Icici Bank Limited · NSE:ICICIBANK
Icici Bank — Q4 2019 Earnings Presentation
72 slides from Icici Bank's earnings presentation, May 6, 2019
Slide 1: Exchange filing cover letter
ank ' I May 6, 2019 SSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor Dalal Street Plot No. C/1, G Block Mumbai 400 001 Bandra-Kurla Complex Sandra (East) Mumbai 400 051 Dear Sir, Sub: Earnings caU for resul
Slide 2: Q4-2019: Performance review
Q4-2019: Performance review May 6, 2019
Slide 3: Forward-looking statements disclaimer
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigat
Slide 4: Key highlights for Q4-2019
Key highlights for Q4-2019 Continued strong operating performance Robust deposit growth • 25.8% y-o-y growth in • 16.4% y-o-y growth in core operating profit in P&L Q4-2019 total deposits at Mar 31, 2019 Healthy growth in loan • 13.1% y-o-y growth in portfolio average CASA deposits Loans in Q4-2019
Slide 5: Continued strong operating performance
Continued strong operating performance 4
Slide 6: Profit & loss statement
Profit & loss statement FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Q4-o-Q4 (` billion) growth Net interest income 230.26 60.22 68.75 76.20 270.15 26.5% Non-interest income 116.18 29.93 34.04 34.65 131.46 15.8% - Fee income 103.41 27.55 30.62 31.78 119.89 15.4% - Dividend income from 12.14 2.23 3.24 2.69
Slide 7: Profit & loss statement
Profit & loss statement (` billion) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Q4-o-Q4 growth Core operating profit 189.40 48.29 56.67 60.77 220.72 25.8% Treasury income1 58.02 26.85 4.79 1.56 13.66 (94.2)% Operating profit 247.42 75.14 61.46 62.33 234.38 (17.0)% Provisions 173.07 66.26 42.44 54.51 196.6
Slide 8: Key ratios
Key ratios Percent FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Net interest margin1 3.23 3.24 3.40 3.72 3.42 Standalone return on equity2 6.6 3.9 6.0 3.6 3.2 Consolidated return on equity2 7.1 4.1 6.7 4.1 3.8 Return on average assets2 0.87 0.50 0.73 0.43 0.39 Provisions to core operating profit 91.4 137.2
Slide 9: Balance sheet growth
Balance sheet growth 8
Slide 10: Robust deposit growth
Robust deposit growth (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Y-o-Y % share at growth Mar 31, 2019 CASA 2,899.25 2,993.74 3,239.40 11.7% 49.6% - Current 889.58 885.81 962.69 8.2% 14.7% - Savings 2,009.67 2,107.93 2,276.71 13.3% 34.9% Term 2,710.50 3,073.81 3,289.80 21.4% 50.4% Total depos
Slide 11: Initiatives to further strengthen the franchise
Initiatives to further strengthen the franchise Advantage Woman Aura Savings Account • Exclusively for working women offering slew of benefits across categories like banking, lifestyle, convenience, investment & tax planning, child education and protection The One Savings Account • A premium savings
Slide 12: Healthy growth across loan portfolio
Healthy growth across loan portfolio (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Y-o-Y % share at growth Mar 31, 2019 Advances 5,123.95 5,643.08 5,866.47 14.5% 100.0% - Domestic book 4,479.65 4,971.44 5,236.14 16.9% 89.3% - Retail 2,898.94 3,332.08 3,528.31 21.7% 60.2% - SME 254.45 277.88 306
Slide 13: Growth across retail products
Growth across retail products (` billion) Mar 31, Dec 31, Mar 31, Y-o-Y % share at 2018 2018 2019 growth Mar 31, 2019 Home loans 1,500.57 1,711.19 1,782.36 18.8% 50.5% Vehicle loans2 468.39 531.45 556.66 18.8% 15.8% Business banking 135.26 170.74 188.45 39.3% 5.3% Rural loans 432.54 462.61 499.60 15
Slide 14: Growth in digital channels
Growth in digital channels (million) Debit cards Credit cards Average 19% 33% monthly transaction volume Transactions Digital channels1 accounted for over 86% of the savings account transactions in FY2019 UPI Over 34 million UPI Virtual Payment Addresses created using various platforms till March 31
Slide 15: Digital lending initiatives
