ICICI Bank

ICICI Bank's price/earnings (P/E) rose 162% to 60.7 in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank stock traded at INR 397 per share at the end 2018 implying a market capitalization of USD 36,992 mil. Since the end of 2013,...

ICICI Bank's npls (as % of loans) fell 21.3% to 7.16% in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank's non-performing loans reached 7.16% of total loans at the end of 2018, down from 9.09% compared to the previous year....

ICICI Bank's net interest margin rose 4.46% to 2.73% in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank's net interest margin amounted to 2.73% in 2018, up from 2.62% compared to the previous year. Historically, the...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 256 276 323
Net Fee Income INR bil 96.3 113 126
Other Income INR bil 146 102 76.8
Total Revenues INR bil 499 491 526
Operating Profit INR bil 310 381 452
Provisions INR bil 157 148 176
Net Profit INR bil 102 77.1 42.5
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 486 557 493
Customer Loans INR bil 5,153 5,669 6,470
Debt Securities INR bil 3,044 3,722 3,982
Total Assets INR bil 9,857 11,243 12,388
Shareholders' Equity INR bil 1,095 1,166 1,208
Interbank Borrowing INR bil 233 254 325
Customer Deposits INR bil 4,975 5,677 6,574
Issued Debt Securities INR bil 1,883 2,294 2,103
Ratios 2016 2017 2018
ROE % 9.85 6.82 3.58
ROA % 1.07 0.731 0.360
Costs (As % Of Assets) % 1.99 1.04 0.627
Costs (As % Of Income) % 37.9 22.3 14.1
Capital Adequacy Ratio % 17.3 17.9 16.5
Net Interest Margin % 2.69 2.62 2.73
Loans (As % Of Deposits) % 104 99.9 98.4
NPLs (As % Of Loans) % 7.95 9.09 7.16
Provisions (As % Of NPLs) % 47.0 51.0 50.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 23,730 28,083 36,992
Share Price (End Of Period) INR 251 276 397
Price/Earnings (P/E) 15.8 23.2 60.7
Price/Book Value (P/BV) 1.47 1.53 2.14
Dividend Yield % 0.903 0.539 0.375
Earnings Per Share (EPS) INR 15.9 11.9 6.54
Book Value Per Share INR 170 180 186
Dividend Per Share INR 2.27 1.49 1.49

