The low fee income was due to reduced corporate activity in the system. Operating expenses declined 19% to Rs 1546.02 crore, with the cost to average assets coming down to 1.6% from 1.9% in the corresponding previous quarter.
Total consolidated income was flat at Rs 14615.06 crore. Consolidated profit after tax increased 68% to Rs 1035.26 crore (US$ 216 million), driven primarily by the higher profit after tax offCICI Bank and a sharp reduction in losses of ICICI Prudential Life Insurance Company (ICICI Life). Consolidated loan book stood at Rs 2.4 trillion compared with Rs 2.3 trillion a year ago.
Gross non-performing assets (NPA) rose II % from Rs 8511.36 crore in the June 2008 quarter and declined 2% from Rs 9649.31 crore in the March 2009 quarter to Rs 9416.32 crore in the quarter ended June 2009. Net NPA increased 14% from Rs 4033.57 crore over the year and a marginal 1% to Rs 4607.84 crore in the June 2009 quarter from Rs 4553.94 crore in the June 2008 quarter. The percentage of gross NPAs increased from 3.72% over the year and 4.32% over the quarter to 4.63%. On the other hand, percentage of net NPAs moved up 1.8% over the year and 2.09% over the quarter to 2.33% in the quarter ended June 2009. Increase in the NPA ratio was due to reduction in customer assets.
Reflecting the moderation in systemic credit offtake and its conscious strategy of risk containment, the standalone loan book of rerCI Bank decreased 12% to Rs 198102 crore (US$ 41.4 billion) end June 2009. The dip in the loan book was largely due to reduction in unsecured loan portfolio including personal loans, credit card, and two-wheeler loans. The retail loan book stood at Rs 96000 crore.
Total deposits declined 10% from Rs 234461 crore to Rs 210236 crore (US$ 43.9 billion) end June 2009 over end June 2008, with wholesale deposits coming down substantially. Total assets dipped 7% to Rs 367418.92 crore. There was improvement in the current-account-savings-account (CASA) ratio to 30.4% end June 2009 from 28.7% end March 2009 and 27.6% end June 2008 on increase in the savings-account deposits. Capital adequacy as per the Reserve Bank of India's Basel II norms was 17.4% end June 2009 as against 15.5% end March 2009. Tier-I capital adequacy was 13.1%. Book value of the share stood at Rs 451 per share end June 2009 compared with Rs 426 per share end June 2008.
The provision for contingencies increased 67% to Rs 1323.65 crore. About Rs 200-crore provisions were on account of restructuring of assets, which were predominantly in the power sector. ICICI Bank wrote off of Rs 1100 crore on non-performing loans. Of this, Rs 450 crore was sold to the Asset Reconstruction Company (Arcil). Cumulative loans sold to Arcil stood at Rs 3570 crore end June 2009. The bank started the fiscal with an opening balance of Rs 5900 crore of restructured loans, of which Rs 3200 crore of loans were upgraded in the quarter. On net addition ofRs 1450 crore in the quarter, net total restructured assets were Rs 4150 crore end of June 2009. Net restructured loans were Rs 4146 crore end June 2009. There were no new pending applications on restructuring. The next two-three quarters will see some upgradation in restructured loans. Credit derivative exposure stood at Rs 5405 crore end June 2009. In the UK, rerCI Bank carried a net mark-tomarket write-back ofUS$ 48.5 million (posttax) in reserves in QI ofFY 2010.
The June 2009 quarter witnessed sharp reduction in losses of ICICI Life to Rs 36 crore compared with a loss of Rs 322 crore in the corresponding previous quarter. This was due to increase in new business premium. rClcr Bank expects the life business to break even by 20 I I.
Going forward, ICICI Bank's strategy is to revolve around 4 Cs: capital conservation, credit monitoring, CASA improvement and cost control. The bank is targeting a balancesheet growth of 5% for FY 20 I O. It will follow caution in unsecured lending as this has contributed to deterioration in its asset quality. The prime focus will be on home loans and corporate lending. ICICI
Bank is planning to grow its home loan and corporate lending portfolio by 20%. Despite a target of adding 580 branches, the bank is confident of keeping its cost under control for the full year FY 20 I O. It is not planning to infuse capital into any of its subsidiary, except around Rs 300 crore in ICICI Life in FY 20 I O. The bank is also aiming to take the CASA ratio up to 33% in FY 2010 compared with 30% end June 2009.