Digital lending initiatives ‘Instant Home Loan’ and ‘Insta Top Up Loan’ • An extension to our bouquet of instant products • Instant Home Loan • Instant Home Loan of up to ₹ 10.0 million and a maximum tenure of 30 years for pre-approved salaried customers • Insta Top Up Loan • Instant Top Up Loan of
Slide 16: Improving asset quality trends
Improving asset quality trends 15
Slide 17: Sharp reduction in net NPAs during FY2019
Sharp reduction in net NPAs during FY2019 (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Gross NPAs1 540.63 515.91 462.92 Less: cumulative provisions1 261.77 353.39 327.15 Net NPAs1 278.86 162.52 135.77 Gross NPA ratio1 8.84% 7.75% 6.70% Net NPA ratio1 4.77% 2.58% 2.06% Provision coverage ratio2
Slide 18: Significant decline in Corporate and SME NPA additions
Significant decline in Corporate and SME NPA additions NPA movement1 (` billion) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Opening gross NPA 425.52 460.39 544.89 515.91 540.63 Add: gross additions 287.30 157.37 20.91 35.47 110.39 - Retail 29.29 7.05 10.71 8.23 35.96 - Corporate and SME 258.01 150.32 10.
Slide 19: Movement of NPA
Movement of NPA1 (` billion) Q4-2019 Gross additions 35.47 - Retail 8.23 - Corporate and SME 27.24 - BB and below portfolio 18.77 of which: Devolvement of non-fund based o/s to existing NPAs 0.35 Other BB and below 18.42 - Others 8.47 • Others primarily includes include an account in the sugar secto
Slide 20: Declining Corporate and SME BB and below portfolio
Declining Corporate and SME BB and below portfolio (` billion) 188.12 { 18.77) 8.65 2.88 175.25 {5.63) - 1,2,3 At December 31, Slippage to NPA Upgrades to Downgrades from Upgrades from At March 31, 2019 1,2,3 2018 investment grade & investment grade NPA net reduction in o/s 1. Fund-based and non-fun
Slide 21: Exposure to power sector
Exposure to power sector Exposure to power sector (` billion) Dec 31, Mar 31, Share at Mar 2018 2019 31, 2019 (%) Borrowers classified as NPA or part of BB and 148.66 114.05 31% below portfolio1 Other borrowers 312.67 259.86 69% Total 461.33 373.91 100% • Of the other borrowers aggregating ` 259.86
Slide 22: NBFCs, HFCs and builder portfolio
NBFCs, HFCs and builder portfolio Outstanding (` billion) Dec 31, Mar 31, 2018 2019 NBFCs1 256.19 293.68 HFCs1 93.01 138.58 Builder portfolio (construction finance, lease rental discounting, 193.55 196.33 term loans and working capital loans) 1. Includes loans, investment and non-fund based outstand
Slide 23: Improving rating profile of overall loan book
Improving rating profile of overall loan book Rating category1,2 Mar 31, 2016 March 31, 2017 March 31, 2018 March 31, 2019 AA- and above 30.6% 37.2% 42.4% 45.1% A+, A, A- 21.3% 19.0% 20.1% 22.0% A- and above 51.9% 56.2% 62.5% 67.1% BBB+,BBB, BBB- 27.8% 28.7% 27.5% 28.2% BB and below3 19.6% 14.6% 9.4
Slide 24: Sustained reduction in concentration risk
Sustained reduction in concentration risk Details March 31, March 31, March 31, March 31, 2016 2017 2018 2019 Exposure to top 20 borrowers1 as a 13.3% 12.4% 12.5% 10.8% % of total exposure Exposure to top 10 groups as a % 18.5% 16.8% 14.3% 13.6% of total exposure • All top 20 borrowers rated A- and
Slide 25: Capital
Capital 24
Slide 26: Strong capital position
Strong capital position December 31, 2018 March 31, 20192 (` billion) % (` billion) % Total capital 1,156.89 17.15% 1,161.55 16.89% - Tier I 1,021.38 15.14% 1,037.81 15.09% - of which: CET11 921.43 13.66% 937.54 13.64% - Tier II1 135.50 2.01% 123.74 1.80% Risk weighted assets 6,746.99 6,875.36 - On
Slide 27: Subsidiaries
Subsidiaries 26
Slide 28: Profit after tax of subsidiaries
Profit after tax of subsidiaries Profit after tax (` billion) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 ICICI Prudential Life Insurance 16.20 3.41 2.97 2.61 11.41 ICICI Lombard General Insurance 8.62 2.12 2.39 2.28 10.49 ICICI Prudential Asset Management1 6.14 1.47 1.96 2.17 6.83 ICICI Securities (Conso
Slide 29: Insurance subsidiaries
