30 October 2014
2QFY15 Results Update | Sector:
Financials
ICICI Bank
BSE SENSEX
27,346
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
S&P CNX
8,169
ICICIBC IN
1,157.4
1,620/944
10/7/17
CMP: INR1,611
TP: INR1,900
Buy
M.Cap. (INR b) / (USD b) 1,865.1/30.3
Financials & Valuation (INR Billion)
Y/E Mar
NII
OP
NP
NIM (%)
EPS (INR)
EPS Gr (%)
BV/Sh (INR)*
ABV/Sh (INR)*
RoE (%)
RoA (%)
2015E 2016E 2017E
190.0
190.4
113.2
3.3
98
15.4
579
551.9
15.3
1.8
220.8
222.4
134.3
3.4
116
18.7
664
634.7
15.7
1.9
271.4
273.8
166.1
3.5
144
23.6
769
738.0
16.8
1.9
* BV adjusted for investment in
subsidiaries, Prices adj. for sub value
ICICI Bank’s (ICICIBC) 2QFY15 NII/PPP/PAT growth of 15/21/16% YoY were
largely in line with estimates. Stable NIM QoQ (3.4%), decline in net stress
additions QoQ (INR9.9b v/s INR15.5b in 1QFY15), healthy traction in CA deposits
(+15% QoQ and 19% YoY) and retail disbursements (+25% YoY) were the key
positives.
Gross slippages and fresh restructuring were INR16.7b (v/s INR11.9b in 1QFY15)
and INR8.3b (v/s INR13.9b) respectively. Repayment/slippages net reduction
resulted in INR2.5b decline in restructured loans. Net stress loans contained at
3.6% of customer assets. Pipeline for restructuring stood at INR18b.
Loan book grew 14% YoY (+4% QoQ) led by strong traction in SME (+7% QoQ)
and Housing (+7% QoQ) loans.
Other highlights:
(1) on a higher base, Fees grew 5% YoY, though QoQ growth
was healthy at 9%, (2) average CASA ratio was stable QoQ at 39.5%,
(3) provisions were 21% above expectation at INR8.5b (0.96% credit cost), (4)
consolidated PAT grew 14% YoY to INR30.7b and consolidated RoE stood at 15%.
Valuation and view:
Healthy core operations driven by gradual NIM improvement
and strong control over opex are leading to strong core RoA of 1.6%+, despite a
moderate fee income. Improvement in macro-economic environment and resolution
of infrastructure bottlenecks shall lead to reduction in NSL (currently at 3.6%).
ICICIBC is well positioned to leverage the opportunities with high core RoA, strong
distribution network and capitalization (Tier I of 12.6%). We maintain estimates and
expect earnings CAGR of 18%+ over FY14-17E v/s 16% balance sheet CAGR.
Buy.
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415
Vallabh Kulkarni
(Vallabh.Kulkarni@MotilalOswal.com); +91 22 3982 5430
Investors are advised to refer through disclosures made at the end of the Research Report.

ICICI Bank
Exhibit 1: Quarterly performance v/s our estimates and reasons for deviation (INR m)
Y/E March
Net Interest Income
% Change (YoY)
Other Income
Net Income
Operating Expenses
Operating Profit
% Change (YoY)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (YoY)
2QFY15A
46,666
15
27,384
74,050
26,971
47,079
21
8,495
38,584
11,394
27,190
16
2QFY15E
45,869
13
28,054
73,923
28,433
45,490
17
7,045
38,445
11,533
26,911
14
Var. (%) Comments
Loan growth marginally better than expectation
2
-2
0
-5
3
21
0
-1
1
Healhty fees; Non-core marginally lower than exp
Strong control over cost
Core PPP better than expectation
Higher prov compensated by higher core income
Source: MOSL, Company
NIM stable QoQ; healthy traction in CA deposits
Domestic NIM improved
4bp QoQ to 3.84%
NIM for the quarter came in at 3.4% (stable QoQ), in-line with expectation.
Domestic NIM improved 4bp QoQ to 3.84%, whereas international NIM declined
5bp QoQ to 1.58% mainly on account of overseas bond issue expenses.
CA deposit growth was healthy at 15% QoQ and 19% YoY. SA deposits grew 13%
YoY and 3% QoQ. Average daily CASA ratio remains healthy at ~40%.
Incremental domestic CASA ratio stood at ~54% in 2QFY15.
Slippages for the quarter were at INR16.7b (slippage ratio of 2.1% v/s 1.6% in
1QFY15). Recoveries and upgrades were healthy at INR4.4b v/s INR3.6b in
1QFY15 and bank wrote-off/sold INR5.4b in 2QFY15.
GNPA/NNPA in absolute terms increased ~6% QoQ. PCR declined marginally
QoQ to 65.9% (v/s 68.4% in 1QFY15). In percentage terms GNPA and NNPA
stood at 3.1% and 1.1% respectively.
ICICIBC restructured loan of INR8.3b (0.2% of customer assets) in 2QFY15,
however slippages/repayments resulted in net reduction of INR2.5b in
outstanding restructured loan book. Outstanding standard restructured loan
portfolio (post provisions) declined marginally to INR110b (2.65% of customer
assets; down 2% QoQ).
Net stress addition (net slippages + change in restructured loan) amounted to
INR9.9b as compared to INR15.5b in 1QFY15.
Pipeline for restructuring stood at INR18b. Management mentioned that stress
addition has peaked. FY15 stress addition is expected to be lower than FY14 and
credit cost is expected to be ~90bp (including un-hedged forex exposure).
On a higher base fee income growth was muted at 5% YoY. However, healthy
retail growth and some traction in transaction banking led to healthy growth of
9% QoQ.
