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Motilal Oswal Report
ICICI Bank Ltd.'s Q1 FY21 results were in line. The bank prudently used higher treasury/stake sale gains for higher provisions. This led the Covid-19 related provision buffer to 1.3% of loans. Also, provision coverage strengthened further to approximately 79%.
Core operating performance (excluding treasury/stake sale gains) was strong, led by robust net interest income growth and controlled operating expenses. Moratorium book declined to 17.5% of loans while another approximately 2% of loans (outside moratorium) were overdue on their June 2020 equated monthly installment (EMI).
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