Rating Rationale
December 21, 2018 | Mumbai
ICICI Bank Limited
'CRISIL AA+/Stable' assigned to Tier I Bonds (Under Basel III)
 
Rating Action
Rs.4500 Crore Tier I Bonds (Under Basel III) CRISIL AA+/Stable (Assigned)
Upper Tier-II Bonds (Under Basel II) Aggregating Rs.8495 Crore CRISIL AAA/Stable (Reaffirmed)
Tier-I Perpetual Bonds (Under Basel II) Aggregating Rs.518 Crore  CRISIL AAA/Stable (Reaffirmed)
Bonds/Debentures Aggregating Rs.629 Crore* CRISIL AAA/Stable (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
*Pertains to the erstwhile ICICI Ltd.'s debt instruments rated by CRISIL; these instruments were transferred to ICICI Bank following the merger of ICICI Ltd with ICICI Bank
Detailed Rationale

CRISIL has assigned its 'CRISIL AA+/Stable' rating to the Rs 4,500 crore Tier I bonds (under Basel III) of ICICI Bank Limited (ICICI Bank) and reaffirmed the ratings on other debt instruments at 'CRISIL AAA/Stable'
 
The ratings continue to reflect the bank's healthy capitalisation, strong market position and comfortable resource profile. These strengths are tempered somewhat by average asset quality, mainly in the corporate loan portfolio. However, healthy capital position, coupled with demonstrated ability to raise capital and steady pre-provisioning profits cushion the bank's credit risk profile against asset quality risks.
 
CRISIL's rating on the Tier I bonds (under Basel III) of ICICI Bank is as per the criteria 'CRISIL's rating criteria for BASEL III-compliant instruments of banks'. CRISIL evaluates the bank's (i) reserves position (adjusted for any medium-term stress in profitability) and (ii) cushion over regulatory minimum CET1 (including CCB) capital ratios. Also evaluated is the demonstrated track record and management philosophy regarding maintaining sufficient CET1 capital cushion above the minimum regulatory requirements. The bank's eligible reserves to total assets remains comfortable at around 6.1% as of March 31, 2018, with adequate CET1 capital buffer of 7% as on March 31, 2018 (CET1 ratio of 14.4% compared to the regulatory minimum of 7.48%).
 
The distinguishing features of non-equity Tier I capital instruments (under Basel III) are the existence of coupon discretion at all times, high capital thresholds for likely coupon non-payment, and principal write-down (on breach of a pre-specified trigger). These features increase the risk attributes of non-equity Tier I instruments over those of Tier II instruments under Basel III, and capital instruments under Basel II. To factor in these risks, CRISIL notches down the rating on these instruments from the bank's corporate credit rating. The rating on ICICI's Tier I bonds (under Basel III) has, therefore, been lowered by one notch from its corporate credit rating to 'CRISIL AA+/Stable, in line with CRISIL's criteria (refer to 'CRISIL's rating criteria for Basel III compliant instruments of banks').
 
The factors that could trigger a default event for non-equity Tier I capital instruments (under Basel III) resulting in non-payment of coupon are: i) the bank exercising coupon discretion; ii) inadequacy of eligible reserves to honour coupon payment if the bank reports losses or low profits; or iii) the bank breaching the minimum regulatory Common Equity Tier I (CET I; including Capital Conservation Buffer) ratio. Moreover, given the additional risk attributes, the rating transition for non-equity Tier I capital instruments (under Basel III) can potentially be higher and faster than that for Tier II instruments.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of ICICI Bank and its subsidiaries. This is because of majority shareholding, business and financial linkages and shared brand.

Please refer Annexure - Details of Consolidation, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths
* Healthy capitalisation
ICICI Bank had a sizeable networth of Rs 105,372 crore, and a strong Tier I capital adequacy ratio (CAR) of 15.38% and overall CAR of  17.84% under Basel III as on September 30, 2018, making it among the well-capitalised banks in India. The bank's networth coverage for net non-performing asset (NPA) has improved to 4.8 times as on September 30, 2018, compared with 3.8 times as on March 31, 2018, and remains better than the industry average. The bank also has adequate flexibility to raise additional capital through the sale of stakes in subsidiaries (the bank has raised around Rs 15,500 crore in the last few years). Given the bank's healthy cash accrual and demonstrated ability to raise capital, it is likely to maintain healthy capitalisation to support overall credit risk profile of the bank and also adequately cover for asset-side risks, while pursuing credit growth over the medium term.
 