During the quarter bank recognized gain of INR1.65b (v/s INR1.03b in 1QFY15)
on account of repatriation from overseas operations which assisted overall non-
interest income growth of 26% YoY (down 4% QoQ). Trading gains came in at
INR1.4b v/s expectation of INR3.2b.
2
Net stress additions decline QoQ; credit costs increased to ~90bp
Net stress additions
declined to INR9.9b (v/s
15.5b in 1QFY15)
Non-core income was at
INR6.4b much lower than
expectation of INR8b due to
lower trading profits
Muted fee income growth; Cost to core income ratio improves
30 October 2014

ICICI Bank
Controlled employee expenses as well as other operating expenses (5% below
expectation) and healthy NII growth (15% YoY) led to improvement in cost to
core income ratio to 37% v/s 41% in 1QFY15.
Healthy retail performance; Corporate growth remains subdued
Retail loans formed ~65% of
the incremental domestic
loans in the quarter
Ex-CV segment retail loans
grew 31% YoY.
Domestic loans grew 15% YoY (+4% QoQ) whereas, International loans grew
10% YoY (+5% QoQ). International loan as a proportion of overall loan was
stable QoQ at 26%. Overall loan growth was healthy at 14% YoY (+4% QoQ).
In domestic portfolio, incremental loan growth was driven by retail segment
(+5% QoQ and +25% YoY). Ex-CV segment retail loans grew 31% YoY. Domestic
corporate loan portfolio grew just 3% QoQ and 5% YoY.
Within retail loans home loans (7% QoQ and 26% YoY) and auto loans (3% QoQ
and 38% YoY) were the key driver. CV loans declined 5% QoQ and 18% YoY. On a
lower base personal loans reported strong growth of 14% QoQ and 121% YoY.
Performance of subsidiaries; Consolidated RoE ~15%
For 2QFY15 ICICI Life
insurance reported PAT of
INR4.0b (+3% YoY)
Consolidated RoE stood at
15.1% as compared to
14.6% in 1QFY15.
ICICI UK’s total assets increased 2% QoQ (flat YoY) to USD4.2b and PAT came in
at USD5.1m v/s USD6.3m in 1QFY15. CAR stood at 23.1%.
ICICI Canada’s total assets were at CAD5.5b (down 2% QoQ and +4% YoY). PAT
declined to CAD9.2m v/s CAD14.4m in 1QFY15. CAR was at 34.0%.
ICICI Life Insurance reported PAT of INR4.0b (+4 QoQ and +3% YoY). APE for
2QFY15 increased to INR12.0b (v/s INR6.6b in 1QFY15 and INR9.5b in 2QFY14)
and NBAP margin stood at 10.9% v/s 14% in 2QFY14. AUM witnessed strong
growth of 23% YoY to INR907b.
2QFY15 general Insurance reported profit of INR1.6b (v/s INR1.6b in 2QFY14 and
INR 720m in 1QFY15).
Consolidate PAT for 2QFY15 grew 14% YoY to INR30.7b and consolidated RoE
increased to 15.1% as compared to 14.6% in 2QFY14.
Conference Call highlights
Guidance
a) NIMs 3.3-3.4% b) Credit cost 90-95bp c) fees largely driven by market
conditions d) cost to income ratio at 38-40% e) Gross stress addition to be lower
than FY14 (excluding NPA falling from RL) f) CASA ratio at 38-40% and g) sustain
ROA at FY14 levels
Capital:
Considering the growth and available capital ICICIBC believes there is no
need of capital raising for next 3 years
Loan growth
Cautious on corporate loans; Targeting 2-3% higher than industry growth and
will be largely driven by Retail (20%+); International loan growth will be based
on the market conditions
Some pick up in CV and CE seen in last two months. Reported growth muted due
to run down of the bought out portfolio. Asset quality holding up quite well in
CV segment.
Asset quality
Impact of coal block de-allocation difficult to quantify currently. Based on the
internal analysis ICICIBC believes projects will still be able to service debt.
30 October 2014
3

ICICI Bank
During the quarter, ICICIBC sold INR2.91b worth of accounts to ARCs
Restructured loans:
a) Gross stress addition INR8.29b fresh addition to RL b)
slippage from RL: INR8b (largely due to one mid to large sized corporate) and c)
Pipeline of INR18b. Long term average of relapse from RL stood at 15%
Fee income
Excluding forex and derivatives fees, overall fees grew ~12%; Share of retail in
overall fees increased to 60% now vs 45-50% earlier; Retail fees are growing
20%+ YoY largely driven by retail liabilities fees; Corporate fees remain muted;
Some pick up in transaction/commercial banking
Other highlights
No of employees are down by 3,800 QoQ due to natural attrition and ICICIBC
has not replaced them. Bank feels there is scope for productivity from current
levels
Standard assets provision of INR1b of which INR0.3b is for un-hedged forex
exposure loans
Branches source ~30% of the secured retail loans for the bank
Excess SLR at 5-6% as on September 30, 2014
Focusing on improving NBAP margin for ICICI Prulife to 12-13% vs 10.9%
currently
Valuation and View
Maintain Buy with
SOTP based TP of
INR1,900.
Structural improvement in liability profile over the last few years has helped
ICICIBC to gradually improve NIMs to 3.4%, despite increasing competition
within retail business. We expect gradual improvement in NIMs to continue as
contribution of higher margin domestic business (led by retail business) increase
over next few quarters. We factor NIMs improvement of ~20bp over FY14/17.
Consequently NII CAGR is expected to be ~18% over FY14/17.
Fee income growth has been flat over FY08/13, and showed an improvement in
FY14 (+12% YoY). While growth in FY15 is expected to be moderate,
improvement in economic growth could lead to better corporate fees and
improvement in retail business will aid overall fees. Consequently we factor fee
income CAGR of 15% over FY14/17. Flexibility over opex will also provide
cushion and core PPP CAGR is expected to be ~19% over FY14/17 (v/s 13% over
FY09-14).