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income INR bil                       163 196 224 250 256    
Total Revenues INR bil                       284 333 383 438 499    
Operating Profit INR bil                       148 172 200 295 310    
Net Profit INR bil                       96.0 110 122 102 102    
balance sheet                                    
Interbank Loans INR bil                       301 262 218 378 486    
Customer Loans INR bil                       3,300 3,873 4,385 4,937 5,153    
Debt Securities INR bil                       2,557 2,676 3,028 2,860 3,044    
Total Assets INR bil                       6,748 7,478 8,261 9,188 9,857    
Shareholders' Equity INR bil                       705 784 872 975 1,095    
Interbank Borrowing INR bil                       181 180 173 184 233    
Customer Deposits INR bil                       3,010 3,468 3,739 4,375 4,975    
Issued Debt Securities INR bil                       1,729 1,835 2,113 2,204 1,883    
ratios                                    
ROE %                       14.4 14.8 14.8 11.0 9.85    
ROA %                       1.48 1.55 1.56 1.17 1.07    
Costs (As % Of Assets) %                       2.10 2.27 2.33 1.64 1.99    
Costs (As % Of Income) %                       47.9 48.5 47.8 32.6 37.9    
Capital Adequacy Ratio %         ... ...           19.7 18.3 17.2 16.6 17.3    
Net Interest Margin %                       2.52 2.75 2.84 2.86 2.69    
Interest Income (As % Of Revenues) %                       57.6 58.7 58.4 57.0 51.4    
Fee Income (As % Of Revenues) %                       22.1 22.0 21.9 20.0 19.3    
Equity (As % Of Assets) %                       10.4 10.5 10.6 10.6 11.1    
Loans (As % Of Deposits) %                       110 112 117 113 104    
Loans (As % Assets) %                       48.9 51.8 53.1 53.7 52.3    
NPLs (As % Of Loans) % ... ... ... ... ... ...           2.84 1.93 3.82 5.75 7.95    
Provisions (As % Of NPLs) % ... ... ... ... ... ...           89.4 120 71.1 54.8 47.0    
valuation                                    
Market Capitalisation (End Of Period) USD mil                       22,006 23,269 29,012 20,747 23,730    
Number Of Shares (Average) mil                       6,366 6,374 6,426 6,424 6,427    
Share Price (End Of Period) INR                       189 226 285 214 251    
Earnings Per Share (EPS) INR                       15.1 17.3 19.1 15.8 15.9    
Book Value Per Share INR                       111 123 136 152 170    
Dividend Per Share INR                       3.62 4.17 4.51 4.53 2.27    
Price/Earnings (P/E)                       12.6 13.0 14.9 13.5 15.8    
Price/Book Value (P/BV)                       1.71 1.83 2.10 1.41 1.47    
Dividend Yield %                       1.91 1.85 1.58 2.11 0.903    
Earnings Per Share Growth % ...                     25.5 14.8 10.0 -16.9 0.037    
Book Value Per Share Growth % ...                     12.2 11.2 10.3 11.8 12.3    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income INR bil                       446 493 547 590 605    
Interest Cost INR bil                       283 297 323 340 348    
Net Interest Income INR bil                       163 196 224 250 256    
Net Fee Income INR bil                       62.8 73.2 83.9 87.7 96.3    
Other Income INR bil                       57.6 64.2 75.5 101 146    
Total Revenues INR bil                       284 333 383 438 499    
Operating Cost INR bil                       136 161 183 143 189    
Operating Profit INR bil                       148 172 200 295 310    
Provisions INR bil                       15.5 24.8 36.3 77.2 157    
Extra and Other Cost INR bil                       -3.75 -15.9 -19.8 75.0 14.3    
Pre-Tax Profit INR bil                       136 163 183 143 138    
Tax INR bil                       34.8 46.0 53.9 33.8 24.7    
Minorities INR bil                       5.26 6.36 6.95 7.47 11.5    
Net Profit INR bil                       96.0 110 122 102 102    
Dividends INR bil                       23.1 26.6 29.0 29.1 14.6    
growth rates                                    
Net Interest Income Growth % ...                     26.6 19.8 14.3 11.6 2.72    
Net Fee Income Growth % ...                     -0.613 16.7 14.6 4.48 9.86    
Total Revenue Growth % ...                     20.1 17.5 15.0 14.3 14.0    
Operating Cost Growth % ...                     27.1 18.9 13.5 -22.1 32.7    
Operating Profit Growth % ...                     14.4 16.1 16.4 47.7 4.95    
Pre-Tax Profit Growth % ...                     27.4 19.6 12.6 -22.0 -3.46    
Net Profit Growth % ...                     25.7 15.0 10.9 -16.9 0.083    
market share                                    
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...   12.0 12.4 12.6 13.0 12.4   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...   16.2 20.5 22.5 24.7 ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash INR bil                       193 221 258 273 319    
Interbank Loans INR bil                       301 262 218 378 486    
Customer Loans INR bil                       3,300 3,873 4,385 4,937 5,153    
Debt Securities INR bil                       2,557 2,676 3,028 2,860 3,044    
Fixed Assets INR bil                       59.5 59.8 63.8 92.6 98.9    
Total Assets INR bil                       6,748 7,478 8,261 9,188 9,857    
Shareholders' Equity INR bil                       705 784 872 975 1,095    
Of Which Minority Interest INR bil                       17.1 20.1 25.1 33.6 48.7    
Liabilities INR bil                       6,044 6,693 7,389 8,213 8,762    
Interbank Borrowing INR bil                       181 180 173 184 233    
Customer Deposits INR bil                       3,010 3,468 3,739 4,375 4,975    
Sight Deposits INR bil                       360 419 467 564 715    
Term Deposits INR bil                       2,650 3,049 3,272 3,811 4,260    
Issued Debt Securities INR bil                       1,729 1,835 2,113 2,204 1,883    
Other Liabilities INR bil                       1,124 1,211 1,364 1,450 1,670    
asset quality                                    
Non-Performing Loans INR bil ... ... ... ... ... ...           96.1 76.5 172 293 426    
Gross Loans INR bil                       3,386 3,965 4,508 5,098 5,353    
Total Provisions INR bil ... ... ... ... ...             85.9 91.5 123 161 200    
growth rates                                    
Customer Loan Growth % ...                     13.0 17.4 13.2 12.6 4.37    
Total Asset Growth % ...                     8.97 10.8 10.5 11.2 7.29    
Shareholders' Equity Growth % ...                     12.4 11.3 11.2 11.8 12.3    
Customer Deposit Growth % ...                     11.4 15.2 7.84 17.0 13.7    
market share                                    
Market Share in Customer Loans % ... ... ...                 5.97 6.03 6.18 6.19 6.24   ...
Market Share in Total Assets %                       7.77 7.39 7.42 7.28 6.94   ...
Market Share in Customer Deposits %                       4.78 4.82 4.58 4.79 4.67   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       14.4 14.8 14.8 11.0 9.85    
ROA %                       1.48 1.55 1.56 1.17 1.07    
Costs (As % Of Assets) %                       2.10 2.27 2.33 1.64 1.99    
Costs (As % Of Income) %                       47.9 48.5 47.8 32.6 37.9    
Capital Adequacy Ratio %         ... ...           19.7 18.3 17.2 16.6 17.3    
Tier 1 Ratio %         ... ...           12.9 13.1 12.9 13.1 14.4    
Net Interest Margin %                       2.52 2.75 2.84 2.86 2.69    
Interest Spread % ...                     2.02 2.26 2.36 2.40 2.25    
Asset Yield %                       6.89 6.93 6.95 6.76 6.35    
Cost Of Liabilities % ...                     4.87 4.67 4.59 4.36 4.10    
Payout Ratio %                       24.0 24.1 23.7 28.6 14.3    
Interest Income (As % Of Revenues) %                       57.6 58.7 58.4 57.0 51.4    
Fee Income (As % Of Revenues) %                       22.1 22.0 21.9 20.0 19.3    
Other Income (As % Of Revenues) %                       20.3 19.3 19.7 23.0 29.3    
Equity (As % Of Assets) %                       10.4 10.5 10.6 10.6 11.1    
Loans (As % Of Deposits) %                       110 112 117 113 104    
Loans (As % Assets) %                       48.9 51.8 53.1 53.7 52.3    
NPLs (As % Of Loans) % ... ... ... ... ... ...           2.84 1.93 3.82 5.75 7.95    
Provisions (As % Of NPLs) % ... ... ... ... ... ...           89.4 120 71.1 54.8 47.0    
Provisions (As % Of Loans) % ... ... ... ... ...             2.60 2.36 2.80 3.25 3.88    
Cost of Provisions (As % Of Loans) %                       0.499 0.692 0.879 1.66 3.12    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Employees ...                     62,065 72,226 67,857 72,175 ... ... ...
Sight (As % Of Customer Deposits) %                       11.9 12.1 12.5 12.9 14.4    

