
Total
segment results
|
1,488.19
|
2,483.57
|
2,811.22
|
6,546.33
|
9,064.82
|
11,278.61
|
|
|
Unallocated
expenses
|
..
|
..
|
..
|
..
|
..
|
..
|
|
|
Profit
before tax
|
1,488.19
|
2,483.57
|
2,811.22
|
6,546.33
|
9,064.82
|
11,278.61
|
|
3.
|
Segment
assets
|
|
|
|
|
|
|
|
a
|
Retail
Banking
|
241,801.22
|
232,051.14
|
195,503.28
|
241,801.22
|
195,503.28
|
213,695.04
|
|
b
|
Wholesale
Banking
|
274,491.81
|
263,992.12
|
268,647.38
|
274,491.81
|
268,647.38
|
261,265.28
|
|
c
|
Treasury
|
273,717.87
|
269,202.19
|
272,520.26
|
273,717.87
|
272,520.26
|
274,821.84
|
|
d
|
Other
Banking
|
10,957.19
|
11,258.45
|
11,960.90
|
10,957.19
|
11,960.90
|
10,999.93
|
|
e
|
Unallocated
|
12,580.83
|
11,298.26
|
9,165.10
|
12,580.83
|
9,165.10
|
11,009.36
|
|
|
Total
segment assets
|
813,548.92
|
787,802.16
|
757,796.92
|
813,548.92
|
757,796.92
|
771,791.45
|
|
4.
|
Segment
liabilities
|
|
|
|
|
|
|
|
a
|
Retail
Banking
|
389,383.72
|
377,917.45
|
358,007.45
|
389,383.72
|
358,007.45
|
367,808.59
|
|
b
|
Wholesale
Banking
|
151,248.75
|
145,955.80
|
133,667.09
|
151,248.75
|
133,667.09
|
149,519.14
|
|
c
|
Treasury
|
164,546.16
|
157,502.81
|
165,100.70
|
164,546.16
|
165,100.70
|
151,145.75
|
|
d
|
Other
Banking
|
3,869.97
|
3,638.10
|
3,508.21
|
3,869.97
|
3,508.21
|
3,366.90
|
|
e
|
Unallocated
|
..
|
..
|
..
|
..
|
..
|
..
|
|
|
Total
segment liabilities
|
709,048.60
|
685,014.16
|
660,283.45
|
709,048.60
|
660,283.45
|
671,840.38
|
|
5.
|
Capital
employed (i.e. Segment assets – Segment liabilities)
|
|
|
|
|
|
|
|
a
|
Retail
Banking
|
(147,582.50)
|
(145,866.31)
|
(162,504.17)
|
(147,582.50)
|
(162,504.17)
|
(154,113.55)
|
|
b
|
Wholesale
Banking
|
123,243.06
|
118,036.32
|
134,980.28
|
123,243.06
|
134,980.28
|
111,746.14
|
|
c
|
Treasury
|
109,171.71
|
111,699.38
|
107,419.57
|
109,171.71
|
107,419.57
|
123,676.09
|
|
d
|
Other
Banking
|
7,087.22
|
7,620.35
|
8,452.69
|
7,087.22
|
8,452.69
|
7,633.03
|
|
e
|
Unallocated
|
12,580.83
|
11,298.26
|
9,165.10
|
12,580.83
|
9,165.10
|
11,009.36
|
|
|
Total
capital employed
|
104,500.32
|
102,788.00
|
97,513.46
|
104,500.32
|
97,513.46
|
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 cards, 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 January 31, 2018. The auditors have issued an unmodified opinion on the unconsolidated financial statements for Q3-2018 and 9M-2018.
|
|
|
|
|
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 December 31, 2017 including leverage ratio and liquidity coverage ratio is available at http://www.icicibank.com/regulatory-disclosure.page.
|
|
|
|
|
4.