Despite challenges in economic environment bank contained net stress loans to
3.6% (2QFY15) as compared to 2.2% in FY11. Management remains confident of
reducing stress additions in FY15 and have guided for credit cost of 0.9%
(including INR2.2b of provisions for un-hedged forex exposure). PAT CAGR is
expected to be lower at 19%+ over FY14-17. Helped by strong RoAs of 1.9%
(core ROA of 1.6%+), core RoE is expected to remain healthy at 15-16% over
FY14/17E.
ICICICBC is well placed for next growth cycle with Tier I of 12.8%+ and largest
branch network in the private financials. Key catalyst (a) Improvement in growth
environment and clear picture on interest rate and macro environment (b)
Resolution of issues in key infra sectors (c) value unlocking in insurance
business. Maintain Buy with SOTP based TP of INR1,900.
4
30 October 2014

ICICI Bank
Exhibit 2: We largely maintain our estimates
INR b
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
Margins (%)
Credit Cost (%)
RoA (%)
RoE (%)
FY15
186.6
119.3
305.9
117.5
188.5
28.0
160.4
48.1
112.3
3.3
0.7
1.8
15.4
Old Est.
FY16
223.1
139.1
362.2
136.5
225.6
31.3
194.3
58.3
136.0
3.4
0.7
1.9
16.2
FY17
270.3
165.0
435.3
161.1
274.2
37.3
236.9
71.1
165.8
3.5
0.6
1.9
17.1
Revised Est.
FY15 FY16 FY17
190.0 220.8 271.4
117.9 138.2 164.7
307.9 359.0 436.1
117.5 136.5 162.3
190.4 222.4 273.8
29.9
31.9
38.2
160.6 190.6 235.6
47.4
56.2
69.5
113.2 134.3 166.1
3.3
3.4
3.5
0.8
0.7
0.6
1.8
1.9
1.9
15.3
15.7
16.8
Chg (%)
FY15 FY16
1.8
-1.0
-1.2
-0.7
0.6
-0.9
0.0
0.0
1.0
-1.4
6.5
1.7
0.1
-1.9
-1.6
-3.6
0.8
-1.2
FY17
0.4
-0.2
0.2
0.7
-0.1
2.4
-0.5
-2.2
0.2
Source: MOSL, Company
Exhibit 3: ICICI Bank: SOTP FY16E
Stake
(%)
Total
Value
INR b
1,842
Total
Value
USD b
30.1
Value
Per
Share
INR
1,594
% of
Total
Value
83.9
Key Ventures
Rationale
2.4x FY16E BV ex Invt in key ventures;
Core ROA of 1.6% and Core ROE of 16%;
Implied 16x core EPS
Apprisal Value
1x FY16E BV
1x FY16E BV
2x FY16E BV
Valued at 4% of AUM exp in FY16
15x FY16E PAT
1x FY16 Networth
10% FY16E AUMs
1x FY16 Networth
ICICI Pru Life Insurance
ICICI Bank Canada
ICICI Bank UK
ICICI Home Finance
ICICI Pru AMC
ICICI Securities
ICICI Lombard Gen. Ins
ICICI Ventures
ICICI Sec. PD
Total Value of Ventures
Less: 20% holding Discount
Value of Key Ventures
Target Price Post 20% Holding Co. Disc.
Current Value
Upside - %
Target Price w/o 20% Holding Co. Disc.
CMP (INR)
Upside - %
74
100
100
100
51
100
74
100
100
176
59
31
33
34
47
38
10
12
440
88
352
2,194
1,860
18.0
2,282
1,860
22.7
2.9
1.0
0.5
0.5
0.6
0.8
0.6
0.2
0.2
7.2
1.4
5.8
35.8
30.4
18.0
37.3
30.4
22.7
152
51
27
28
29
41
33
9
11
381
76
305
1,900
1,610
18.0
1,976
1,610
22.7
8.0
2.7
1.4
1.5
1.5
2.2
1.8
0.5
0.6
20.1
4
16.1
100
Source: MOSL, Company
30 October 2014
5

ICICI Bank
Exhibit 4: DuPont Analysis: Core PPP to remain superior; loan growth a key for healthy earnings growth
Y/E March
Net Interest Income
Core Fee Income
Fee to core Income
Core Income
Operating Expenses
Cost to Core Income
Employee cost
Employee to total exp (%)
Others
Core operating Profits
Trading and others
Operating Profits
Provisions
NPA
Others
PBT
Tax
Tax Rate
RoA
Less: Dividend from Subs
Core RoA (ex-income from
subs)
Core Leverage
RoE
FY06
1.86
1.65
46.88
3.51
2.39
68.01
0.52
21.64
1.87
1.12
0.73
1.86
0.38
0.38
0.00
1.48
0.27
17.97
1.21
0.10
1.12
13.14
14.67
FY07
1.89
1.68
47.07
3.57
2.24
62.83
0.54
24.16
1.70
1.33
0.64
1.97
0.75
0.48
0.27
1.22
0.18
14.74
1.04
0.15
0.89
15.04
13.43
FY08
1.96