Insurance subsidiaries ICICI Prudential Life Insurance • Protection annualised premium equivalent (APE) grew by 61.9% y-o-y to 7.22 billion in FY2019 • Protection mix based on APE increased from 5.7% in FY2018 to 9.3% in FY2019 • Value of New Business (VNB) was ` 13.28 billion in FY2019 compared to
Slide 30: Thank you
ICICI Bank Thank you
Slide 31: Additional financial information
Additional financial information 30
Slide 32: Yield, cost and margin
Yield, cost and margin Movement in yield, costs & FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 margins (Percent)1 Yield on total interest-earning 7.71 7.67 8.06 8.45 8.03 assets - Yield on advances 8.63 8.68 9.00 9.29 8.96 Cost of funds 5.00 4.93 5.14 5.20 5.10 - Cost of deposits 4.87 4.79 4.88 5.00 4.87 N
Slide 33: Unconsolidated segment-wise PBT
Unconsolidated segment-wise PBT Profit before tax FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 (` billion) Retail 71.41 19.70 19.53 21.03 82.23 Wholesale (82.81) (36.21) (20.92) (27.90) (102.42) Treasury 81.14 24.77 19.94 9.87 51.65 Others 4.61 0.62 0.47 4.82 6.31 Total 74.35 8.88 19.02 7.82 37.77 32
Slide 34: Consolidated profit & loss statement
Consolidated profit & loss statement (` billion) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Y-o-Y growth Net interest income 279.00 73.23 83.70 91.51 328.04 25.0% Non-interest income 568.07 176.07 149.17 172.81 593.25 (1.9)% - Fee income 128.15 34.21 36.39 36.96 143.63 8.0% - Premium income 369.37 112.49
Slide 35: Consolidated profit & loss statement
Consolidated profit & loss statement (` billion) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Y-o-Y growth Operating profit 289.51 86.22 72.60 74.20 278.70 (13.9)% Provisions 179.73 70.05 43.81 57.40 204.62 (18.1)% Profit before tax 109.78 16.17 28.79 16.80 74.08 3.9% Tax 18.79 1.46 6.44 1.53 17.19 4.8% Mi
Slide 36: Key ratios (consolidated)
Key ratios (consolidated) Percent FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Return on average networth1,2 7.1 4.1 6.7 4.1 3.8 Weighted average EPS2 12.0 7.2 11.6 12.0 6.6 Book value (`) 172 172 175 177 177 1. Based on quarterly average networth 2. Annualised for all interim periods 35
Slide 37: Balance sheet: liabilities
Balance sheet: liabilities (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Net worth 1,051.60 1,071.67 1,083.68 - Equity capital 12.86 12.88 12.89 - Reserves 1,038.74 1,058.79 1,070.79 Deposits 5,609.75 6,067.55 6,529.20 - Savings 2,009.67 2,107.93 2,276.71 - Current 889.58 885.81 962.69 - Term 2
Slide 38: Composition of borrowings
Composition of borrowings (` billion) Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 20181 2018 2018 2018 2019 Domestic 1,014.64 827.61 936.27 860.85 905.42 - Capital instruments 318.34 304.91 304.51 282.40 270.25 - Other borrowings 696.30 522.70 631.76 578.45 635.17 - Long term infrastructure bonds 194.94
Slide 39: Balance sheet: assets
Balance sheet: assets (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Cash & bank balances 841.69 664.59 802.96 Investments 2,029.94 1,977.30 2,077.33 - SLR investments 1,384.27 1,432.06 1,479.10 - Equity investment in subsidiaries 98.32 98.03 98.03 Advances 5,123.95 5,643.08 5,866.47 Fixed & oth
Slide 40: Equity investment in subsidiaries
Equity investment in subsidiaries (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 ICICI Prudential Life Insurance 33.26 32.97 32.97 ICICI Bank Canada 18.74 18.74 18.74 ICICI Bank UK 18.05 18.05 18.05 ICICI Lombard General Insurance 13.49 13.49 13.49 ICICI Home Finance 11.12 11.12 11.12 ICICI Secu
Slide 41: Consolidated balance sheet
Consolidated balance sheet (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Cash & bank balances 889.99 728.21 873.91 Investments 3,722.08 3,780.49 3,982.01 Advances 5,668.54 6,250.25 6,469.62 Fixed & other assets 962.20 1,016.03 1,062.40 Total assets 11,242.81 11,774.98 12,387.94 Net worth 1,106.