|
Pursuant to approval by the Board of Directors of the Bank on June 5, 2017, the Bank sold equity shares representing 7.00% shareholding in ICICI Lombard General Insurance Company Limited in the initial public offer (IPO) during Q2-2018 for a total consideration of ₹ 2,099.43 crore. The sale resulted in a gain (before tax and after IPO related expenses) of ₹ 2,012.15 crore in unconsolidated financial results and ₹ 1,711.32 crore in consolidated financial results for Q2-2018 and 9M-2018.
|
|
|
|
|
|
During 9M-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 sale resulted in a gain (before tax and after IPO related expenses) of ₹ 5,682.03 crore in unconsolidated financial results and ₹ 5,129.88 crore in consolidated financial results for 9M-2017 and FY2017.
|
|
|
|
|
5.
|
The shareholders of the Bank 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 issued 582,984,544 equity shares as bonus shares during Q1-2018. Further, the basic and diluted earnings per share have been restated for Q3-2017, 9M-2017 and FY2017 as required by Accounting Standard (AS) 20 - Earnings per share.
|
|
|
|
|
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. Accordingly, during 9M-2018, the Bank as per its Board approved policy made additional general provision amounting to ₹ 198.77 crore on standard loans to borrowers
|
|
|
|
|
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 (IBC) and also required banks to make higher provisions for these accounts during the year. RBI allowed banks to spread this additional provision over three quarters starting Q2-2018. The Bank, during FY2018, was required to make additional provision of ₹ 651.17 crore due to the above in addition to the provisions to be made as per the existing RBI guidelines. The Bank, on prudent basis, has made this entire additional provision during Q2-2018.
|
|
|
|
|
|
Further, during Q2-2018, RBI advised banks to make efforts to complete the resolution process as agreed in JLF/consortium and implement a viable resolution plan in respect of certain additional accounts by a specified date, failing which, the JLF/consortium were required to initiate insolvency proceedings for those accounts under the provisions of the IBC and banks will be required to make higher provision by March 31, 2018. At December 31, 2017, the Bank had outstanding loans to 18 such borrowers amounting to ₹ 10,060.75 crore (excluding non-fund outstanding amount of ₹ 1,335.04 crore). Out of these loans, 98.6% of the loans amounting to ₹ 9,915.06 crore are to borrowers classified as non-performing at December 31, 2017. At December 31, 2017, the Bank holds provision of ₹ 3,662.59 crore against these outstanding loans, which amounts to 36.4% provision coverage in respect of outstanding loans to these borrowers Of the above 18 accounts, insolvency proceedings in respect of 16 accounts have been initiated under the provisions of the IBC. The additional provision on such accounts would be made by March 31, 2018.
|
|
|
|
|
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 undertook 51 transactions for sale of securities with net book value of ₹ 4,344.09 crore, amounting to 4.62% of HTM portfolio during 9M-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 (Q3-2017: 351 transactions for ₹ 15,169.81 crore, amounting to 15.30% of HTM portfolio; 9M-2017: 981 transactions for ₹ 47,975.65 crore, amounting to 48.39% 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.
|
Other income for 9M-2017 includes net foreign exchange gain relating to overseas operations amounting to ₹ 288.41 crore. 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.
|
|
|
|
|
10.
|
During Q3-2018, the Bank has allotted 5,467,649 equity shares of ₹ 2 each pursuant to exercise of employee stock options.
|
|
|
|
|
11.
|
Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
|
|
|
|
|
12.
|
The above unconsolidated financial results are audited by the statutory auditors, B S R & Co. LLP, Chartered Accountants.
|
|
|
|
|
13.
|
₹ 1 crore = ₹ 10.0 million.