1.78
47.57
3.74
2.19
58.53
0.56
25.49
1.63
1.55
0.59
2.14
0.78
0.68
0.10
1.36
0.24
17.77
1.12
0.34
0.78
12.67
9.87
FY09
2.15
1.67
43.81
3.82
1.81
47.31
0.51
27.99
1.30
2.01
0.28
2.29
0.98
0.96
0.01
1.31
0.35
26.56
0.96
0.09
0.88
10.33
9.08
FY10
2.19
1.52
41.04
3.71
1.58
42.58
0.52
32.86
1.06
2.13
0.49
2.62
1.18
1.17
0.01
1.44
0.36
24.70
1.08
0.10
0.98
9.73
9.57
FY11
2.34
1.67
41.58
4.01
1.72
42.87
0.73
42.57
0.99
2.29
0.06
2.35
0.59
0.51
0.08
1.76
0.42
23.80
1.34
0.11
1.23
9.37
11.55
FY12
2.40
1.50
38.46
3.90
1.75
45.01
0.79
44.78
0.97
2.14
0.18
2.32
0.35
0.22
0.13
1.97
0.52
26.56
1.44
0.16
1.28
9.97
12.76
FY13E
2.70
1.35
33.23
4.05
1.76
43.40
0.76
43.20
1.00
2.29
0.28
2.57
0.35
0.27
0.08
2.22
0.60
26.95
1.62
0.18
1.45
10.25
14.81
FY14
2.91
1.37
32.01
4.28
1.82
42.54
0.75
40.94
1.08
2.46
0.47
2.93
0.46
0.40
0.07
2.47
0.73
29.77
1.73
0.23
1.51
10.13
15.25
FY15E
3.03
1.36
31.00
4.38
1.87
42.66
0.78
41.68
1.09
2.51
0.52
3.03
0.48
0.40
0.08
2.56
0.75
29.50
1.80
0.27
FY16E
3.07
1.36
30.77
4.43
1.90
42.81
0.80
42.31
1.09
2.53
0.56
3.09
0.44
0.38
0.07
2.65
0.78
29.50
1.87
0.30
FY17E
3.16
1.35
29.91
4.51
1.89
41.91
0.81
42.72
1.08
2.62
0.57
3.19
0.44
0.37
0.07
2.74
0.81
29.50
1.93
0.31
1.53
1.57
1.62
10.00
10.02
10.37
15.29
15.72
16.82
Source: MOSL, Company
30 October 2014
6

ICICI Bank
Story in charts
Exhibit 5: NIM stable QoQ, Overseas NIM declines 5bp (%)
Blended
Domestic
International
Exhibit 6: Avg. daily CASA ratio remains strong (%)
2.6 2.6 2.7 3.0 3.0 3.0 3.1 3.3 3.3 3.3 3.3 3.4 3.4 3.4
Source: MOSL, Company
Source: MOSL, Company
Exhibit 7: Fee income higher than expectation
Fee Inc. (INR b)
% to Avg. Assets
Exhibit 8: Core operating profit to improve with loan growth
Core Op. Profit (INR b)
YoY Gr (%)
22 23 25 26 27 29 30 32 31 37 36 35 36 41
Source: MOSL, Company
Source: MOSL, Company
Exhibit 9: Domestic loan gr. at 15% YoY
Loans (INR b)
YoY Gr. (%)
Exhibit 10: Mix largely stable QoQ (%)
International
SME
Unsecured Ret.
Agri
Secured Ret.
Corp. & Othrs
24 24 26 29 32 34 34 32 32 33 31 30 30 30
9 8 7 6
6 5 5 5 5 5 4 4 4 5
5 5 5
35 33 32 37 33 34 33 36 34 34 35 37 37 37
2 2 1 1 1 1 1 1 2 2 2 2 2 2
25 29 28 27 28 26 26 25 27 27 28 27 26 26
Source: MOSL, Company
Source: MOSL, Company
30 October 2014
7

ICICI Bank
Story in charts
Exhibit 11: 1HFY15 credit cost in–line with guidance (%)
0.8
0.6 0.6
0.8 0.8 0.9 0.9 0.8
0.5
0.6
1.0
Exhibit 12: Abs. GNPA grew 6% QoQ, PCR declines marginally
GNPA (%)
NNPA (%)
PCR (%)
0.8 0.7 0.7
Source: MOSL, Company
Source: MOSL, Company
Exhibit 13: Addition of INR8.3b to RL; pipeline of INR18b
Restructured loans (INR b)
% of loans
Exhibit 14: Consolidated profits (INR m)
Source: MOSL, Company
Source: MOSL, Company
Exhibit 15: DuPont Quarterly: Higher provisions and lower non-core income compensated by strong core income
Net Interest Income
Fee income
Fee inc to Core income
Core Income
Operating Expenses
Cost to core Income
Employee
Others
Core Operating profits
Trading and others
Operating Profits
Provisions
PBT
Tax
RoA
1QFY13
2.57
1.33
34.03
3.90
1.71
43.88
0.80
0.92
2.19
0.19
2.38
0.38
2.00
0.54
1.46
2QFY13
2.66
1.35
33.64
4.00
1.75
43.72
0.76
0.99
2.25
0.26
2.52
0.40
2.12
0.57
1.54
3QFY13
2.70
1.36
33.61
4.06
1.74
42.91
0.72
1.02
2.32
0.34
2.66
0.28
2.38
0.64
1.73
4QFY13
2.86
1.33
31.82
4.19
1.81
43.16
0.75
1.06
2.38
0.33
2.71
0.35
2.36
0.63
1.73
1QFY14
2.82
1.32
31.94
4.14
1.84
44.37
0.80
1.03
2.30
0.51
2.81
0.44
2.37
0.70
1.68
2QFY14
2.91
1.43
33.03
4.34
1.67
38.46
