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Systematix Research Report
ICICI Bank Ltd. reported Q4 FY24 profit after tax of Rs 107 billion (+4% QoQ, +17% YoY) which was in-line with estimates. In contrast to our estimates – the credit growth was a tad soft for a Q4 (at 2.7% QoQ) whilst operating expenses declined sharper than expected resulting in core pre-provision operating profit growth of 6% QoQ/13% YoY, ex of one-offs.
ICICI Bank had oneoffs from-
Rs 3.4 billion foreign currency translation loss related to the closure of the bank’s offshore unit in Mumbai,
reversal of AIF provision of Rs 1.16 billion.
Excluding these one-offs, the earnings were 2% above estimates.
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