Slide 42: Retail NPAs
Retail NPAs Retail NPAs (` billion) Mar 31, 2018 Dec 31, 2018 Mar 31, 2019 Gross retail NPAs 47.12 59.01 60.22 - as a % of gross retail advances 1.61% 1.75% 1.69% Net retail NPAs 18.85 25.28 25.33 - as a % of net retail advances 0.65% 0.76% 0.72% 41
Slide 43: Proceedings under IBC
Proceedings under IBC • At March 31, 2019, the Bank had outstanding loans and non-fund facilities amounting to ₹ 37.53 billion List I and ₹ 1.10 billion respectively • The provision coverage ratio was 91.7% at March 31, 2019 • At March 31, 2019, the Bank had outstanding loans and non-fund facilities
Slide 44: Corporate and SME: BB and below
Corporate and SME: BB and below (` billion) December March 31, 31, 2018 2019 BB and below outstanding1,2,3 188.12 175.25 - Gross restructured loans 3.91 3.49 - Non-fund o/s to restructured loans 1.78 2.15 - Non-fund o/s to non-performing loans 34.08 42.204 - Other borrowers with o/s greater than ` 1
Slide 45: Portfolio composition over the years
Portfolio composition over the years % of total advances Mar 31, Mar 31, Mar 31, Mar 31, 2016 2017 2018 2019 Retail 46.6% 51.8% 56.6% 60.2% Domestic corporate 27.5% 27.3% 25.8% 23.9% SME 4.3% 4.8% 5.0% 5.2% International1 21.6% 16.1% 12.6% 10.7% Total advances (` billion) 4,353 4,642 5,124 5,866 • I
Slide 46: Sector-wise exposures
Sector-wise exposures Top 10 sectors1: % of total Mar 31, Mar 31, Mar 31, Sep 30, Dec 31, Mar 31, exposure of the Bank 2016 2017 2018 2018 2018 2019 Retail finance 27.1% 31.9% 34.2% 35.6% 36.4% 37.3% Banks 8.0% 6.0% 8.4% 8.0% 7.6% 7.9% Services – finance 4.9% 6.2% 7.0% 6.8% 6.8% 7.3% Electronics & e
Slide 47: Consolidated capital adequacy
Consolidated capital adequacy Basel III (%) December 31, March 31, 2019 2018 Total capital 16.47% 16.47% - Tier I1 14.67% 14.73% - Tier II1 1.80% 1.74% 1. In Q4-2019, ` 12.69 billion transferred from CET-1 capital to the investment fluctuation reserve which is reckoned under Tier II capital 46
Slide 48: Extensive franchise
Extensive franchise Branches At Mar 31, At Mar 31, At Dec 31, At Mar 31, % share at 2017 2018 2018 2019 Mar 31, 2019 Metro 1,440 1,443 1,440 1,438 30% Urban 990 991 992 991 20% Semi urban 1,444 1,449 1,449 1,453 30% Rural 976 984 986 992 20% Total branches 4,850 4,867 4,867 4,874 100% Total ATMs 13,
Slide 49: Insurance subsidiaries
Insurance subsidiaries ICICI Life (` billion) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Annualized premium equivalent 77.92 22.13 19.62 24.57 77.99 - Of which: protection 4.46 2.16 1.95 2.61 7.22 Profit after tax 16.20 3.41 2.97 2.61 11.41 Total premium 270.69 87.29 75.66 101.64 309.3 Assets under manag
Slide 50: ICICI Bank UK
ICICI Bank UK (USD million) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Net interest income 66.9 17.0 17.2 19.9 70.5 Loans and advances 2,373.8 2,373.8 2,390.0 2,442.5 2,442.5 Deposits 1,748.8 1,748.8 1,894.2 2,140.8 2,140.8 - Retail term deposits 297.5 297.5 608.8 677.1 677.1 Capital adequacy ratio 16.5%
Slide 51: ICICI Bank UK asset and liability profile
ICICI Bank UK1 Asset profile Liability profile Total assets: USD 3.8 bn Total liabilities: USD 3.8 bn 1. At March 31, 2019 2. Includes cash & advances to banks, T Bills and reverse repo 3. Includes securities re-classified to loans & advances 50
Slide 52: ICICI Bank Canada