0.63
1.04
2.67
0.12
2.80
0.45
2.35
0.66
1.69
3QFY14
2.99
1.40
31.94
4.40
1.84
41.86
0.70
1.14
2.56
0.57
3.12
0.49
2.63
0.85
1.78
4QFY14
1QFY15
2QFY15
2.98
3.04
3.11
1.35
1.31
1.40
31.18
30.12
31.07
4.33
4.35
4.51
1.97
1.91
1.80
45.48
43.95
39.84
0.86
0.84
0.72
1.11
1.07
1.07
2.36
2.44
2.72
0.69
0.62
0.42
3.05
3.05
3.14
0.49
0.49
0.57
2.56
2.56
2.57
0.74
0.77
0.76
1.82
1.80
1.81
Source: MOSL, Company
30 October 2014
8

ICICI Bank
Exhibit 16: Quarterly Snapshot
FY13
INR m
Profit and Loss
Interest Income
Loans
Investment
Others
Interest Expenses
Net Interest Income
Other Income
Trading profits
Fee Income
Miscellaneous Income
Total Income
Operating Expenses
Employee
Others
Operating Profits
Provisions
PBT
Taxes
PAT
Asset Quality
GNPA
NNPA
GNPA (%)
NNPA (%)
PCR (Calculated, %)
GNPA - Retail
NNPA - Retail
Prov. for NPA in qtr
Credit Cost
Restructured loans
% of Loans
Ratios (%)
Fees to Total Income
Cost to Core Income
Tax Rate
CASA
Dom. Loan/Deposit (Rep)
Loan / Deposit
RoA (cal)
RoE (Cal)
Margins - Cal (%)
Yield on loans
Yield On Investments
Yield on Funds
Cost of funds
Margins
Margins - Reported
Franchise
ATM
Branches
1Q
95,457
64,558
27,019
3,879
63,527
31,929
18,799
-210
16,470
2,539
50,729
21,235
9,870
11,365
29,493
4,659
24,835
6,684
18,151
99,110
19,410
3.1
0.6
80
59,440
6,820
4,659
0.7
41,720
1.6
32.5
41.7
26.9
40.6
76.6
100.2
1.5
11.8
9.9
6.9
8.8
6.4
2.9
3.0
9,366
2,755
2Q
100,263
68,488
27,445
4,330
66,551
33,712
20,430
1,720
17,090
1,620
54,142
22,209
9,659
12,550
31,933
5,079
26,854
7,293
19,561
100,510
21,380
3.1
0.7
79
52,670
5,990
5,079
0.7
44,530
1.6
31.6
42.4
27.2
40.7
77.1
97.7
1.5
12.3
10.1
7.0
9.0
6.5
3.0
3.0
10,006
2,772
3Q
101,383
70,658
27,424
3,301
66,393
34,990
22,146
2,510
17,710
1,926
57,136
22,612
9,406
13,205
34,525
3,687
30,838
8,335
22,502
98,030
21,850
2.9
0.6
78
47,900
5,930
3,687
0.5
45,750
1.6
31.0
41.4
27.0
40.9
79.4
100.1
1.7
13.7
10.1
6.8
8.7
6.3
3.0
3.1
10,040
2,895
4Q
103,653
69,707
28,204
5,742
65,621
38,032
22,082
930
17,750
3,402
60,114
24,073
9,997
14,076
36,041
4,600
31,441
8,400
23,041
1Q
104,207
71,956
28,846
3,404
66,002
38,205
24,843
4,030
17,930
2,883
63,048
24,906
10,894
14,012
38,142
5,932
32,210
9,468
22,742
2Q
108,133
77,369
28,391
2,373
67,698
40,435
21,665
-790
19,940
2,515
62,100
23,221
8,716
14,506
38,879
6,248
32,631
9,110
23,521
FY14
3Q
114,550
82,238
29,222
3,090
71,999
42,551
28,010
4,470
19,970
3,570
70,561
26,170
9,969
16,202
44,390
6,946
37,444
12,122
25,322
104,480
31,210
2.7
0.8
70
44,430
7,800
6,946
0.9
86,020
2.6
28.3
39.6
32.4
43.3
80.5
104.9
1.8
13.8
10.1
6.9
9.0
6.2
3.3
3.3
11,215
3,588
4Q
114,893
82,716
29,112
3,065
71,327
43,565
29,761
2,450
19,740
7,571
73,326
28,791
12,623
16,169
44,535
7,138
37,397
10,877
26,520
105,540
33,010
2.6
0.8
69
41,170
8,170
7,138
0.9
105,580
3.1
26.9
40.6
29.1
42.9
78.8
102.0
1.8
14.4
9.9
6.7
8.7
6.0
3.3
3.4
11,315
3,753
1Q
117,669
83,922
29,772
3,975
72,750
44,919
28,498
3,880
19,360
5,258
73,417
28,250
12,469
15,781
45,167
7,261
37,906
11,353
26,553
110,010
34,740
2.7
0.9
68
37,890
8,460
7,261
0.8
112,650
3.2
26.4
40.6
30.0
43.0
80.5
103.4
1.8
14.2
9.8
6.9
8.8
6.0
3.3
3.4
11,447
3,763
FY15
2Q
121,606
88,740
29,722
3,143
74,939
46,666
27,384
1,370
21,030
4,984
74,050
26,971
10,864
16,107
47,079
8,495
38,584
11,394
27,190
116,950
39,970
2.7
1.0
66
35,910
8,900
8,495
1.0
110,200
3.0
28.4
37.1
29.5
43.7
79.5
102.8
1.8
14.1
10.0
6.9
8.8
6.1
3.4
3.4
23
6
6
8
4
2
2
30
9
8
12
11
Variation (%)
QoQ
YoY
3
6
0
-21
