ICICI BANK Q1 2012 RESULTS

ICICI Bank Q1FY12 results – in line with expectations

  ·         ICICI reported PAT of Rs13.3bn, up 29.8% YoY and down 8.3% QoQ, largely in line with our expectations Rs13.5bn

  ·         NII for the quarter stood at Rs24.1bn, up 21% YoY but down 3.9% QoQ.

•         Calculated NIM for the quarter stood at 2.35% (PL estimate of 2.32%) v/s 2.51% in Q4FY11
•         Provisioning expenses declined by 43.1% YoY
•         Asset quality remained stable with gross NPAs marginally down by 0.5% QoQ. Provision cover improved to 76.9% from 76.05 in Q4FY11