ICICI Bank Canada (CAD million) FY2018 Q4-2018 Q3-2019 Q4-2019 FY2019 Net interest income 79.2 21.8 24.0 22.9 91.4 Loans and advances 5,733.2 5,733.2 6,015.6 5,771.6 5,771.6 - Residential mortgages 3,387.0 3,387.0 3,487.4 3,546.6 3,546.6 Deposits 2,818.4 2,818.4 3,191.4 3,195.0 3,195.0 Capital adequ
Slide 53: ICICI Bank Canada asset and liability profile
ICICI Bank Canada1 Asset profile Liability profile Total assets: CAD 6.6 bn Total liabilities: CAD 6.6 bn 1. At March 31, 2019 2. Includes cash & placements with banks and government securities 3. Insured mortgages include CAD 2,795.0 million of securitised mortgages 4. As per IFRS, proceeds of CAD
Slide 54: ICICI Home Finance
ICICI Home Finance1 (` billion) March 31, 2018 March 31, 2019 Loans and advances 96.99 133.33 Gross impaired loans (stage 3)2 7.31 7.44 Net impaired loans (stage 3) 4.63 4.46 Capital adequacy ratio3 23.84% 17.98% 1. As per Ind AS 2. Includes commercial real estate loans of ` 4.84 billion at March 31
Slide 55: Analyst call on May 6, 2019: opening remarks
Analyst call on May 6, 2019: opening remarks Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities law
Slide 56: Mr. Bakhshi's opening remarks
Mr. Bakhshi’s opening remarks Good evening to all of you and welcome to the ICICI Bank Earnings Call to discuss the Q4-2019 results. Joining us today on this call are our Executive Directors – Vishakha, Anup and Vijay; Executive Director Designate – Sandeep Batra; CFO – Rakesh and our Head of Invest
Slide 57: Dividend recommendation and asset quality remarks
The Board has recommended a dividend of 1 Rupee per share. The declaration and payment of dividend is subject to requisite approvals. While we continue to build resilient businesses to drive growth in core operating profits in a risk calibrated manner, we have maintained our focus on addressing the
Slide 58: Supervision process and outlook
The annual supervision process of the Bank by RBI for FY2018 was concluded during Q4 of 2019. No disclosure on divergence in asset classification and provisioning for NPAs is required to be made in terms of the RBI guidelines. Looking ahead, we will continue to maintain our focus on building scalabl
Slide 59: Customer penetration and asset quality outlook
penetration of our products and services among existing customers. We are striving to make our delivery to the customer more seamless and frictionless by decongesting our processes. We see collaboration and agility in building solutions for customers, bringing to them all our products and services i
Slide 60: Credit cost guidance and RoE target
and move towards a more normalized level. We expect the credit costs as a percentage of average advances in FY2020 to be in the range of 1.2% to 1.3%. Due to uncertainty in the timing of resolutions of NPAs, there could be variance in credit costs across quarters. We continue to be committed to achi
Slide 61: Mr. Jha's remarks: P&L details
Mr. Jha’s remarks Thank you, Sandeep. I will talk about the P&L details, our performance on growth, credit quality, performance of subsidiaries and capital during Q4 of 2019. A. P&L Details The net interest margin was at 3.72% in Q4 of 2019 compared to 3.40% in Q3 of 2019 and 3.24% in Q4 of 2018. Th
Slide 62: Non-interest income and costs
environment and regulatory developments. The timing and quantum of recoveries and interest on income tax refund is uncertain. Total non-interest income was 36.21 billion Rupees in Q4 of 2019 compared to 56.78 billion Rupees in Q4 of 2018. Fee income grew by 15.4% year-on-year to 31.78 billion Rupe