* Strong market position in the financial services sector
ICICI Bank is among the largest private sector banks in India with an asset base of Rs 8.7 lakh crore as on September 30, 2018. It is also one of the three banks that has been classified as 'Domestic Systemically Important Banks (D-SIBs)' by the Reserve Bank of India (RBI), highlighting its significance to the overall financial system. The bank has experienced leadership and management team that has been instrumental in establishing strong market position for the bank and its subsidiaries. Size, scale and positioning are key strengths for the ICICI group in its various business segments. As a leading full-service universal banking group with a pan India footprint, the ICICI group has a strong presence in life and general insurance, asset management, private equity and retail broking. The bank's wide geographical spread is reflected in its network of 4,867 branches as on September 30, 2018. With the appointment of the new MD & CEO in October 2018, CRISIL expects continuation in the bank's strategy of building upon its strong market position in the Indian wholesale and retail lending markets, while maintaining strong liability franchise. CRISIL will continue to monitor the developments in areas of balance sheet growth, asset quality performance and management strength and suitably factor them in its ratings on an ongoing basis. 
 
* Healthy resource profile
Resource profile remains healthy, supported by high proportion of low-cost current account and savings account (CASA) deposits. CASA deposits as a proportion of total deposits remain healthy and had expanded to 50.8% as on September 30, 2019, while average CASA ratio was ~47.1% for the said period. Further, total retail deposits form significant part of the deposits of the bank that provides stability to the bank's resource profile. CRISIL believes that ICICI Bank's wide branch network and strong focus on digital banking will help it maintain higher-than-industry-average CASA levels and the bank will be able to maintain competitive funding cost over the medium term.
 
Weakness
* Average asset quality mainly due to stress in the corporate sector loans
The bank's overall asset quality is average mainly due to the stress in its corporate loan portfolio.   Gross NPAs (as a percentage of customer assets) have remained at elevated levels at 8.54% as on September 30, 2018 (8.84% as on March 31 2018 and 7.89% as on March 31, 2017), which is higher than the average for private sector banks. The deterioration in asset quality has been primarily due to delinquencies in the corporate loan book in vulnerable sectors such as infrastructure and iron & steel. However, with significant stress recognition in its corporate portfolio over the past couple of years, fresh accretion to NPAs have started moderating as witnessed in the past couple of quarters. With expected resolution of a few large corporate NPAs referred under the Insolvency and Bankruptcy code (IBC) and lower slippages to NPAs, the pressure on the bank's overall asset quality is expected to reduce over the medium term.
 
Nevertheless, the bank has been increasing the proportion of retail assets, wherein the asset quality performance has been and is expected to remain stable over the medium term. Moreover, the bank's steady pre-provision profits on the back of comfortable net interest margins and healthy fee-based income continues to support its earnings profile despite increase in provisioning costs. Provision coverage ratio has increased to 59% as on September 30, 2018, from 48% as on March 31, 2018. Going forward, improved recoveries from stressed assets, adequate provisioning cover and steady pick-up in credit offtake are expected to support improvement in earnings profile over the medium term. The bank has taken measures to address asset quality challenges and maintain its overall credit profile. It has demonstrated resilience in the past while tiding over asset quality pressures faced in the aftermath of the global financial crisis by putting in place an institutionalised risk assessment framework involving enhanced control and monitoring mechanisms.
Outlook: Stable

CRISIL believes ICICI Bank will maintain its strong market position, healthy capitalisation, and comfortable resource profile. The bank will remain focused on growth in the secured asset classes over the medium term, and will sustain its earnings level above the industry average. The outlook may be revised to 'Negative' if the bank witnesses higher-than-expected deterioration in asset quality and earnings, or faces any other unexpected developments that may materially affect its ability to raise capital when required.
 
Liquidity position
The bank's liquidity position is comfortable, supported by a strong retail deposit base that forms significant part of the total deposits. Liquidity coverage ratio was at 111.5% as on September 30, 2018, against the regulatory requirement of 90%. The bank's liquidity also benefits from access to systemic sources of funds such as the liquidity adjustment facility from the RBI, access to the call money market, and refinance limits from sources such as National Housing Bank and National Bank for Agriculture and Rural Development.

