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Systematix Research Report
ICICI Bank Ltd.'s Q2 FY22 core performance was led by margin expansion (11 basis points sequentially) and strong traction in fee income.
Margin expansion was driven by contained funding cost (a reduction of 11 bps on a sequential basis) and a stable asset yield.
Average current accounts and savings account composition remained stable at 44% and term deposit cost fell by ~12 bps on a QoQ basis.
On the assets front, change in credit composition in favour of retail credit and lower net delinquencies led to a stable asset yield.
Notably, ICICI Bank's equity usage went up as compared to Q1 FY22, which further aided margins.
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