ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website or other ICRA rating publications

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1 ICICI Bank Limited Rating of [ICRA] AAA (pronounced ICRA triple A) with stable outlook has been assigned to the fresh Rs crore Unsecured Redeemble Bonds of ICICI Bank Limited (IBL). ICRA has also reaffirmed the [ICRA] AAA rating to the outstanding Lower Tier II Bonds and Senior Long- Term Bonds of IBL. The ratings for the debts taken over by IBL from the erstwhile ICICI Limited and erstwhile The Bank of Rajasthan Limited have also been reaffirmed at [ICRA] AAA with stable outlook. Further, ICRA has also reaffirmed the MAAA (pronounced M triple A) rating to the Term Deposit, and the [ICRA] A1+ (pronounced ICRA A one plus) rating to the Rs. 50,000 crore * Certificates of Deposit of IBL. The highest credit quality ratings are supported by ICICI s position in the Indian financial system as the second largest commercial bank, strong operating performance over the last few quarters, its sound capitalization levels (CRAR : 18.3%; Tier 1 capital :12.8%) as on September 30, 2012 and its extensive corporate relationships, besides the its retail franchise. Going forward, the ratings would be sensitive to the bank s ability to maintain stable asset quality indicators, especially in the infrastructure sector given the challenging operating environment. Net Interest Margins of the bank registered an improvement from 2.34% during FY11 to 2.44% during FY12, supported by improvement in the Credit to deposit Ratio, and steady CASA base. Overall, the increase in cost of deposits was offset by more than commensurate increase yield on advances resulting in increase in Net Interest Margins in FY12. In H1FY13, the overall NIMs witnessed a ~20 bps increase marked by increase in NIM on domestic business, which was in turn driven by lower cost of funds during the period due to the reduction in term deposit rates since the beginning of the year. The benefits of expansion in domestic NIMs was offset in part by decline in NIMs in the international operations (international operations account for ~25% of the overall business) on account of excess liquidity maintained in the international business. ICRA believes that lower cost of domestic funding (with CASA at ~41%), high share of retail assets (~34%) along with expected improvement in international NIM; augur well for the margins going forward. Fee income of the bank declined to 1.52% of average assets during FY12 as compared to 1.67% during FY11. The fee income profile of the bank has significant dependence on corporate lending related fees that slowed down during FY12, while fee income from retail business continued to grow at a moderate pace. The fee income was maintained at stable levels in H1FY13, with close to 50% of the fee income emanating from retail segment, corporate fees including commercial banking accounting for close to 40% while the balance being rural and SME related. In H1FY13, the bank witnessed continued momentum in granular fee income streams such as transaction banking fees as well as retail asset fees. The operating expenses witnessed a marginal increase to 1.78% of average assets during FY12 as against 1.72% during FY11. As per the bank, it intends to maintain cost to income ratio in the range of 40-42%. Credit provision as a percentage of average credit portfolio declined to 42bps in FY12 as compared to 99 bps in FY11, with provisioning primarily on account of NPL/standard asset provisioning. The provisioning expense continued at similar levels in H1FY13 as well. In Q2-2013, despite provisioning on a media account (which has been classified as NPA and largely provided for) the overall provisions stood at ~Rs. 500 crore on account of negligible incremental general provisioning being close to zero and some write backs on retail portfolio (due to recovery in some segments). Overall, the provisioning expense stood at ~40 bps in H1FY13. Overall, FY12 was marked by strong operating performance for the bank, with core operating profits (excluding treasury profits and provisioning expense) continuing to remain stable at ~ 2.4% of average assets in FY12. Driven by lower credit provisioning expense, as a percentage of average assets the Net Profits stood at 1.47% of average assets in FY12 (1.34% in FY11). The return on net worth stood at 10.70% in FY12 (9.35% in FY11). In H1FY13, the return on Net Worth stood at ~12%. * 100 lakh = 1 crore = 10 million For complete rating scale and definitions please refer to ICRA s website or other ICRA rating publications

