ICICI Bank Q3 Results Review - PPOP Inline; Net Earnings Lower On AIF Related Provisions: Systematix

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Research Report.ICICI Bank Ltd. reported Q3 FY24 earnings of Rs 103 billion (flat QoQ, +24% YoY) which was lower than estimates largely due to Rs 6.3 billion provisions on alternative investment fund investments. However, operating profit was 3% higher than estimates on account of lower than expected net interest margin decline (aided by IT refund), higher other income and tighter opex control. Key highlights for the quarter were:Net advances growth of 4% QoQ, 18% YoY (year-to-date annualised run rate of 18%) was led by 5-7% QOQ growth in retail, business banking, small and medium enterprise and rural while domestic corporate advances growth (+3% QoQ) remained subdued. While deposit growth was muted at 3% QoQ, 19% YoY. and current account and savings account growth was also flat qoq, average CA balances increased 2.4% QoQ on the back of improved traction in payments products. NIMs (4.4%) decline of -10 basis points QoQ was lower versus expectation of 15 bps QoQ decline due to 19 bps QoQ increase in cost of deposits which was partly offset by benefits from IT refund (4 bps) and higher investment yields,other income was aided by treasury gains of Rs 1.2 billion (versus Rs 0.85 billion loss in Q2) due to lowering bond yields. Cost to income declined to 40.6% (-35 bp QoQ).Slippages were higher due to seasonally higher slippages, in the Kisan Credit portfolio. Higher recovery from one large corporate account aided in gross non-performing asset declining QoQ. ICICI Bank delivered an return on asset of 2.3% (nine months: 2.4%) and return on equity of 18.5% (9M: 18.9%)..Click on the attachment to read the full report:.ICICI Bank Q3 Results: Profit Up 24%, Meets Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Bank Q3 Results Review - PPOP Inline; Net Earnings Lower On AIF Related Provisions: Systematix

ICICI Bank delivered an return on asset of 2.3% (nine months: 2.4%) and return on equity of 18.5% (9M: 18.9%).

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