|
|
|
For
and on behalf of the Board of Directors
|
|
|
|
|
|
/s/ N. S. Kannan
|
|
Place:
Date:
|
Mumbai
January 31, 2018
|
N. S. Kannan
Executive
Director
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
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
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 31 December 2017 and the standalone year to date financial results
for the period from 1 April 2017 to 31 December 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 31 December 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 as well as the year to date 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 Director 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 as well as the year to date 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 31 December 2017 as well as the year to date financial results for the period from
1 April 2017 to 31 December 2017.
|
|
|
BSR& Co. (a partnership firm with
|
Registered Office:
|
|
|
Registration No. BA61223) converted into
|
5
th
Floor, Lodha Excelus
|
|
|
B S R & Co. LLP (a Limited Liability, Partnership
|
Apollo Mills Compound
|
|
|
with LLP Registration No. AAB-8181)
|
N. M. Joshi Marg, Mahalaxmi,
|
|
|
with effect from October 14, 2013
|
Mumbai – 400 011, India
|
B
S R & Co. LLP
Auditor’s Report on Quarterly
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 Rs. 1,156,551 million as at 31 December 2017, total
revenues of Rs. 11,521 million for the quarter ended 31 December 2017 and Rs. 35,712
million for the period from 1 April 2017 to 31 December 2017 and net cash outflow amounting
to Rs. 38,739 million for the quarter ended 31 December 2017 and net cash outflows
amounting to Rs. 8,645 million for the period 1 April 2017 to 31 December 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 auditor 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
|
|
31 January 2018
|
Membership No: 113156
|
Item 3
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
|
|
|
|
News
Release
|
January
31, 2018
|
Performance Review: Quarter ended
December 31, 2017
|
|
·
|
Acceleration in loan growth: total domestic
loan growth at 16% year-on-year at December 31, 2017 compared to 13% year-on-year at September 30, 2017
|
|
|
·
|
Retail loans grew by 22% year-on-year at
December 31, 2017 compared to 19% year-on-year at September 30, 2017
|
|
|
·
|
Continued improvement in asset quality trends
|
|
|
·
|
Decline in gross non-performing asset (NPA)
additions to
₹
4,380
crore (US$ 686 million) in the quarter ended December 31, 2017 (Q3-2018) compared to
₹
4,674
crore (US$ 732 million) in the quarter ended September 30, 2017 (Q2-2018) and
Rs.
7,037
crore (US$ 1.10 billion) in the quarter ended December 31, 2016 (Q3-2017)
|
|
|
·
|
Recoveries and upgrades of
Rs.
1,108
crore (US$ 173 million) from non-performing loans in Q3-2018 compared to
Rs.
1,029
crore (US$ 161 million) in Q2-2018 and
Rs.
625
crore (US$ 98 million) in Q3-2017
|
|
|
·
|
Net NPA ratio decreased to 4.20% at December
31, 2017 from 4.43% at September 30, 2017
|
|
|
·
|
160 basis points increase in provisioning
coverage ratio to 60.9% (including cumulative prudential/ technical write-offs), further strengthening the balance sheet
|
|
|
·
|
Current and savings account (CASA) ratio
at 50.4% at December 31, 2017
|
|
|
·
|
Domestic net interest margin was maintained
above 3.5% in Q3-2018
|
|
|
·
|
Core operating profit, excluding treasury
income and exchange rate gains relating to overseas operations, grew by 10% to
Rs.
4,992
crore (US$ 782 million) in Q3-2018 from
Rs.
4,549
crore (US$ 712 million) in Q3-2017
|
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
|
|
·
|
Provisions declined sequentially from
₹
4,503 crore
(US$ 705 million) in Q2-2018 to
₹
3,570
crore (US$ 559 million) in Q3-2018
|
|
|
·
|
Total capital adequacy of 18.10% and Tier-1
capital adequacy of 15.04% on standalone basis at December 31, 2017, including profits for nine months ended December 31, 2017
(9M-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 December 31, 2017.