About the Bank

Promoted by the erstwhile ICICI Ltd, ICICI Bank was incorporated in 1994. In 2002, ICICI Ltd was merged with ICICI Bank. In August 2010, ICICI Bank acquired Bank of Rajasthan (BoR), enhancing its presence in northern and western India. The bank has a consolidated asset base of Rs 11.37 lakh crore as on September 30, 2018.
 
Standalone profit after tax (PAT) was Rs 6,777.4 crore for fiscal 2018 against Rs 9,801 crore in the previous fiscal. At the consolidated level (with subsidiaries and other associate entities), reported PAT was Rs 7,712 crore in fiscal 2018 against Rs 10,188 crore for the corresponding period of the previous year.
 
For the six months ended September 30, 2018, ICICI Bank reported a standalone PAT of Rs 789.33 crore, against a PAT of Rs 4107.19 crore in the same period previous fiscal. At a consolidated level (with subsidiaries and other associate entities), ICICI Bank reported PAT of Rs 1,209.55 crore for the six months ended September 30, 2018, as against a PAT of Rs 4,676.11 crore in the same period previous fiscal.

Key Financial Indicators
As on/For six months ended September 30 Unit 2018 2017
Total assets Rs cr 11,36,942 10,20,868
Total income (net of interest expenses) Rs cr 42,410 39,833
Profit after tax Rs cr 1,210 4,676
Gross NPA* %  8.54% 7.87%
Overall capital adequacy ratio* %  17.84% 17.56%
Return on assets (annualised)* %  0.19% 1.08%
*on a standalone basis for the bank ; as a % of customer assets

Any other information: Not applicable

Annexure: Key features of ICICI Bank's Rs 4,500 crore Tier I bond issue (under Basel III)

  • The bonds are non-convertible, perpetual, unsecured, and Basel III-compliant.
  • Coupon payments shall be annual and non-cumulative.
  • The bank has full discretion at all times to cancel coupon payments.
  • The coupons must be paid out of distributable items. In this context, coupon may be paid out of current year profits. However, if current year profits are not sufficient, coupon may be paid subject to availability of sufficient eligible reserves (subject to the bank meeting minimum regulatory requirements for CET I, Tier I, and total capital ratios at all times as prescribed by the RBI) and/or credit balance in profit and loss account, if any.
  • Dividend stopper clause as defined in the guidelines is applicable.
  • Loss-absorption features as per the RBI's Basel III norms are applicable.
    • Instrument will be temporarily written down upon CET I breaching the pre-specified trigger of 5.5% before March 31, 2019, and 6.125% on or after March 31, 2019
    • The instrument may be permanently written off at the option of RBI on occurrence of point of non-viability (PONV) trigger. The PONV trigger shall be determined by the RBI.
Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Instrument Date of Issue Coupon Rate (%) Date of Maturity Issue Size Outstanding Rating with outlook
INE090A08PT6 Upper Tier II bonds (Under Basel II) 29-Jan-10 8.81  29-Jan-25 1600 CRISIL AAA/Stable
INE090A08PQ2 Upper Tier II bonds (Under Basel II) 12-Jan-10 8.9 12-Jan-25 150 CRISIL AAA/Stable
INE090A08PQ2 Upper Tier II bonds (Under Basel II) 12-Jan-10 8.9 12-Jan-25 630 CRISIL AAA/Stable
INE090A08PH1 Upper Tier II bonds (Under Basel II) 31-Aug-09 8.92 31-Aug-24 1000 CRISIL AAA/Stable
INE090A08PB4 Upper Tier II bonds (Under Basel II) 26-Mar-09 9.95 26-Mar-24 1271 CRISIL AAA/Stable
INE090A08OV5 Upper Tier II bonds (Under Basel II) 11-Nov-08 12 11-Nov-23 1100 CRISIL AAA/Stable
INE090A08OV5 Upper Tier II bonds (Under Basel II) 11-Nov-08 12 11-Nov-23 400 CRISIL AAA/Stable
INE090A08OT9 Upper Tier II bonds (Under Basel II) 22-Sep-08 11.25 22-Sep-23 1000 CRISIL AAA/Stable
INE090A08OH4 Upper Tier II bonds (Under Basel II) 20-Jun-08 10 20-Jun-23 750 CRISIL AAA/Stable
INE090A08NH6 Upper Tier II bonds (Under Basel II) 10-Jan-08 9.7 10-Jan-23 500 CRISIL AAA/Stable
INE090A08LJ6 Upper Tier II bonds (Under Basel II) 15-Jan-07 9.4 15-Jan-22 94 CRISIL AAA/Stable
INE090A08LK4 Perpetual Tier 1 bonds(Under Basel II) 15-Jan-07 9.98 15-Jan-2106 18 CRISIL AAA/Stable
INE090A08NG8 Perpetual Tier 1 bonds(Under Basel II) 10-Jan-08 10.15 10-Jan-2107 199 CRISIL AAA/Stable
INE090A08NG8 Perpetual Tier 1 bonds(Under Basel II) 10-Jan-08 10.15 10-Jan-2107 301 CRISIL AAA/Stable
INE005A11473 Bonds* 3-Mar-99  Zero coupon 3-Mar-17 104.5 CRISIL AAA/Stable
INE005A11507 Bonds* 28-Apr-99 Zero coupon 28-Apr-17 108.9 CRISIL AAA/Stable
INE005A11523 Bonds* 16-Jun-99 Zero coupon 16-Nov-17 105.4 CRISIL AAA/Stable
INE090A08SQ6 Bonds 22-Jan-98 Zero coupon 21-Aug-20 16.9 CRISIL AAA/Stable
INE005A11309 Bonds 5-Oct-98 Zero coupon 5-Dec-22 137.9 CRISIL AAA/Stable
INE005A11531 Bonds 16-Jun-99 Zero coupon 16-Apr-23 18.3 CRISIL AAA/Stable
INE005A11341 Bonds 1-Dec-98 Zero coupon 1-May-23 57.1 CRISIL AAA/Stable
INE005A11382 Bonds 11-Jan-99 Zero coupon 11-Jun-23 40.2 CRISIL AAA/Stable
INE090A08SP8 Bonds 22-Jan-98 Zero coupon 21-Jul-26 40.4 CRISIL AAA/Stable
NA Tier 1 bonds (under Basel III)# NA NA NA 4,500 CRISIL AA+/Stable
*CRISIL is awaiting independent confirmation of redemption before withdrawing ratings on these facility
#Yet to be issued
 