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ICICI Bank's share price (end of period) rose 43.7% to INR 397 in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank stock traded at INR 397 per share at the end of 2018 implying a market capitalization of USD 36,992 mil. Since the end of 2013, the stock has appreciated by 75.8 % implying an annual average growth of 11.9 %. In absolute terms, the value of the company ...

ICICI Bank's net interest income rose 17.0% to INR 323 bil in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank generated total banking revenues of INR 526 bil in 2018, up 7.1% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 526 bil in 2018 and an all tim...

ICICI Bank's net profit fell 44.8% to INR 42.5 bil in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank made a net profit of INR 42.5 bil under revenues of INR 526 bil in 2018, up -44.8% and 7.10% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of INR 122 bil in 2014 and an all time low of INR 2.59 bil...

ICICI Bank's capital adequacy ratio fell 7.99% to 16.5% in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank's capital adequacy ratio reached 16.5% at the end of 2018, down from 17.9% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 19.9% in 2010 and an all time low of 10.4% in 2003. The Tier 1 ratio amounted t...

ICICI Bank's customer loan growth rose 41.3% to 14.1% in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank's customer loan growth reached 14.1% in 2018, up from 10.0% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 59.4% in 2005 and an all time low of -15.2% in 2009. In the last decade, the average an...

ICICI Bank's customer deposits rose 15.8% to INR 5,677 bil in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank's customer deposits reached INR 5,677 bil in 2017, up 14.1% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. ICICI Bank accounted for 5.15% of a...

ICICI Bank's customer loans rose 14.1% to INR 5,669 bil in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank's customer loans reached INR 5,669 bil in 2017, up 10.0% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. ICICI Bank accounted for 6.42% of all cust...

ICICI Bank's total revenues rose 7.10% to INR 491 bil in 2018

By Helgi Analytics - November 3, 2019

ICICI Bank generated total banking revenues of INR 491 bil in 2017, down 1.62% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. As...

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Finance

ICICI Bank has been growing its revenues and asset by 8.96% and 9.88% a year on average in the last 10 years. Its loans and deposits have grown by 9.29% and 10.4% a year during that time and loans to deposits ratio reached 98.4% at the end of 2018. The company achieved an average return on equity of 10.9% in the last decade with net profit growing 1.75% a year on average. In terms of operating efficiency, its cost to income ratio reached 14.1% in 2018, compared to 36.5% average in the last decade.

Equity represented 9.75% of total assets or 18.7% of loans at the end of 2018. ICICI Bank's non-performing loans were 7.16% of total loans while provisions covered some 50.0% of NPLs at the end of 2018.

Valuation

ICICI Bank stock traded at INR 397 per share at the end of 2018 resulting in a market capitalization of USD 36,992 mil. Over the previous five years, stock price rose by 75.8% or 11.9% a year on average. That’s compared to an average ROE of 9.21% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 60.7x and price to book value (PBV) of 2.14x in 2018.