ICICI Bank - Q3FY11 Result Highlights
For Q3FY11 ICICI Bank's (ICICI) net profit grew by 31% to INR 14.37 Bn & net interest income by 12% to INR 23.1 Bn on the back of credit book growth of 15% yoy to INR 2066 bn and maintained the margins at 2.6%. The margins on the domestic book stood at 3%, while on the overseas book stood at 0.85%.
- (1888PressRelease) January 29, 2011 - - For Q3FY11 ICICI Bank's (ICICI) net profit grew by 31% to INR 14.37 Bn & net interest income by 12% to INR 23.1 Bn on the back of credit book growth of 15% yoy to INR 2066 bn and maintained the margins at 2.6%.
- The deposits have registered a growth of 10% yoy to INR 2177 Bn; while sequentially registered a decline of 2%. The CASA deposits have shown a growth of 23% yoy to INR 962 Bn; leading to CASA ratio to 44.2% Vs 39.6% last year.
- The bank reported gross NPA of 4.75% in Q3FY11 against 5.03% sequentially. The NNPA has declined by 16 bps to 1.46% sequentially.
Outlook & Valuation
At the CMP ICICI is trading at 2x of its FY12E P/BV (standalone basis). We have BUY rating on the stock for a target price of INR 1306
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