Profit
& loss account
|
|
·
|
Net
interest income grew by 6% year-on-year to
₹
5,705
crore (US$ 893 million) in the quarter ended December 31, 2017 (Q3-2018) compared to
₹
5,363 crore (US$ 840
million) in the quarter ended December 31, 2016 (Q3-2017).
|
|
|
·
|
Domestic
net interest margin was 3.53% and the overall net interest margin was 3.14% in Q3-2018.
|
|
|
·
|
Non-interest
income was
₹
3,167 crore
(US$ 496 million) in Q3-2018 compared to
₹
3,939
crore (US$ 617 million) in Q3-2017. In Q3-2017, non-interest income included
₹
893
crore (US$ 140 million) of treasury gains due to increase in liquidity & decline
in yields following demonetisation, and
₹
82
crore (US$ 13 million) of exchange rate gains relating to overseas operations (subsequently
reversed in Q4-2017 as RBI disallowed recognition of such gains in the P&L account).
|
|
|
·
|
Core
operating profit, excluding treasury income and exchange rate gains relating to overseas
operations, increased by 10% year-on-year to
₹
4,992
crore (US$ 782 million) in Q3-2018 compared to
₹
4,549
crore (US$ 712 million) in Q3-2017.
|
|
|
·
|
Provisions
declined sequentially from
₹
4,503
crore (US$ 705 million) in Q2-2018 to
₹
3,570
crore (US$ 559 million) in Q3-2018.
|
|
|
·
|
Standalone
profit after tax was
₹
1,650
crore (US$ 258 million) for Q3-2018 compared to
₹
2,058
crore (US$ 322 million) for Q2-2018 and
₹
2,442
crore (US$ 382 million) for Q3-2017.
|
|
|
·
|
Consolidated
profit after tax was
₹
1,894
crore (US$ 297 million) in Q3-2018 compared to
₹
2,071
crore (US$ 324 million) in Q2-2018 and
₹
2,611
crore (US$ 409 million) for Q3-2017.
|
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
Operating
review
Credit
growth
The
year-on-year growth in domestic advances was 16% at December 31, 2017 compared to growth of 13% at September 30, 2017. The Bank
has continued to leverage its strong retail franchise, resulting in a year-on-year growth of 22% in the retail portfolio at December
31, 2017 compared to growth of 19% at September 30, 2017. The retail portfolio constituted about 54% of the loan portfolio of
the Bank at December 31, 2017. Total advances increased by 10% year-on-year to
₹
505,387
crore (US$ 79.1 billion) at December 31, 2017 from
₹
457,469 crore
(US$ 71.6 billion) at December 31, 2016 compared to growth of 6% year-on-year at September 30, 2017.
Deposit
growth
CASA
deposits increased by 12% year-on-year to
₹
260,635 crore (US$
40.8 billion) at December 31, 2017. The Bank’s CASA ratio was 50.4% at December 31, 2017 compared to 49.5% at September
30, 2017 and 49.9% at December 31, 2016. The average CASA ratio increased to 45.7% in Q3-2018 from 45.2% in Q2-2018. Total deposits
increased by 11% year-on-year to
₹
517,403 crore (US$ 81.0 billion)
at December 31, 2017. The Bank had a network of 4,860 branches and 14,262 ATMs at December 31, 2017.
Capital
adequacy
The
Bank’s capital adequacy at December 31, 2017 as per Reserve Bank of India’s guidelines on Basel III norms was 17.65%
and Tier-1 capital adequacy was 14.57% 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 December 31, 2017 do not include the profits for
nine months ended December 31, 2017 (9M-2018). Including profits for 9M-2018, the capital adequacy ratio for the Bank as per Basel
III norms would have been 18.10% and the Tier I capital adequacy ratio would have been 15.04%.
