ConclusionRiskFinancialCompanyIndustry

Source: Reserve Bank of Indias Report on Trend and Progress of Banking in IndiaFY15 Data

ConclusionRiskFinancialCompanyIndustry

413495

597

819 857

977

1174

1342 1313 1349

14791415*

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Source: Reserve Bank of IndiaFY16 Data Till May, 29

ConclusionRiskFinancialCompanyIndustry

57.6

67.1

76.4

103.4 102.17 102.88

17.9 18.2 20.2

28.7 30.65 31.38

6.4 5.8 5.9 7.68 7.78 7.6

FY09 FY10 FY11 FY12 FY13 FY14

Public Banks Private Banks Foreign Banks

Source: Reserve Bank of India,Indian Banking Association

ConclusionRiskFinancialCompanyIndustry

4.43%

3.48% 3.54%3.81%

HDFC ICICI SBI AXIS

Axi

s Ti

tle

Source: Company Reports

ConclusionRiskFinancialCompanyIndustry

4.46%

1.83%

4.02%

Public Sector Private Sector Foreign Banks

Source: Indian Banking Association

1.53

2.01

2.56

0.46 0.420.660.61

1.01 1.09

2012 2013 2014

Public Sector Private Sector Foreign Banks

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

53.9

66.9

76.4 74.8

84.189.7

103.8

FY09 FY10 FY11 FY12 FY13 FY14 FY15

Source: Reserve Bank of India

ConclusionRiskFinancialCompanyIndustry

896 971

1403

1729

2044

2415 2435

2011 2012 2013 2014 2015F 2016F 2017F

Source: Reserve Bank of IndiaBusiness Monitor International (BMI)

ConclusionRiskFinancialCompanyIndustry

Market Profile

Bloomberg Ticker ICICIBC IN

Closing Price 283.5

52 week Price Range 267.15 393.40

Market Capitalization 1645.78 billion

EPS (ttm) 21.60

Beta 0.34

P/E (TTM) 13.12

29.02%

62.58%

8.39%

70.97%

ConclusionRiskFinancialCompanyIndustry

Retail Banking29.5%

Wholesale Banking29.9%

Treasury39.2%

Others1.4%

Domestic Operations

91.6%

Foreign Operations

8.4%

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry

IN MILLIONS INR FY 2014 FY 2015 FY 2016E FY 2017E FY 2018E

SALES 269034 312157 35175 414291 518869

ROAA 1.7 1.8 1.8 2 2.1

PAT 98105 111754 127699 161754 185471

P/E 17.9 15.8 13.8 10.9 11.2

0%

5%

10%

15%

20%

25%

30%

2013 2014 2015 2016E 2017E 2018E

0

100,000

200,000

300,000

400,000

500,000

600,000% Growth Revenue

3%

3%

3%

3%

3%

3%

3%

4%

4%

2013 2014 2015 2016E 2017E 2018E

0

50

100

150

200

250

300

350

400NIM(%)

40.49%

38.25%

36.83%

35.14%34.64%

33.89%

2013 2014 2015 2016 2017 2018

ConclusionRiskFinancialCompanyIndustry

RBI Policy Changes

Volatility in Forex Rates

Overdependence on

domestic market

Asset Liability Mismatch

Bad Credit Quality of Loans

Compliance Failures

Industry wise default

Pro

bab

ility

Impact

low

mo

der

ate

hig

h

insignificant moderate severe

Credit Market

Regulatory Operational

ConclusionRiskFinancialCompanyIndustry

ConclusionRiskFinancialCompanyIndustry