The Board of Directors of ICICI Bank Limited at its meeting held at Mumbai, approved the audited accounts of the Bank for the year ended March 31, (FY2012).
In a release on April 27, the Company noted details:
Profit & loss account
-Standalone profit before tax increased 38 percent to Rs 2,642 crore (US$ 519 million) for the quarter ended March 31, (Q4-2012) from Rs 1,921 crore (US$ 378 million) for the quarter ended March 31, 2011 (Q4-2011).
-Standalone profit after tax increased 31 percent to Rs 1,902 crore (US$ 374 million) for Q4-2012 from Rs 1,452 crore (US$ 285 million) for Q4-2011.
-Net interest income increased 24 percent to Rs 3,105 crore (US$ 610 million) in Q4-2012 from Rs 2,510 crore (US$ 493 million) in Q4- 2011.
-Net interest margin improved to 3.01 percent for Q4-2012 from 2.74 percent for Q4-2011).
-Non interest income increased by 36 percent to Rs 2,228 crore (US$ 438 million) in Q4-2012 from Rs 1,641 crore (US$ 323 million) in Q4-2011.
-Standalone profit after tax increased 26 percent to Rs 6,465 crore (US$ 1.3 billion) for FY2012 from Rs 5,151 crore (US$ 1.0 billion) for FY2011.
The Bank has continued with its strategy of pursuing profitable growth. In this direction, the Bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. At March 31, the Bank had 2,752 branches, the largest branch network among private sector banks in the country. The Bank has also increased its ATM network to 9,006 ATMs at March 31, as compared to 6,104 at March 31, 2011.
Advances increased by 17 percent year-on-year to Rs 253,728 crore (US$ 49.9 billion) at March 31, from Rs 216,366 crore (US$ 42.5 billion) at March 31, 2011.
At March 31, savings account deposits were Rs 76,046 crore (US$ 14.9 billion) and current account deposits were Rs 34,973 crore (US$ 6.9 billion). The CASA ratio was maintained at 43.5 percent at March 31, as compared to 43.6 percent at December 31, 2011 and the average CASA ratio remained stable at 39.0 percent in Q4-2012.
The Bank's capital adequacy at March 31, as per Reserve Bank of India's guidelines on Basel II norms was 18.52 percent and Tier-1 capital adequacy was 12.68 percent, well above RBI's requirement of total capital adequacy of 9.0 percent and Tier-1 capital adequacy of 6.0 percent.
Net non-performing assets decreased by 23 percent to Rs 1,894 crore (US$ 372 million) at March 31, from Rs 2,459 crore (US$ 483 million) at March 31, 2011. The Bank's net non-performing asset ratio decreased to 0.62 percent at March 31, from 0.94 percent at March 31, 2011 and 0.70 percent at December 31, 2011. The Bank's provision coverage ratio computed in accordance with the RBI guidelines at March 31, was 80.4 percent compared to 76.0 percent at March 31, 2011. Net restructured assets at March 31, were Rs 4,256 crore (US$ 836 million).
Dividend on equity shares
The Board has recommended a dividend of Rs 16.50 per equity share (equivalent to US$ 0.65 per ADS) for FY2012. The declaration and payment of dividend is subject to requisite approvals. The record/ book closure dates will be announced in due course.
Consolidated profit after tax increased 25 percent to Rs 7,643 crore (US$ 1.5 billion) for FY2012 from Rs 6,093 crore (US$ 1.2 billion) for FY2011. Consolidated profit after tax increased 15 percent to Rs 1,810 crore (US$ 356 million) for Q4-2012 from Rs 1,568 crore (US$ 308 million) for Q4-2011.
The Insurance Regulatory and Development Authority (IRDA) through its orders dated December 23, 2011, January 3, and March 22, had directed the dismantling of the third party motor pool (the Pool) on a clean cut basis and advised recognition of the Pool liabilities as per the loss ratios estimated by GAD UK ("GAD Estimates") for all underwriting years commencing from the year ended March 31, 2008 to year ended March 31, with the option to recognise the same over a three year period. ICICI Lombard General Insurance Company (ICICI General) has decided to recognise the additional liabilities of the Pool in the current year and therefore, the loss after tax of ICICI General of Rs 416 crore (US$ 82 million) for FY2012 and Rs 613 crore (US$ 120 million) for Q4-2012 includes the impact of additional Pool losses of Rs 685 crore (US$ 135 million). The Bank's consolidated net profit after tax for FY2012 and Q4-2012 includes the impact of additional Pool losses of Rs 503 crore (US$ 99 million) in line with the Bank's shareholding in ICICI General.
ICICI Prudential Life Insurance Company (ICICI Life) was the largest private sector life insurer based on new business retail weighted received premium during FY2012. ICICI Life's profit after tax for FY2012 was Rs 1,384 crore (US$ 272 million) compared to Rs 808 crore (US$ 159 million) for FY2011. ICICI Life's annualised premium equivalent (APE) was Rs 1,077 crore (US$ 212 million) in Q4- 2012 compared to Rs 878 crore (US$ 173 million) in Q4-2011. The assets under management at March 31, were Rs 70,771 crores (US$ 13.9 billion).
ICICI General maintained its leadership in the private sector during FY2012. The gross premium income of ICICI General increased by 22 percent to Rs 5,358 crore (US$ 1,053 million) in FY2012 from Rs 4,408 crore (US$ 866 million) in FY2011. ICICI General provided Rs 685 crore (US$ 135 million) during Q4-2012 towards additional motor pool losses pursuant to the IRDA orders dated December 23, 2011, January 3, and March 22. After taking the same into account, ICICI General reported a loss of Rs 416 crore (US$ 82 million) for FY2012.
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