3
4
-4
-65
9
-5
1
-5
-13
2
4
17
2
0
2
6
15
5
9
-260
-5
5
17
11
-2
-20
12
15
5
32
11
15
26
-273
5
98
19
16
25
11
21
36
18
25
16
16
48
2
23
-732
-27
17
36
15
61
90
96,470 100,570 100,780
22,340 24,720 27,070
2.7
2.8
2.7
0.6
0.7
0.7
77
75
73
41,760 54,110 49,080
5,240
7,760
7,620
4,600
5,932
6,248
0.6
0.8
0.8
53,150 59,150 68,260
1.8
2.0
2.1
29.5
40.7
26.7
41.9
78.9
99.2
1.7
13.8
9.7
6.7
8.7
6.0
3.2
3.3
10,481
3,100
28.4
42.2
29.4
43.2
80.7
103.5
1.7
13.3
9.7
6.7
8.6
6.0
3.1
3.3
10,902
3,350
32.1
36.9
27.9
43.3
80.2
102.8
1.7
13.1
10.0
6.6
8.7
6.0
3.3
3.3
11,098
3,507
11,739
3
6
3,815
1
9
Source: MOSL, Company
30 October 2014
9

ICICI Bank
Exhibit 17: Quarterly Snapshot continues
FY13
INR b
Balance Sheet
Loans
Investments
Customer Assets
Deposits
Borrowings
Total Assets
Deposits Break Up
CASA Deposits
% of total Deposits
Savings
% of total Deposits
Current
% of total Deposits
Term Deposits
% of total Deposits
Loan Break Up
SME Loans
Corporate Loans
Retail Loans
of which
Housing
Personal Loans
Credit Cards
Others
International Loans
Loan Mix
SME Loans
Corporate Loans
Retails
International Loans
Subsidiaries PAT (INR m)
I Sec
I Sec PD
I Venture
Pru AMC
ICICI Home Finance
ICIC Life Insurance
ICICI General Insurance
Consolidation adjustment
Subsidiaries PAT
ICICI Bank
Consol Profit
1Q
2,684
1,735
3,182
2,678
1,369
5,041
1,087
41
779
29
308
11
1,591
59
153
868
912
471
10
26
405
752
5.7
32.3
34.0
28.0
100
330
6
280
490
3,490
830
-2,907
2,619
18,151
20,770
2Q
2,751
1,792
3,239
2,814
1,350
5,112
1,144
41
806
29
338
12
1,670
59
143
935
963
512
9
26
416
710
5.2
34.0
35.0
25.8
80
270
1
230
534
3,960
1,010
-1,746
4,339
19,561
23,900
3Q
2,868
1,862
3,414
2,864
1,468
5,273
1,171
41
815
28
357
12
1,693
59
149
982
999
541
11
28
420
737
5.2
34.2
34.9
25.7
280
230
0
280
534
3,970
950
-2,296
3,948
22,502
26,450
4Q
2,902
1,938
3,491
2,926
1,450
5,368
1,226
42
857
29
369
13
1,700
58
151
943
1,074
576
16
27
455
734
5.2
32.5
37.0
25.3
160
390
193
310
642
3,540
270
-3,626
1,879
23,041
24,920
1Q
3,014
1,879
3,583
2,912
1,556
5,486
1,258
43
889
31
370
13
1,654
57
139
979
1,085
596
18
30
441
811
4.6
32.5
36.0
26.9
130
1,200
190
370
576
3,640
2,030
-3,408
4,728
22,742
27,470
2Q
3,178
1,837
3,708
3,090
1,450
5,635
1,339
43
935
30
404
13
1,751
57
146
1,035
1,151
631
24
31
465
845
4.6
32.6
36.2
26.6
180
-760
1
440
604
3,870
1,560
-2,435
3,460
23,521
26,980
FY14
3Q
3,326
1,854
3,853
3,170
1,506
5,741
1,372
43
957
30
414
13
1,798
57
143
1,047
1,222
666
31
32
494
915
4.3
31.5
36.7
27.5
350
480
1
470
517
4,280
760
-3,460
3,398
25,322
28,720
4Q
3,387
1,967
4,026
3,319
1,544
5,946
1,424
43
991
30
432
13
1,895
57
149
1,020
1,320
706
40
33
541
898
4.4
30.1
39.0
26.5
250
400
139
550
534
3,880
760
-5,793
720
26,520
27,240
1Q
3,471
1,921
3,993
3,358
1,456
5,884
1,444
43
1,027
31
417
12
1,914
57
153
1,057
1,372
742
47
36
547
888
4.4
30.5
39.5
25.6
610
460
110
610
500
3,820
720
-5,063
1,767
26,553
28,320
FY15
2Q
3,618
2,018
4,164
3,521
1,500
6,111
1,537
44
1,056
30
481
14
1,983
56
163
1,084
1,441
793
53
36
559
930
4.5
30.0
39.8
25.7
680
11
278
490
7
-164
0
-100
-120
620
2
41
481
-4
-20
3,990
4
3
1,580
119
1
-4,381
-13
80
3,460
96
0
27,190
2
16
30,650
8
14
Source: MOSL, Company
Variation (%)
QoQ
YoY
4
5
4
5
3
4
6
3
15
4
14
10
12
14
3
8
15
13
19
13
7
3
5
7
14
1
2
5
11
5
25
26
121
16
20
10
30 October 2014
10

ICICI Bank
EPS: MOSL forecast v/s consensus (INR)
MOSL
Forecast
FY15
FY16
98.0
116.3
Consensus
Forecast
96.9
114.4
Variation
(%)
1.2
1.7
