ICICI Bank Q4 Review - Steady Quarter; Cost Control Emerging As Additional Earnings Lever: Motilal Oswal

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..Motilal Oswal Report.ICICI Bank Ltd. reported a healthy performance in Q4 FY24, with 17% YoY growth in net earnings (inline) amid contained opex and provisions. The pace of net interest magin contraction decelerated, down 3 bp QoQ at 4.4% (versus - 10 basis points in Q3). Credit growth was healthy at 16% YoY/3% QoQ, led by healthy traction in the retail, small and medium enterprise and BB segments. Deposit growth surprised positively at 20% YoY/6% QoQ.On the asset quality side, slippages declined QoQ as Q3 had KCC slippages. gross non-performing asset/net non-performing asset ratios decreased 14 bp/2 bp QoQ. The bank holds a prudent contingency buffer of Rs 131 billion (1.1% of loans).We increase our earnings per share estimates by 2% for FY26, with little change to our FY25 outlook. We estimate return on asset/return on equity of 2.26%/18.0% in FY26. We expect ICICI Bank to sustain a ~14% compound annual growth rate in profit after tax over FY24-26E. Reiterate Buy with a revised SoTP-based target price of Rs 1,300..Click on the attachment to read the full report:.ICICI Bank Q4 Results Review - Credit Growth Slowdown; NIMs Stable QoQ: IDBI Capital.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 Q4 Review - Steady Quarter; Cost Control Emerging As Additional Earnings Lever: Motilal Oswal

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