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Axis Securities Report
ICICI Bank Ltd. maintained its business momentum with a strong domestic loan growth of 20% y-o-y led by 20% retail loan growth.
This coupled with improved net interest margin of 3.89% led to net income interest growth of 18%/5% y-o-y/q-o-q.
Core pre-provision operating profit was up 22.7%/0.5% y-o-y/q-o-q to Rs 86 billion.
Gross fresh slippages (mainly from Jewellery/Kisan Credit Card portfolio) were higher than expected at Rs 72.3 billion (~4.6% of loans), leading to a gross non performing asset ratio of 5.15%.
ICICI Bank continues to maintain high provision coverage ratio at 78%, with Covid-19 provisions at Rs 64.3 billion (0.8% of loans) after dipping into Rs 10.5 billion during this quarter.
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