Stock performance (1-year)
ICICI Bank
1,700
1,500
1,300
Sensex - Rebased
Shareholding pattern (%)
Sep-14
Promoter
DII
FII
0.0
22.3
70.3
Jun-14
0.0
23.2
69.3
7.6
Sep-13
0.0
25.0
66.8
8.2
1,100
900
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Others
7.5
Notes: FII includes depository receipts
Financials: Valuation Matrix
61.2
Rating
ICICIBC*
HDFCB
AXSB
KMB*
YES
IIB
VYSB
FB
J&KBK
SIB
Private Aggregate
SBIN (cons )*
PNB
BOI
BOB
CBK
UNBK
OBC
INBK
CRPBK
ANDB
IDBI
DBNK
Public Aggregate
HDFC*
LICHF
DEWH
IHFL
IDFC
RECL
POWF
SHTF
MMFS
BAF
NBFC Aggregate
Buy
Buy
Buy
Neutra l
Buy
Buy
Neutra l
Buy
Buy
Buy
Buy
Buy
Neutra l
Neutra l
Buy
Buy
Buy
Buy
Neutra l
Neutra l
Neutra l
Neutra l
Buy
Buy
Buy
Buy
Neutra l
Buy
Buy
Buy
Neutra l
Buy
EPS (INR)
CMP
Mcap
(INR) (USDb) FY16 FY17
1,612
30.4 116.3 143.8
895
35.1 53.6 65.8
430
16.5 36.7 43.3
1,096
13.8 48.9 59.8
663
4.5
58.9 75.8
709
6.1
43.3 54.4
634
2.0
43.8 55.5
139
1.9
12.9 15.4
138
1.1
25.2 28.4
27
0.6
4.3
5.3
112.0
2,638
32.2 321.0 433.8
915
5.4 156.3 203.9
274
2.9
60.1 76.0
912
6.4 146.1 170.8
387
2.9
81.2 107.2
224
2.3
40.2 48.7
272
1.3
54.8 71.4
166
1.3
28.1 32.0
337
0.9
61.9 74.2
82
0.8
12.8 13.4
68
1.8
14.4 19.7
63
0.6
13.6 16.8
59.8
1,062
27.1
38
46
345
2.9
32
39
364
0.8
62
76
400
2.4
64
77
149
3.7
14
16
294
4.7
65
77
277
6.0
59
69
907
3.4
90
105
291
2.7
20
24
2,787
2.3
208 245
55.8
P/E (x)
BV (INR)
FY16 FY17 FY16 FY17
11.5
9.1
664 769
16.7 13.6 256 306
11.7
9.9
220 256
22.4 18.3 322 381
11.2
8.7
328 388
16.4 13.0 228 273
14.5 11.4 434 478
10.8
9.1
99
111
5.5
4.9
152 174
6.4
5.1
30
34
15.0 12.2
7.9
5.8 2,347 2,702
5.9
4.5 1,193 1,373
4.6
3.6
478 545
6.2
5.3
978 1,109
4.8
3.6
626 709
5.6
4.6
330 370
5.0
3.8
502 556
5.9
5.2
288 312
5.4
4.5
687 745
6.4
6.1
165 174
4.7
3.5
157 173
4.6
3.7
137 150
7.5
5.8
17.5 12.9 166 192
10.6
8.8
198 229
5.9
4.8
359 416
6.2
5.2
157 173
10.9
9.5
109 121
4.5
3.8
298 357
4.7
4.0
295 346
10.0
8.6
514 604
14.3 12.1 117 134
13.4 11.4 1,123 1,328
11.8 10.0
P/BV (x)
RoA (%)
FY16 FY17 FY16 FY17
2.0
1.7 1.9
1.9
3.5
2.9 2.0
2.0
2.0
1.7 1.8
1.7
3.4
2.9 1.9
1.9
2.0
1.7 1.7
1.7
3.1
2.6 1.9
1.9
1.5
1.3 1.1
1.1
1.4
1.3 1.2
1.1
0.9
0.8 1.3
1.3
0.9
0.8 0.9
0.9
2.5
2.1
1.1
0.9 0.9
1.0
0.8
0.7 0.8
0.9
0.6
0.5 0.5
0.6
0.9
0.8 0.8
0.8
0.6
0.5 0.6
0.7
0.7
0.6 0.6
0.7
0.5
0.5 0.7
0.7
0.6
0.5 0.6
0.6
0.5
0.5 0.4
0.4
0.5
0.5 0.4
0.3
0.4
0.4 0.6
0.7
0.5
0.4 0.5
0.5
0.9
0.8
4.1
3.1 2.5
2.5
1.7
1.5 1.4
1.4
1.0
0.9 1.3
1.3
2.5
2.3 4.2
4.1
1.1
1.0 2.5
2.5
1.0
0.8 3.4
3.4
0.9
0.8 3.2
3.1
1.8
1.5 2.6
2.8
2.5
2.2 2.9
2.9
2.5
2.1 2.9
2.8
2.2
1.9
RoE (%)
Dividend
FY16 FY17 Yield (%) #
15.7 16.8
1.6
22.8 23.4
1.0
17.9 18.1
1.1
14.1 15.0
0.1
19.4 21.2
1.2
20.5 21.7
0.7
10.5 12.2
1.0
13.6 14.6
1.6
17.6 17.4
2.9
15.0 16.5
2.6
14.4
13.9
13.3
15.8
13.6
12.8
11.4
10.1
9.3
8.0
9.5
10.3
23.8
17.6
18.4
31.4
12.5
23.9
21.5
18.5
18.5
20.1
17.0
15.9
14.8
16.4
16.1
13.9
13.5
10.7
10.4
7.9
11.9
11.7
24.8
18.4
19.7
32.5
13.0
23.6
21.6
19.5
19.1
20.0
1.5
1.3
2.2
2.8
3.2
2.4
3.2
2.8
2.4
3.3
2.3
3.3
1.5
1.4
2.8
7.1
1.9
3.8
3.8
0.9
1.4
1.2
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries
# Div Yield based on FY14 declared dividend; UR: Under Review
30 October 2014
11

ICICI Bank
Financials and valuation
Income Statement
Y/E March
2014
Interes t Income
441,782
Interes t Expended
277,026
Net Interest Income
164,756
Cha nge (%)
18.8
Other Income
104,279
Net Income
269,034
Cha nge (%)
21.1
Opera ti ng Exp.
103,089
Operating Profits
165,946
Cha nge (%)
25.7
Provi s i ons & Cont.