Asset
quality
The
gross additions to non-performing assets (NPA) were
₹
4,380 crore
(US$ 686 million) in Q3-2018. Net loans to companies whose facilities have been restructured were
₹
1,815
crore (US$ 284 million) at December 31, 2017 compared to
₹
2,029
crore (US$ 318 million) at September 30, 2017. Recoveries and upgrades from non-performing loans were
₹
1,108
crore (US$ 173 million) in Q3-2018. There was a sequential increase of 160 bps in the provision coverage ratio on non-performing
loans, including cumulative
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
technical/prudential
write-offs to 60.9%, further strengthening the balance sheet. The gross NPA ratio decreased to 7.82% at December 31, 2017 from
7.87% at September 30, 2017. The net NPA ratio decreased to 4.20% at December 31, 2017 from 4.43% at September 30, 2017. Net NPAs
and net restructured loans as proportion of net customer assets decreased from 5.21% at December 31, 2016 and 4.80% at September
30, 2017 to 4.52% at December 31, 2017.
Technology
initiatives
Debit
and credit card transactions continued to grow at a healthy rate of about 40% year-on-year in 9M-2018.
Over
8.3 million Unified Payment Interface (UPI) Virtual Payment Addresses have been created using the Bank’s and partners’
platforms till December 31, 2017. Further, the Bank had acquired over 158,000 merchants till December 31, 2017 on ‘Eazypay’,
its mobile payments application for merchants.
During
Q3-2018, the Bank entered into a new partnership for digital lending to launch a product that seamlessly offers interest-free
digital credit instantly.
Digital
channels like internet, mobile banking, POS and others accounted for about 81% of the savings account transactions in 9M-2018
compared to 73% in 9M-2017 driven by growth in the share of mobile banking transactions.
Consolidated
results
Consolidated
profit after tax was
₹
1,894 crore (US$ 297 million) in Q3-2018
compared to
₹
2,071 crore (US$ 324 million) in Q2-2018 and
₹
2,611
crore (US$ 409 million) in Q3-2017.
Consolidated
assets grew by 9.4% from
₹
962,897 crore (US$ 150.7 billion) at
December 31, 2016 to
₹
1,053,677 crore (US$ 165.0 billion) at
December 31, 2017.
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
Subsidiaries
ICICI
Life announced results for Q3-2018 on January 19, 2018. ICICI Life continued to maintain its market leadership among the private
sector players in 9M-2018 on retail weighted received premium basis. ICICI Life’s retail weighted received premium increased
by 26% from
₹
4,277 crore (US$ 670 million) in the nine months
ended December 31, 2016 (9M-2017) to
₹
5,401 crore (US$ 846 million)
in 9M-2018. The new business margin has been continuously improving from 8.0% in FY2016 to 10.1% in FY2017 and further to 13.7%
in 9M-2018. ICICI Life’s profit after tax was
₹
452 crore
(US$ 71 million) for Q3-2018 compared to
₹
450 crore (US$ 70 million)
for Q3-2017.
The
gross written premium of ICICI General grew by 17% from
₹
8,250
crore (US$ 1.3 billion) in 9M-2017 to
₹
9,630 crore (US$ 1.5 billion)
in 9M-2018. The company continues to retain its market leadership among the private sector players ICICI General’s profit
after tax was
₹
232 crore (US$ 36 million) in Q3-2018 compared
to
₹
220 crore (US$ 34 million) in Q3-2017. The profit before
tax grew by 43% to
₹
322 crore (US$ 50 million) in Q3-2018 compared
to
₹
225 crore (US$ 35 million) in Q3-2017.
The
profit after tax of ICICI Prudential Asset Management Company (ICICI AMC) increased by 22% year-on-year from
₹
132
crore (US$ 21 million) in Q3-2017 to
₹
161 crore (US$ 25 million)
in Q3-2018. ICICI AMC continues to be the largest mutual fund in India based on average assets under management for Q3-2018.
The
profit after tax of ICICI Securities, on a consolidated basis, was
₹
153
crore (US$ 24 million) in Q3-2018.
