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Axis Securities Report
ICICI Bank Ltd. reported yet another strong performance, driven by growth in non-interest income and lower provisions resulting in an all-around beat.
Net interest income growth was robust at 21/5% YoY/QoQ, supported by a healthy loan book growth of 21/4% YoY/QoQ and stable net interest margins of 4% (versus 4%/3.9% YoY/QoQ).
Asset quality improved with gross/net non-performing assets at 3.4/0.7% (down19/6 bps QoQ).
Though slippages increased QoQ and stood at Rs 58.3 billion with higher slippages in the Kissan Credit Card portfolio (seasonal phenomena), higher recoveries and upgrades of Rs 54.4 billion supported asset quality improvement.
The restructured book declined to Rs 73.8 billion (0.8% versus 1% QoQ) against which the bank holds a provision cover of 31% (Rs 22.9 billion).
ICICI Bank reiterated its focus on micro-market segments to build a granular and scalable loan book, in a risk-calibrated manner by leveraging its digital products offerings.
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