Balrampur Chini Mills
Sitting pretty
Projects 40% higher sugar production in FY 201 0 over the previous year
Balrampur ChiniMills conducted a cOl!lerence calion 29 July 2009 to discuss its jinancial perfOrmance and ./itture outlook jOr the third quarter ended June 2009. Managing Director f/ivek Saraogi addressed the calL Highlights o/the concal!·
With a noteworthy performance of the sugar division, whose revenue was up 104% to Rs 480.94 crore, contributing 86% of total revenue, in the June 2009 quarter over the June 2008 quarter, the overall revenue ofBalrampur Chini Mills was up 70% to Rs 538.07 crore. The revenue of the sugar division was higher due to increasing in sugar realisation (sugar prices rose 59% to Rs 23.06 per kg in the quarter) as well as higher sugar sales volume: 2.03 lakh tonnes as against IAI lakh tonnes in Q3 June 2008 of the fiscal ended September 2008 (FY 2008). The performance of the distillery and cogeneration business was, however, sluggish over the year due to lower cane crushing and, thus, lower production. The operating profit margin was at 24.2% as against 26.4% in Q3 ofFY 2008, resulting in 55% higher operating profit at Rs 130 crore. Profit after tax was 293% higher at Rs 66.29 crore.
Sugar recovery is expected to be 90-100 basis points more than 10% in the sugar season (October-September) (SS) 2009-1 0 from 9.14% in SS 2008-09. Further, yield from cane is also expected to be higher. As a combined impact of both these factors, Balrampur Chini Mills expects sugar production to be about 5.5 lakh tonnes (excluding that from processing imported raw sugar) in SS 200910 as against 4A21akh tonnes in SS 2008-09.
Balrampur Chini Mills has contracted to import 85,000 tonnes of raw sugar and will process it in the next crushing season to start mid November 2009. The expected cost
Total consolidated income was flat at Rs 14615.06 crore. Consolidated profit after tax increased 68% to Rs 1035.26 crore (US$ 216 million), driven primarily by the higher profit after tax offCICI Bank and a sharp reduction in losses of ICICI Prudential Life Insurance Company (ICICI Life). Consolidated loan book stood at Rs 2.4 trillion compared with Rs 2.3 trillion a year ago.
Gross non-performing assets (NPA) rose II % from Rs 8511.36 crore in the June 2008 quarter and declined 2% from Rs 9649.31 crore in the March 2009 quarter to Rs 9416.32 crore in the quarter ended June 2009. Net NPA increased 14% from Rs 4033.57 crore over the year and a marginal 1% to Rs 4607.84 crore in the June 2009 quarter from Rs 4553.94 crore in the June 2008 quarter. The percentage of gross NPAs increased from 3.72% over the year and 4.32% over the quarter to 4.63%. On the other hand, percentage of net NPAs moved up 1.8% over the year and 2.09% over the quarter to 2.33% in the quarter ended June 2009. Increase in the NPA ratio was due to reduction in customer assets.
Reflecting the moderation in systemic credit offtake and its conscious strategy of risk containment, the standalone loan book of rerCI Bank decreased 12% to Rs 198102 crore (US$ 41.4 billion) end June 2009. The dip in the loan book was largely due to reduction in unsecured loan portfolio including personal loans, credit card, and two-wheeler loans. The retail loan book stood at Rs 96000 crore.
Total deposits declined 10% from Rs 234461 crore to Rs 210236 crore (US$ 43.9 billion) end June 2009 over end June 2008, with wholesale deposits coming down substantially. Total assets dipped 7% to Rs 367418.92 crore. There was improvement in the current-account-savings-account (CASA) ratio to 30.4% end June 2009 from 28.7% end March 2009 and 27.6% end June 2008 on increase in the savings-account deposits. Capital adequacy as per the Reserve Bank of India's Basel II norms was 17.4% end June 2009 as against 15.5% end March 2009. Tier-I capital adequacy was 13.1%. Book value of the share stood at Rs 451 per share end June 2009 compared with Rs 426 per share end June 2008.
