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Axis Securities Report
ICICI Bank Ltd. reported yet another strong performance in Q4 FY22 with a 59% YoY earnings growth, driven by 21% YoY growth in pre-provision operating profit and a sharp decline of 63% YoY in provisions.
The company's net interest income growth was robust at 21% YoY, supported by a healthy loan book growth of 17% YoY and marginal net interest margin expansion (4% versus 3.96% in Q3 FY22).
Asset quality improvement continued with gross/net non-performing assets at 3.6/0.8% (down 53/9 basis points QoQ). Asset quality improvement was mainly aided by meaningfully higher upgrades and recoveries of ~Rs 47 billion.
Restructured loans declined to ~Rs 82.7 billion (0.96% of book versus 1.19% QoQ).
The management continues to focus on achieving growth in core operating profit in a risk calibrated manner by focusing on target micro-market segments.
ICICI Bank has been outperforming its peers over the past few quarters.
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