ICICI Valuation
ICICI Valuation
ICICI Valuation
Schedule - Deposits
Particulars FY18 FY19 FY20 FY21
I. Demand Deposits
(i) From banks 65,794,398 74,141,205 64,802,599 114,515,967
-- Growth YoY 12.69% -12.60% 76.72%
(ii) From others 847,859,874 893,908,957 985,082,977 1,278,323,752
-- Growth YoY 5.43% 10.20% 29.77%
II. Savings Bank Deposits 2,092,910,102 2,355,305,786 2,540,649,723 3,039,179,239
-- Growth YoY 12.54% 7.87% 19.62%
III. Term Deposits
(i) From banks 115,526,501 165,000,950 202,585,695 96,198,935
-- Growth YoY 42.83% 22.78% -52.51%
(ii) From others 2,735,870,250 3,324,812,463 4,214,723,616 5,071,182,287
-- Growth YoY 21.53% 26.77% 20.32%
Total Deposits 5,857,961,125 6,813,169,361 8,007,844,610 9,599,400,180
Schedule - Advances
Particulars FY18 FY19 FY20 FY21
I. Advances in India 4,578,042,487 5,372,954,677 6,056,792,312 7,130,031,221
-- Growth YoY 17.36% 12.73% 17.72%
(i) Priority Sector 929,701,682 1,696,365,965 1,909,009,874 2,031,797,475
-- Growth YoY 82.46% 12.54% 6.43%
(ii) Public Sector 197,704,530 146,431,801 159,541,485 451,897,529
-- Growth YoY -25.93% 8.95% 183.25%
(iii) Banks 777,335 3,253,967 4,468,311 264,743
-- Growth YoY 318.61% 37.32% -94.08%
(iv) Others 3,449,858,940 3,526,902,944 3,983,772,642 4,646,071,474
-- Growth YoY 2.23% 12.95% 16.62%
II. Advances Outside India 1,090,499,711 1,096,662,136 1,005,668,810 787,982,697
-- Growth YoY 0.57% -8.30% -21.65%
(i) Due from banks 19,294,596 22,387,781 7,567,003 9,923,766
-- Growth YoY 16.03% -66.20% 31.15%
(ii) Due from others -
(a) Bills purchased and discounted 103,993,215 166,989,637 169,229,147 78,351,968
-- Growth YoY 60.58% 1.34% -53.70%
(b) Syndicated loans 626,140,089 558,394,839 572,197,077 347,539,208
-- Growth YoY -10.82% 2.47% -39.26%
(c) Others 341,071,811 348,889,879 256,675,583 352,167,755
-- Growth YoY 2.29% -26.43% 37.20%
Total Advances 5,668,542,198 6,469,616,813 7,062,461,122 7,918,013,918
Schedule - Investments
Particulars FY18 FY19 FY20 FY21
I. Investments in India in -
(i) Government Securities 1,803,209,154 1,876,580,127 2,426,824,439 2,847,433,181
-- Growth YoY 4.07% 29.32% 17.33%
(ii) Other approved securities - - - -
(iii) Shares 127,550,060 133,554,527 140,980,322 181,089,061
-- Growth YoY 4.71% 5.56% 28.45%
(iv) Debentures and Bonds 339,631,755 391,443,021 390,872,056 503,180,423
-- Growth YoY 15.26% -0.15% 28.73%
(v) Assets held to cover linked liabilities of life insurance 975,019,684 1,109,458,136 970,849,767 1,385,491,431
-- Growth YoY 13.79% -12.49% 42.71%
(vi) Others (Mutual Fund units, CD/CP, PTC etc.) 372,350,812 348,419,946 363,865,046 200,044,189
-- Growth YoY -6.43% 4.43% -45.02%
II. Investments outside India in -
(i) Government Securities (including local authorities) 55,945,624 62,208,341 76,815,873 193,166,090
-- Growth YoY 11.19% 23.48% 151.47%
(ii) Others (Equity Shares and Bonds) 48,369,683 60,343,455 64,518,795 55,381,790
-- Growth YoY 24.75% 6.92% -14.16%
Total Investments 3,722,076,772 3,982,007,553 4,434,726,298 5,365,786,165
Schedule - Borrowings
Particulars FY18 FY19 FY20 FY21
I. Borrowings in India
(i) Reserve Bank of India 141,737,000 66,551,500 118,328,500 1,000,000
-- Growth YoY -53.05% 77.80% -99.15%
(ii) Other banks 82,624,079 98,446,218 77,196,158 48,045,578
(iii) Other institutions & agencies 298,463,118 279,488,963 583,971,583 378,775,309
(iv) Borrowings in the form of
(a) Deposits 2,313,944 10,506,425 25,240,937 35,194,448
(b) Commercial Paper 12,901,469 19,095,340 32,372,198 42,187,893
(c) Bonds and debentures 252,991,640 220,533,206 223,537,229 229,521,286
(vi) Capital Instruments
(a)Innovative Perpetual Debt Instruments 94,800,000 101,200,000 101,200,000 101,200,000
(b) Hybrid Debt Capital Instruments 84,035,112 33,800,000 - -
(c) Redeemable non cumulative preference shares 3,500,000
(d) Unsecured redeemable debentures 143,330,107 142,667,140 122,224,946 92,707,554
