ICICI Bank : Unconsolidated Financial Results - December 31, 2015

2bd5cec2-aa11-481d-823f-ecf8065c5dd1.pdf

CIN-L65190GJ1994PLC021012

ICICI Bank Limited

Registered Office: Landmark, Race Course Circle, Vadodara - 390 007.

Corporate Office: ICICI Bank Towers, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

Web site:http://www.icicibank.com

UNCONSOLIDATED FINANCIAL RESULTS

(`in crore)

Sr. no.	Particulars			Three months ended			Nine months ended		Year ended
				December 31, 2015	September 30, 2015	December 31, 2014	December 31, 2015	December 31, 2014	March 31, 2015
				(Audited)	(Audited)	(Audited)	(Audited)	(Audited)	(Audited)
1.	Interest earned (a)+(b)+(c)+(d)			13,346.07	13,098.87	12,435.21	39,257.50	36,352.67	49,091.14
a)	Interest/discount on advances/bills		9,862.87	9,664.55	9,031.82	28,902.64	26,298.04	35,631.08
b)	Income on investments		2,652.48	2,661.40	2,668.79	7,973.00	7,980.66	10,592.77
c)	Interest on balances with Reserve Bank of India and other inter-bank funds		36.22	31.47	53.13	99.22	156.17	195.10
d)	Others		794.50	741.45	681.47	2,282.64	1,917.80	2,672.19
2.	Other income			4,216.88	3,007.35	3,091.67	10,214.12	8,679.87	12,176.13
3.	TOTAL INCOME (1)+(2)			17,562.95	16,106.22	15,526.88	49,471.62	45,032.54	61,267.27
4.	Interest expended			7,893.11	7,847.39	7,623.55	23,437.97	22,392.48	30,051.53
5.	Operating expenses (e)+(f)			3,110.04	3,100.40	2,866.34	9,277.62	8,388.44	11,495.83
e)	Employee cost		1,140.43	1,212.59	1,117.83	3,620.30	3,451.08	4,749.88
f)	Other operating expenses		1,969.61	1,887.81	1,748.51	5,657.32	4,937.36	6,745.95
6.	TOTAL EXPENDITURE (4)+(5) (excluding provisions and contingencies)			11,003.15	10,947.79	10,489.89	32,715.59	30,780.92	41,547.36
7.	OPERATING PROFIT (3)-(6) (Profit before provisions and contingencies)			6,559.80	5,158.43	5,036.99	16,756.03	14,251.62	19,719.91
8.	Provisions (other than tax) and contingencies			2,844.05	942.16	979.69	4,741.60	2,555.26	3,899.99
9.	Exceptional items			..	..	..	..	..	..
10.	PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (7)-(8)-(9)			3,715.75	4,216.27	4,057.30	12,014.43	11,696.36	15,819.92
11.	Tax expense (g)+(h)			697.62	1,186.16	1,168.26	2,990.03	3,443.01	4,644.57
g)	Current period tax		1,431.04	1,400.63	1,168.93	4,110.21	3,415.63	4,864.14
h)	Deferred tax adjustment		(733.42)	(214.47)	(0.67)	(1,120.18)	27.38	(219.57)
12.	NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (10)-(11)			3,018.13	3,030.11	2,889.04	9,024.40	8,253.35	11,175.35
13.	Extraordinary items (net of tax expense)			..	..	..	..	..	..
14.	NET PROFIT/(LOSS) FOR THE PERIOD (12)-(13)			3,018.13	3,030.11	2,889.04	9,024.40	8,253.35	11,175.35
15.	Paid-up equity share capital (face value `2/- each)			1,162.65	1,161.75	1,158.51	1,162.65	1,158.51	1,159.66
16.	Reserves excluding revaluation reserves			88,422.88	85,396.93	80,654.85	88,422.88	80,654.85	79,262.26
17.	Analytical ratios
i)	Percentage of shares held by Government of India		0.11	0.08	0.06	0.11	0.06	0.06
ii)	Capital adequacy ratio (Basel III)		15.77%	16.15%	16.39%	15.77%	16.39%	17.02%
iii)	Earnings per share (EPS)
a)	Basic EPS before and after extraordinary items, net of tax expense (not annualised for three/nine months) (in `)	5.20	5.22	4.99	15.54	14.27	19.32
b)	Diluted EPS before and after extraordinary items, net of tax expense (not annualised for three/nine months) (in `)	5.17	5.18	4.94	15.44	14.14	19.13
18.	NPA Ratio1
i)	Gross non-performing advances (net of write-off)		21,149.19	15,857.82	13,082.62	21,149.19	13,082.62	15,094.69
ii)	Net non-performing advances		9,907.83	6,759.29	4,773.10	9,907.83	4,773.10	6,255.53
iii)	% of gross non-performing advances (net of write-off) to gross advances		4.72%	3.77%	3.40%	4.72%	3.40%	3.78%
iv)	% of net non-performing advances to net advances		2.28%	1.65%	1.27%	2.28%	1.27%	1.61%
19.	Return on assets (annualised)			1.82%	1.89%	1.90%	1.87%	1.85%	1.86%

