{"id":99,"date":"2019-08-05T12:05:57","date_gmt":"2019-08-05T12:05:57","guid":{"rendered":"http:\/\/www.assetmultiplier.co.in\/blog\/?p=99"},"modified":"2019-10-03T11:56:59","modified_gmt":"2019-10-03T11:56:59","slug":"icici-bank-1qfy20-results-decent-growth-in-advances-asset-quality-intact","status":"publish","type":"post","link":"https:\/\/www.assetmultiplier.co.in\/blog\/2019\/08\/05\/icici-bank-1qfy20-results-decent-growth-in-advances-asset-quality-intact\/","title":{"rendered":"ICICI Bank 1QFY20 Results: Decent growth in advances, Asset quality intact"},"content":{"rendered":"\n<p><em>Dated: 29th July 2019<\/em><\/p>\n\n\n\n<p>Result update:<\/p>\n\n\n\n<ul><li>Reported NII grew 27% YoY (+2%\nQoQ) to Rs 77,374 mn from Rs 61,019 mn. NIMs for 1QFY20 expanded by 42 bps YoY 3.61%\ncompared to 3.19% in 1QFY19.<\/li><li>PPOP grew 8% YoY (+1% QoQ) to\nRs 62,884 mn from Rs 58,083 mn.<\/li><li>Provisions were Rs 34,957 mn, 41%\nlower YoY. <\/li><li>Reported PAT was Rs 19,080 mn in\n1QFY20 against loss of Rs 1,196 mn in 1QFY19.<\/li><li>GNPA and NNPA improved slightly\nsequentially at 6.49% and 1.77% respectively for 1QFY20 compared to 6.70% and 2.06%\nrespectively in 4QFY19.<strong><\/strong><\/li><li>Advances grew 15% YoY to Rs\n59,24,150 mn. Retail and SME segment showed a solid growth of 22% and 24% YoY\nrespectively.<\/li><\/ul>\n\n\n\n<p>Management\ncommentary:<\/p>\n\n\n\n<ul><li>The bank maintained its guidance that\ncredit costs in FY20 would be significantly lower than 2% levels of FY19.\nCredit costs would be in the range of 1.2-1.3% in FY20. In 1QFY20, credit cost\nwas 1.5%.<\/li><li>While provisioning in FY20 is\nexpected to be lower than FY19, management does not expect slippages to come\ndown significantly in FY20 compared to FY19, as it have already come down\nsubstantially in FY19.<\/li><li>The bank stated it is not looking at\nraising the PCR from current levels of 74% as they are now at comfortable\nlevels. <\/li><li>The bank reiterated its consolidated\nRoE target of 15% by June\u201920. <\/li><li>Q1FY20 tax rate of 32% is an estimate\nfor the full year tax rate. <\/li><\/ul>\n\n\n\n<p>&nbsp;Consensus Estimate (Source: marketscreener\nwebsite)<\/p>\n\n\n\n<p>\u2022 The stock price was Rs 428\/- on 29th July 2019 and traded at 2.2x\/1.9x&nbsp; consensus Book value of Rs 199\/222 for\nFY20E\/21E respectively.&nbsp;<br>\n\u2022 Consensus target price is Rs 485\/- implying PB of 2.2x for FY21E BVPS of Rs. 222\/-<\/p>\n\n\n\n<p><em>Note:<\/em><\/p>\n\n\n\n<p><em>NII- Net interest income<\/em><\/p>\n\n\n\n<p><em>NIM- Net interest margins<\/em><\/p>\n\n\n\n<p><em>PPOP- Pre-provision profits<\/em><\/p>\n\n\n\n<p><em>NPA- Non-performing assets<\/em><\/p>\n\n\n\n<p><em>AUM- Assets under management<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dated: 29th July 2019 Result update: Reported NII grew 27% YoY (+2% QoQ) to Rs 77,374 mn from Rs 61,019 mn. NIMs for 1QFY20 expanded by 42 bps YoY 3.61% compared to 3.19% in 1QFY19. PPOP grew 8% YoY (+1% QoQ) to Rs 62,884 mn from Rs 58,083 mn. Provisions were Rs 34,957 mn, 41% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,97],"tags":[],"_links":{"self":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/99"}],"collection":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/comments?post=99"}],"version-history":[{"count":1,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/99\/revisions"}],"predecessor-version":[{"id":100,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/99\/revisions\/100"}],"wp:attachment":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/media?parent=99"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/categories?post=99"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/tags?post=99"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}