BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
ICICI Bank Ltd.'s (one of our top picks) reported improvement in net interest margins by 34 basis points QoQ to 4.65% led by re-pricing of loans. Credit growth declined to 20% YoY versus 23% YoY (Q2 FY23) as corporate growth declined to 15% YoY versus 22% YoY (Q2 FY23).
Asset quality improved with gross non-performing asset at 3.07% versus 3.2% QoQ led by better recoveries. Also, restructured assets stood at 0.5% versus 0.7% QoQ.
ICICI Bank reported strong profitability growth at 34% YoY led by strong net interest income growth.
During Q3 FY23, NII grew by 35% YoY against a loan growth of 20% YoY; margins improved sequentially. Pre provision operating profit grew by 31% YoY led by lower other income (up 1% YoY). Lower credit costs led by better recoveries resulted in best return ratios in last few years; return on asset at 2.2%.
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