1. At December 31, 2015, the percentage of gross non-performing customer assets to gross customer assets was 4.21% and net non-performing customer assets to net customer assets was 2.03%. Customer assets include advances and credit substitutes.

SUMMARISED UNCONSOLIDATED BALANCE SHEET

(` in crore)

Particulars	At
	December 31, 2015	September 30, 2015	March 31, 2015	December 31, 2014
	(Audited)	(Audited)	(Audited)	(Audited)
Capital and Liabilities
Capital	1,162.65	1,161.75	1,159.66	1,158.51
Employees stock options outstanding	6.70	6.92	7.44	7.01
Reserves and surplus	88,422.88	85,396.93	79.262.26	80,654.85
Deposits	407,314.01	384,617.94	361,562.73	355,339.72
Borrowings (includes preference shares and subordinated debt)	177,160.59	156,109.11	172,417.35	152,994.70
Other liabilities and provisions	28,183.97	29,763.33	31,719.85	26,943.65
Total Capital and Liabilities	702,250.80	657,055.98	646,129.29	617,098.44
Assets
Cash and balances with Reserve Bank of India	22,176.27	21,977.39	25,652.91	19,079.82
Balances with banks and money at call and short notice	15,524.28	9,567.88	16,651.71	14,311.33
Investments	163,542.96	154,189.62	158,129.21	149,650.86
Advances	434,799.77	409,692.65	387,522.07	375,345.07
Fixed assets	4,777.52	4,794.20	4,725.52	4,649.57
Other assets	61,430.00	56,834.24	53,447.87	54,061.79
Total Assets	702,250.80	657,055.98	646,129.29	617,098.44

CONSOLIDATED FINANCIAL RESULTS

(`in crore)

Sr. no.	Particulars	Three months ended			Nine months ended		Year ended
		December 31, 2015	September 30, 2015	December 31, 2014	December 31, 2015	December 31, 2014	March 31, 2015
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1.	Total income	25,585.14	25,137.61	23,053.82	73,179.07	65,301.97	90,216.23
2.	Net profit	3,122.35	3,418.53	3,265.32	9,773.25	9,161.95	12,246.87
3.	Earnings per share (EPS)
a) Basic EPS (not annualised for three/nine months) (in `)	5.37	5.89	5.64	16.83	15.84	21.17
b) Diluted EPS (not annualised for three/nine months) (in `)	5.34	5.84	5.57	16.70	15.68	20.94
4.	Total assets	895,093.36	850,811.94	793,090.95	895,093.36	793,090.95	826,079.17

UNCONSOLIDATED SEGMENTAL RESULTS OF ICICI BANK LIMITED

(`in crore)