26,264
PBT
139,682
Ta x
41,577
Ta x Ra te (%)
29.8
PAT
98,105
Cha nge (%)
17.8
Dividend (Including Tax)
28,336
Core PPP*
155,776
Cha nge (%)
22.6
*Core PPP i s (NII+Fee i ncome-Opex)
Balance Sheet
Y/E March
Share Capital
Equi ty Sha re Ca pi ta l
Preference Ca pi ta l
Reserves & Surplus
Net Worth
Of whi ch Equi ty Net Wort
Deposits
Cha nge (%)
Of which CASA Deposits
Cha nge (%)
Borrowi ngs
Other Li a bi l i ti es & Prov.
Total Liabilities
Current As s ets
Investments
Cha nge (%)
Loans
Cha nge (%)
Net Fixed Assets
Other As s ets
Total Assets
Asset Quality
GNPA (INR m)
NNPA (INR m)
GNPA Ra ti o
NNPA Ra ti o
PCR (Excl Techni ca l wri te
E: MOSL Es ti ma tes
2015E
496,699
306,730
189,968
15.3
117,909
307,877
14.4
117,452
190,425
14.8
29,871
160,554
47,363
29.5
113,191
15.4
34,382
179,755
15.4
(INR Million)
2016E
2017E
560,947
672,855
340,150
401,486
220,797
271,369
16.2
22.9
138,184
164,693
358,981
436,062
16.6
21.5
136,538
162,270
222,443
273,792
16.8
23.1
31,879
38,181
190,564
235,611
56,216
69,505
29.5
29.5
134,348
166,106
18.7
23.6
40,808
50,455
209,773
259,122
16.7
23.5
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield - Earning Assets
Avg. Yi el d on l oa ns
Avg. Yi el d on Inves tments
Avg. Cost-Int. Bear. Liab.
Avg. Cos t of Depos i ts
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
Adjus ted RoE
RoA
Int. Expended/Int.Ea rned
Other Inc./Net Income
Efficiency Ratios (%)
Op. Exps ./Net Income*
Empl . Cos t/Op. Exps .
Bus i . per Empl . (INR m)
NP per Empl . (INR l a c)
* ex trea s ury
Asset-Liability Profile (%)
Loa n/Depos i t Ra ti o
CASA Ra ti o %
Inves t./Depos i t Ra ti o
G-Sec/Inves t. Ra ti o
CAR
Ti er 1
Valuation
Book Va l ue (INR)
BV Growth (%)
Pri ce-BV (x)
ABV (for Subs i da ri es ) (IN
ABV Growth (%)
Pri ce-ABV (x)
ABV (for Subs Invs t & NPA
Adjus ted Pri ce-ABV (x)
EPS (INR)
EPS Growth (%)
Pri ce-Ea rni ngs (x)
Adj. Pri ce-Ea rni ngs (x)
Di vi dend Per Sha re (INR)
Di vi dend Yi el d (%)
E: MOSL Es ti ma tes
2014
8.7
10.0
6.6
5.5
5.7
3.2
3.2
2015E
8.8
9.8
6.7
5.5
6.1
3.2
3.3
2016E
8.6
9.6
6.4
5.3
5.8
3.3
3.4
2017E
8.6
9.6
6.4
5.4
5.7
3.2
3.5
14.4
15.3
1.73
62.7
38.8
15.1
15.3
1.80
61.8
38.3
16.0
15.7
1.87
60.6
38.5
17.5
16.8
1.93
59.7
37.8
2014
15,050
11,550
3,500
720,583
735,633
732,133
3,319,137
13.4
1,423,784
16.2
1,544,091
347,555
5,946,416
415,296
1,770,218
3.3
3,387,026
16.7
46,781
327,094
5,946,416
2015E
15,050
11,550
3,500
803,212
818,262
814,762
3,892,860
17.3
1,624,887
14.1
1,550,129
349,862
6,611,114
458,944
1,814,474
2.5
3,963,580
17.0
47,022
327,094
6,611,114
(INR Million)
2016E
2017E
15,050
15,050
11,550
11,550
3,500
3,500
901,286 1,022,543
916,336 1,037,593
912,836 1,034,093
4,756,069 5,953,928
22.2
25.2
1,827,047 2,053,531
12.4
12.4
1,706,403 1,940,689
402,471
463,660
7,781,279 9,395,871
554,821
671,421
1,995,921 2,295,309
10.0
15.0
4,807,117 5,949,057
21.3
23.8
47,262
47,502
376,158
432,582
7,781,279 9,395,871
(%)
153,897
51,636
2.5
0.9
66.4
39.8
40.9
86.8
13.6
39.5
41.7
90.9
14.1
39.4
42.3
102.4
15.8
38.5
42.7
119.2
18.4
102.0
42.9
53.3
53.8
17.7
12.8
101.8
41.7
46.6
59.1
17.4
12.8
101.1
38.4
42.0
61.5
16.2
12.2
99.9
34.5
38.6
62.8
14.9
11.5
105,058
32,980
3.0
1.0
68.6
127,441
45,298
3.2
1.1
64.5
140,010
48,862
2.9
1.0
65.1
614.5
8.5
2.6
507.9
10.5
2.7
487.9
2.8
84.9
17.7
19.0
16.4
23.0
1.4
686.1
11.6
2.3
579.4
14.1
2.3
551.9
2.4
98.0
15.4
16.4
13.7
26.5
1.6
771.0
12.4
2.1
664.3
14.7
2.0
634.7
2.1
116.3
18.7
13.8
11.2
31.4
2.0
875.9
13.6
1.8
769.3
15.8
1.6
738.0
1.7
143.8
23.6
11.2
8.8
38.8
2.4
30 October 2014
12

ICICI Bank
NOTES
30 October 2014
13

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