The provision for contingencies increased 67% to Rs 1323.65 crore. About Rs 200-crore provisions were on account of restructuring of assets, which were predominantly in the power sector. ICICI Bank wrote off of Rs 1100 crore on non-performing loans. Of this, Rs 450 crore was sold to the Asset Reconstruction Company (Arcil). Cumulative loans sold to Arcil stood at Rs 3570 crore end June 2009. The bank started the fiscal with an opening balance of Rs 5900 crore of restructured loans, of which Rs 3200 crore of loans were upgraded in the quarter. On net addition ofRs 1450 crore in the quarter, net total restructured assets were Rs 4150 crore end of June 2009. Net restructured loans were Rs 4146 crore end June 2009. There were no new pending applications on restructuring. The next two-three quarters will see some upgradation in restructured loans. Credit derivative exposure stood at Rs 5405 crore end June 2009. In the UK, rerCI Bank carried a net mark-tomarket write-back ofUS$ 48.5 million (posttax) in reserves in QI ofFY 2010.
The June 2009 quarter witnessed sharp reduction in losses of ICICI Life to Rs 36 crore compared with a loss of Rs 322 crore in the corresponding previous quarter. This was due to increase in new business premium. rClcr Bank expects the life business to break even by 20 I I.
Going forward, ICICI Bank's strategy is to revolve around 4 Cs: capital conservation, credit monitoring, CASA improvement and cost control. The bank is targeting a balancesheet growth of 5% for FY 20 I O. It will follow caution in unsecured lending as this has contributed to deterioration in its asset quality. The prime focus will be on home loans and corporate lending. ICICI
Bank is planning to grow its home loan and corporate lending portfolio by 20%. Despite a target of adding 580 branches, the bank is confident of keeping its cost under control for the full year FY 20 I O. It is not planning to infuse capital into any of its subsidiary, except around Rs 300 crore in ICICI Life in FY 20 I O. The bank is also aiming to take the CASA ratio up to 33% in FY 2010 compared with 30% end June 2009.
Balrampur Chini Mills
Sitting pretty
Projects 40% higher sugar production in FY 201 0 over the previous year
Balrampur ChiniMills conducted a cOl!lerence calion 29 July 2009 to discuss its jinancial perfOrmance and ./itture outlook jOr the third quarter ended June 2009. Managing Director f/ivek Saraogi addressed the calL Highlights o/the concal!·
With a noteworthy performance of the sugar division, whose revenue was up 104% to Rs 480.94 crore, contributing 86% of total revenue, in the June 2009 quarter over the June 2008 quarter, the overall revenue ofBalrampur Chini Mills was up 70% to Rs 538.07 crore. The revenue of the sugar division was higher due to increasing in sugar realisation (sugar prices rose 59% to Rs 23.06 per kg in the quarter) as well as higher sugar sales volume: 2.03 lakh tonnes as against IAI lakh tonnes in Q3 June 2008 of the fiscal ended September 2008 (FY 2008). The performance of the distillery and cogeneration business was, however, sluggish over the year due to lower cane crushing and, thus, lower production. The operating profit margin was at 24.2% as against 26.4% in Q3 ofFY 2008, resulting in 55% higher operating profit at Rs 130 crore. Profit after tax was 293% higher at Rs 66.29 crore.
Sugar recovery is expected to be 90-100 basis points more than 10% in the sugar season (October-September) (SS) 2009-1 0 from 9.14% in SS 2008-09. Further, yield from cane is also expected to be higher. As a combined impact of both these factors, Balrampur Chini Mills expects sugar production to be about 5.5 lakh tonnes (excluding that from processing imported raw sugar) in SS 200910 as against 4A21akh tonnes in SS 2008-09.
Balrampur Chini Mills has contracted to import 85,000 tonnes of raw sugar and will process it in the next crushing season to start mid November 2009. The expected cost
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