Sr. no.	Particulars	Three months ended			Nine months ended		Year ended
		December 31, 2015	September 30, 2015	December 31, 2014	December 31, 2015	December 31, 2014	March 31, 2015
		(Audited)	(Audited)	(Audited)	(Audited)	(Audited)	(Audited)
1.	Segment Revenue
a	Retail Banking	10,074.49	9,988.98	8,566.08	29,064.08	24,290.61	32,991.18
b	Wholesale Banking	8,205.14	7,942.58	8,334.82	24,446.93	24,983.42	33,502.51
c	Treasury	12,458.14	11,191.13	11,162.94	34,985.92	32,342.40	43,931.06
d	Other Banking	504.96	390.14	407.65	1,357.55	1,159.75	1,581.51
Total segment revenue	31,242.73	29,512.83	28,471.49	89,854.48	82,776.18	112,006.26
Less: Inter segment revenue	13,679.78	13,406.61	12,944.61	40,382.86	37,743.64	50,738.99
Income from operations	17,562.95	16,106.22	15,526.88	49,471.62	45,032.54	61,267.27
2.	Segmental Results (i.e. Profit before tax)
a	Retail Banking	1,145.66	996.91	714.89	2,877.44	1,983.88	2,724.28
b	Wholesale Banking	(217.68)	1,801.28	1,608.33	3,089.47	4,879.54	6,224.07
c	Treasury	2,610.65	1,368.59	1,647.33	5,711.41	4,543.75	6,449.95
d	Other Banking	177.12	49.49	86.75	336.11	289.19	421.62
Total segment results	3,715.75	4,216.27	4,057.30	12,014.43	11,696.36	15,819.92
Unallocated expenses	..	..	..	..	..	..
Profit before tax	3,715.75	4,216.27	4,057.30	12,014.43	11,696.36	15,819.92
3.	Capital employed (i.e. Segment assets - Segment liabilities)
a	Retail Banking	(134,868.88)	(132,853.82)	(140,702.05)	(134,868.88)	(140,702.05)	(136,434.46)
b	Wholesale Banking	154,843.95	149,495.39	154,490.85	154,843.95	154,490.85	157,396.86
c	Treasury	59,057.18	62,194.54	62,744.88	59,057.18	62,744.88	52,747.62
d	Other Banking	5,180.97	2,591.09	1,541.52	5,180.97	1,541.52	2,041.50
e	Unallocated	5,379.01	5,138.40	3,745.17	5,379.01	3,745.17	4,677.84
Total	89,592.23	86,565.60	81,820.37	89,592.23	81,820.37	80,429.36

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.

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".

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 28, 2016.

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, 2015 including leverage ratio and liquidity coverage ratio is available athttp://www.icicibank.com/regulatory-disclosure.page.

4. Other income includes net foreign exchange gain relating to overseas operations of ₹142.62 crore, ₹190.07 crore, `191.69 crore and `642.11 crore for the three months ended December 31, 2015, three months ended September 30, 2015, three months ended December 31, 2014 and year ended March 31, 2015 respectively.

5. Pursuant to approval by the Board of Directors of the Bank on November 16, 2015, the Bank has sold equity shares representing 4% shareholding in ICICI Prudential Life Insurance Company Limited during the three months ended December 31, 2015 for a total consideration of ₹1,300.00 crore. The unconsolidated financial results and consolidated financial results include a gain (before tax) of ₹1,242.56 crore and ₹1,079.67 crore respectively on this sale in the three months and nine months ended December 31, 2015.

   The Bank has entered into share purchase agreements for further sale of 2% stake in ICICI Prudential Life Insurance Company Limited and 9% stake in ICICI Lombard General Insurance Company Limited, which are awaiting governmental and regulatory approvals.

6. RBI has recently asked banks to review certain loan accounts and their classification over the two quarters ending December 31, 2015 and March 31, 2016. The Bank is undertaking this exercise over the timeframe stipulated by RBI.

7. In accordance with RBI circular dated July 16, 2015, investment in Rural Infrastructure and Development Fund and other related deposits has been re-classified to Schedule 11 - Other Assets from Schedule 8 - Investments. Consequently, interest on such deposits has also been re- classified to 'Others' from 'income on investments' in Schedule 13 - Interest earned.

8. In 2008, RBI issued guidelines on debt restructuring, which also covered the treatment of funded interest in cases of debt restructuring, that is, instances where interest for a certain period is funded by a Funded Interest Term Loan (FITL) which is then repaid based on a contracted maturity schedule. In line with these guidelines, the Bank was providing fully for any interest income which was funded through a FITL for cases restructured subsequent to the issuance of the guideline. However, during the year ended March 31, 2015, RBI required similar treatment of outstanding FITL pertaining to cases restructured prior to the 2008 guidelines which were not yet been repaid. In view of the above, and since this item related to prior years, the Bank with the approval of the RBI debited its reserves by ₹929.16 crore to fully provide outstanding FITLs pertaining to restructurings prior to the issuance of the guideline in the quarter ended March 31, 2015 as against over three quarters permitted by RBI.

9. During the three months ended December 31, 2015, the Bank has allotted 4,503,595 equity shares of `2 each pursuant to exercise of employee stock options.

10. Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.

11. The above unconsolidated financial results are audited by the statutory auditors, B S R & Co. LLP, Chartered Accountants.

12. ₹ 1 crore =₹ 10 million.

For and on behalf of the Board of Directors

N. S. Kannan
Place:	Mumbai	Executive Director
Date:	January 28, 2016	DIN-00066009