II. Borrowings outside India 1,177,321,797 1,130,952,416 854,446,270 510,367,325
Total Borrowings 2,294,018,266 2,103,241,208 2,138,517,821 1,438,999,393
Total Assets 11,242,810,402 12,387,938,907 13,772,922,323 15,738,122,446
Total Borrowings/ Total Assets 20.40% 16.98% 15.53% 9.14%
Avg/Growth Rate
4.55%
2.51%
4.94%
1.13
9.78%
56.57%
7.39%
22.06%
11.87%
Comments
NII 279,003,037
Other Incomes 568,067,510
Commission, exchange and brokerage 112,628,543
Profit/(loss) on sale of investments (net)1 72,499,841
Profit/(loss) on revaluation of investments (net) -4,429,497
Profit/(loss) on sale of land, buildings and other assets (net) 29,027
Profit/(loss) on exchange/derivative transactions (net) 15,856,263
Premium and other operating income from insurance business 369,369,032
Miscellaneous income (including lease income)3 2,114,301
Balance in Profit & Loss Account brought forward from previous year 215,045,471
Amount Available for Appropriation 292,167,336
Calculations
Particulars FY18
Other Incomes 568,067,510
Total Assets 11242810402
Other Income/ Total Assets 5.05%
Assumptions
1. The NIM ratio is expected to be in the same range as in the last 3 financial years
2. The operational efficiency of the company is expected to improve. But for conservative estimates, the latest Employ
3. Gross NPAs are expected to follow the same trend and decrease YoY. Therefore, the Provisions/Advances ratio is e
4. The Dividend payout ratio is expected to be around 20% for the next five financial years
- Profit & Loss A/C - Consolidated ( ₹ in Thousands)
FY19 FY20 FY21 Ratio/Growth FY22 FY23
719,816,540 848,357,730 891,626,638 1,102,747,948 1,263,515,791
508,848,307 609,283,070 602,616,872 761102638 866892654
8.38% 9.01% 8.05% 8.48%
181,022,872 209,712,041 232,642,538 276807096 315282100
4.70% 4.98% 4.75% 4.81%
9,271,072 9,074,114 18,817,238 16276854 18539267
1.05% 0.84% 1.37% 1.09%
20,674,289 20,288,505 37,549,990 48561361.5019 62801769.8785
4.76% -1.87% 85.08% 29.32%
391,775,414 446,655,222 426,590,874 569365115 647411428
269,951,782 332,242,790 337,196,585 426361367 485623777
4.26% 4.48% 3.83% 4.19%
24,717,716 21,664,948 12,001,131 25070923 28364052
1.12% 1.02% 0.67% 0.94%
97,105,916 92,747,484 77,393,158 117932825 133423599
0.82% 0.71% 0.52% 0.69%
328,041,126 401,702,508 465,035,764 533,382,833 616,104,363
593,248,453 649,503,301 721,738,138 4.79% 823,784,775 931,990,984
126,056,742 141,948,800 142,070,287
24,897,889 36,883,852 81,257,186
1,079,594 -4,507,654 -1,433,237
-22,012 1,450 -63,424
17,837,857 16,898,500 19,721,169
420,938,652 455,011,126 479,230,586
2,459,731 3,267,227 955,571
ervative estimates, the latest Employees cost/Total Assets ratio and Other Operating Expenses/Total Assets ratio are projected
, the Provisions/Advances ratio is expected to decrease YoY. Conservative estimates are projected as per the Management comm
FY24 FY25 FY26 Comments
1,453,914,601 1,679,019,731 1,944,899,497
991060717 1136387015 1306109370 Interest on Advance/Avg. Advances
63,903,236 72,459,897
6.08% Source: https://www.statista.com/statistics/263617/g
303,621,121 374,512,865
6808945191.27
193,545,486 213,319,509
3878320298.63
statista.com/statistics/263617/gross-domestic-product-gdp-growth-rate-in-india/
Relative valuation
Bank P/E P/B Price to Sales Net Sales Net Earnings Book value of Equity
HDFC Bank 25.61 4.1 6.71 128552.00 31857.00 209809.00
Axis Bank 23.9 2.53 3.97 64696.00 7252.00 103593.00
Kotak 37.84 4.48 11.62 32819.00 9902.00 83345.00
226067.00 49011.00 396747.00
Median multiple
Metric Value Multiple Share Price
Net Earnings 20,363.97 25.61 753.96
BV of Equity 225.82 4.10 925.86
Net Sales 89,162.66 6.71 864.94
Mean multiple
Metric Value Multiple Share Price
Net Earnings 20,363.97 27.83 819.26
BV of Equity 225.82 3.77 851.32
Net Sales 89,162.66 6.64 855.74