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
Summary Profit
and Loss Statement (as per unconsolidated Indian GAAP accounts)
₹
crore
|
|
FY
2017
|
Q3-2017
|
9M-2017
|
Q2-2018
|
Q3-2018
|
9M-2018
|
|
Net
interest income
|
21,737
|
5,363
|
15,775
|
5,709
|
5,705
|
17,004
|
|
Non-interest
income
|
19,505
|
3,939
|
16,488
|
5,186
|
3,167
|
11,741
|
|
- Fee income
|
9,452
|
2,495
|
7,007
|
2,570
|
2,639
|
7,586
|
|
- Treasury income
|
8,577
1
|
893
|
8,073
|
2,193
1
|
66
|
3,117
|
|
- Other income
|
1,476
|
551
2
|
1,408
2
|
423
|
462
|
1,038
|
|
Less:
|
|
|
|
|
|
|
|
Operating expense
|
14,755
|
3,778
|
10,888
|
3,909
|
3,814
|
11,518
|
|
Core
operating profit
3
|
17,910
|
4,549
|
13,014
|
4,794
|
4,992
|
14,110
|
|
Operating
profit
|
26,487
|
5,524
|
21,375
|
6,986
|
5,058
|
17,227
|
|
Less:
|
|
|
|
|
|
|
|
Provisions
|
15,208
|
2,713
|
12,311
|
4,503
|
3,570
|
10,681
|
|
Profit
before Tax
|
11,279
|
2,811
|
9,064
|
2,483
|
1,488
|
6,546
|
|
Less: Tax
|
1,478
|
369
|
1,288
|
425
|
(162)
|
789
|
|
Profit
after tax
|
9,801
|
2,442
|
7,776
|
2,058
|
1,650
|
5,757
|
|
|
1.
|
Includes profit on sale of shareholding in insurance subsidiaries of
₹
5,682
crore in Q2-2017 and
₹
2,012 crore in Q2-2018
|
|
|
2.
|
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. Other income includes net foreign exchange gain amounting to
₹
82
crore in Q3-2017 related to overseas operations which was reversed in Q4-2017
|
|
|
3.
|
Excluding treasury income and exchange rate gains relating to overseas operations
|
|
|
4.
|
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
|
|
31-Dec-16
|
31-Mar-17
|
30-Sep-17
|
31-Dec-17
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|
Capital
and Liabilities
|
|
|
|
|
|
Capital
|
1,164
|
1,165
|
1,284
|
1,285
|
|
Employee stock options outstanding
|
6
|
6
|
6
|
6
|
|
Reserves and surplus
|
96,344
|
98,780
|
101,498
|
103,210
|
|
Deposits
|
465,284
|
490,039
|
498,643
|
517,403
|
|
Borrowings (includes subordinated debt)
1
|
159,098
|
147,556
|
150,702
|
158,176
|
|
Other liabilities
|
35,901
|
34,245
|
35,669
|
33,470
|
|
Total
Capital and Liabilities
|
757,797
|
771,791
|
787,802
|
813,549
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash and balances with Reserve Bank of India
|
26,194
|
31,702
|
27,784
|
32,484
|
|
Balances with banks and money at call and short notice
|
34,973
|
44,011
|
25,578
|
23,380
|
|
Investments
|
168,987
|
161,507
|
179,935
|
179,807
|
|
Advances
|
457,469
|
464,232
|
482,780
|
505,387
|
|
Fixed assets
|
7,551
|
7,805
|
7,995
|
7,923
|
|
Other assets
|
62,623
|
62,534
|
63,730
|
64,568
|
|
Total
Assets
|
757,797
|
771,791
|
787,802
|
813,549
|
|
|
1.
|
Borrowings include preference
share capital of
₹
350
crore
|
|
|
2.
|
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.
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai 400 051
|
1 crore = 10.0 million
US$ amounts represent convenience
translations at US$1=
₹
63.88
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:
|
January
31, 2018
|
|
By:
|
/s/
P. Sanker
|
|
|
|
|
|
Name :
|
Mr.
P. Sanker
|
|
|
|
|
|
Title :
|
Senior General Manager (Legal) & Company
Secretary
|
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