Slide 63: Employee expenses and provisions
provisions on retirals. This reflected the higher decrease in yields on government securities in Q4 of 2019 compared to Q4 of 2018. The Bank had 86,763 employees at March 31, 2019. The non- employee expenses increased by 16.9% year-on-year due to increase in expenses related to sales promotion, adve
Slide 64: Growth: loan portfolio
B. Growth The domestic loan growth was 16.9% year-on-year as of March 31, 2019 driven by a 21.7% year-on-year growth in the retail business. Within the retail portfolio, the mortgage loan portfolio grew by 19%, auto loans by 8%, business banking by 39% and rural lending by 16% year-on-year. Commerci
Slide 65: International loans and deposits
terms at March 31, 2019. The international loan portfolio was 10.7% of the overall loan book as of March 31, 2019. As a result of the above, the overall loan portfolio grew by 14.5% year-on-year at March 31, 2019. The proportion of the loan portfolio rated A- and above increased from 66.3% at Decemb
Slide 66: Credit quality
both from a customer service point of view, and leveraging technology to offer new products. C. Credit Quality The gross non-performing assets decreased from 515.91 billion Rupees at December 31, 2018 to 462.92 billion Rupees at March 31, 2019. During Q4 of 2019, the gross NPA additions were 35.47 b
Slide 67: NPA recoveries and BB and below portfolio
comprise one account in the sugar industry which was mentioned earlier. The recoveries and upgrades were 15.22 billion Rupees in Q4 of 2019. The Bank did not sell any NPAs during Q4 of 2019. The gross NPAs written-off during the quarter aggregated to 73.24 billion Rupees. The provision coverage rati
Slide 68: BB and below movement and power sector
greater than 1.00 billion Rupees and 49.41 billion Rupees related to cases with an outstanding of less than 1.00 billion Rupees. On slide 19 of the presentation, we have provided the movement in our BB and below portfolio during Q4 of 2019. There were rating upgrades to the investment grade catego
Slide 69: Airline and IL&FS exposures
During the quarter, concerns emerged around one of the major airline companies in India. The loans and non-fund based outstanding of this airline were already a part of the corporate and SME BB and below portfolio at December 31, 2018. The loans to this borrower have been appropriately classified an
Slide 70: Builder portfolio and subsidiaries
to NBFCs and HFCs during Q4 of 2019. The builder portfolio including construction finance, lease rental discounting, term loans and working capital loans was about 196.33 billion Rupees at March 31, 2019 compared to about 193.55 billion Rupees at December 31, 2018. D. Subsidiaries The details of the
Slide 71: Subsidiary performance
The profit after tax of ICICI General increased by 7.5% year-on- year to 2.28 billion Rupees in Q4 of 2019. The combined ratio improved to 98.0% in Q4 of 2019 from 99.5% in Q4 of 2018. The profit after tax of ICICI AMC increased by 47.6% year-on-year to 2.17 billion Rupees in Q4 of 2019. The profit
Slide 72: Consolidated profit and capital
The consolidated profit after tax was 11.70 billion Rupees in Q4 of 2019 compared to 18.74 billion Rupees in Q3 of 2019 and 11.42 billion Rupees in Q4 of 2018. E. Capital On a standalone basis, the Bank had a CET-1 ratio of 13.64%, Tier 1 capital adequacy ratio of 15.09% and total capital adequacy r