Annexure - Details of consolidation
Entity consolidated Extent of consolidation Rationale for consolidation
ICICI Prudential Asset Management Full Subsidiary
ICICI Securities Full Subsidiary
ICICI Securities Primary Dealership Full Subsidiary
ICICI Home Finance Full Subsidiary
ICICI Venture Full Subsidiary
ICICI Bank UK Full Subsidiary
ICICI Bank Canada Full Subsidiary
ICICI Prudential Life Insurance Full Subsidiary
ICICI Lombard General Insurance Full Subsidiary
Annexure - Rating History for last 3 Years
  Current 2018 (History) 2017  2016  2015  Start of 2015
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond  LT  629.60
21-12-18  		CRISIL AAA/Stable  13-04-18  CRISIL AAA/Stable  21-04-17  CRISIL AAA/Stable  13-12-16  CRISIL AAA  13-01-15  CRISIL AAA/Stable  CRISIL AAA/Stable 
Perpetual Tier-I Bonds (under Basel II)  LT  518.00
21-12-18  		CRISIL AAA/Stable  13-04-18  CRISIL AAA/Stable  21-04-17  CRISIL AAA/Stable  13-12-16  CRISIL AAA/Stable  13-01-15  CRISIL AAA/Stable  CRISIL AAA/Stable 
Tier I Bonds (Under Basel III)  LT  0.00
21-12-18  		CRISIL AA+/Stable    --    --    --    --  -- 
Upper Tier-II Bonds (under Basel II)  LT  8495.00
21-12-18  		CRISIL AAA/Stable  13-04-18  CRISIL AAA/Stable  21-04-17  CRISIL AAA/Stable  13-12-16  CRISIL AAA/Stable  13-01-15  CRISIL AAA/Stable  CRISIL AAA/Stable 
All amounts are in Rs.Cr.
Links to related criteria
Rating Criteria for Banks and Financial Institutions
CRISILs Criteria for Consolidation
Rating Criteria for Hybrid Capital instruments issued by banks under Basel II guidelines

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