2 The loan book of the bank stood at Rs. 2,53,727 crore as on March 31, 2012 as against Rs. 2,16,365 crore as on March 31, 2011, a reasonable YoY growth of 17.27%. As on September 30, 2012,the loan book of the bank further stood at Rs. 2,75,076 crore. The broad portfolio break-up of the loan book as on Sep 30, 2012 is as follows: Retail business group (including builder funding and dealer loans)-34%, domestic corporate- 28%, Overseas branches-26%, Rural -7%, SME-5%. As per IBL, the domestic credit growth is likely to be much higher than the 5.1% CAGR seen over FY09-12, when the bank concentrated on improving its deposit franchise, keeping operating costs in check, improving asset quality and capital preservation. As per IBL, it expects domestic credit to register a 20% growth (with retail at 15%+) in FY13, while the International loans are expected to grow much slower, at <10% in FY13. Over the short to medium term, the loan book would be driven by industry loans (project finance and working capital), retail mortgages and other secured retail loans. As far as exposure to sensitive sectors is concerned, Builder loans constitute % of advances, Power exposure at ~7% (50% of which are operating assets and the bank has limited gas based exposure) and overall infra at 13%. The asset quality indicators of IBL witnessed an improvement in FY12, with GNPA/NNPA at 3.63%/0.73% as on March 31, 2012 (with a provisioning coverage of ~80%) as compared to 4.51%/1.14% in FY11. The restructured assets portfolio saw a reduction and stands at Rs 4158 crore, (~1.5% of advances base as on Sep 30, 2012, similar levels as on March 31, 2012). The bank currently has a low proportion in the cases being referred for restructuring to the CDR. Ability of the bank to maintain stable asset quality indicators, especially in the infrastructure sector given the challenging operating environment remains a key monitorable. The deposit profile of the bank has changed significantly since Mar-09. Current distribution of wholesale deposits vs. retail deposits indicates a rising proportion of retail deposits, which is a marked shift from a lower level of retail deposits maintained as on March 31, 2010 and earlier. IBL plans to take the total number of branches to 4,000 by FY2015 (from current levels of ~2770 branches), which is expected help the bank in maintaining strong CASA base. During the last 24 months, the bank had embarked on a conscious strategy to improve its CASA base. The CASA ratio, which stood at ~29% as on March 31, 2009, stands significantly improved at ~41% as on Sep 30, As per IBL, it would endeavour to maintain average CASA at 38-40% for FY13. The bank s deposit franchise is considerably strengthened due to less dependence on wholesale deposits and a high proportion of savings-account deposits, which augurs well for NIM ahead. IBL's capital adequacy ratio stood at a comfortable 18.28% as on Sep 30, 2012 (Tier I: 12.83%). During FY12, IBL received dividend from its subsidiaries - Rs. 232 crore from ICICI Prudential Life Insurance Co. Ltd and Rs. 122 crore from ICICI Bank UK. The solvency indicators for the bank as indicated by Net NPAs/ Net worth ratio term stood at 3.31% as on Sep 30, With current comfortable CRAR and healthy accretion to reserves, the capitalization level of the bank is likely to remain comfortable. IBL s ALM position remains comfortable and has been improving over the past two years. Further the strong brand name and franchise alleviate any liquidity concerns. Bank Profile IBL is the largest private sector bank and the second largest commercial bank in India. For the year ended March 31, 2012, IBL reported net profits of Rs. 6,465 crore on total assets of Rs lakh crore and had a regulatory capital adequacy of 18.52% (Tier I:12.68%). The asset quality indicators of the bank improved in FY11, with Gross NPA % and Net NPA % of 3.63% and 0.73% respectively as on March 31, 2012 as compared to 4.48% and 1.11% as on March 31, For the six months period ended September 2012, IBL reported net profits of Rs. 3,771 crore on total assets of Rs lakh crore and a regulatory capital adequacy of % (Tier1: 12.83%). With a presence in the banking, insurance, asset management, investment banking and private equity sectors, the ICICI Group is an important and large player in the Indian financial system. The asset quality indicators of the bank remained stable in H1FY13, with Gross NPA% at 3.55% and Net NPA% at 0.78% as on Sep 30, January 2013

3 Annexure Rating Instrument Amount Amount Utilised Rating Action (as on Dec 31, 2012) In crore In crore Unsecured Redeemable Bonds 4000 To Be Placed outlook assigned Unsecured Redeemable Bonds 1000 To Be Placed Tier II Bonds Tier II Bonds Tier II Bonds Tier II Bonds Tier II Bonds Tier II Bonds Tier II Bonds Tier II Bonds Tier II Bonds Term Deposits MAAA reaffirmed Certificate of Deposits [ICRA]A1+ reaffirmed Long Term Borrowings taken over from erstwhile ICICI assumed by ICICI Bank consequent upon merger Subordinated Debt taken over from erstwhile Bank of Rajasthan Limited assumed by ICICI Bank consequent upon merger Long Term Bonds 2757(o/s) as on Mar 31, (o/s) as on Mar 31, (o/s) as on Mar 31, 2012 For further details please contact: Analyst Contacts: Mr. Karthik Srinivasan, (Tel No ) Relationship Contacts:, (Tel. No )

4 Copyright, 2013, ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. The ICRA ratings are subject to a process of surveillance which may lead to a revision in ratings. Please visit our website ( or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided as is without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. All information contained herein must be construed solely as statements of opinion and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents

5 Registered Office ICRA Limited 195, Kailash Building, 11th Floor, 96, Kasturba Gandhi Marg, New Delhi Tel: , Fax: Corporate Office Mr. Vivek Mathur Mobile: Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: (D), / (B) Fax; Mumbai Mobile: rd Floor, Electric Mansion, Appasaheb Marathe Marg, Prabhadevi, Mumbai Ph : / 953/ 969/ 974/ 986/ 987 Fax : Chennai 5th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam, Chennai Tel + (91 44) , Fax + (91 44) Ahmedabad Mobile: & 908 Sakar -II, Ellisbridge, Ahmedabad Tel: , , Fax: Hyderabad Kolkata Mr. Jayanta Roy Mobile: A-10 & 11, 3rd Floor, FMC Fortuna 234/3A, A.J.C. Bose Road Kolkata Tel / / , Fax Bangalore 'The Millenia', Tower B, Unit No. 904, 9th Floor, Level 9, 19-14, 1 & 9, Murphy Road, Bangalore Tel: Fax: Pune Mobile: A, 5th Floor, Symphony, S.No. 210, CTS 3202, Range Hills Road, Shivajinagar,Pune Tel: ; Fax : th Floor, Shobhan, /A&B. Somajiguda, Raj Bhavan Road, Hyderabad Tel: /7951 Fax:

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