BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
ICICI Bank Ltd. delivered net profit growth of 59% YoY, led by lower provisioning and strong revenue growth of ~20% YoY. Retail segment momentum remained strong with a growth of ~20% YoY.
Net interest income growth was aided by 17% YoY growth in loans and net interest margin expansion of 16 basis points YoY. ICICI Bank remains optimistic about credit growth going forward.
We see relatively lower share of unsecured products as one of the key levers for NIM expansion going forward.
Asset quality improved further with gross non-performing asset ratio declining to 3.6% on the back of higher recoveries and upgrades.
The entire provisioning in Q4 FY22 went towards shoring up contingent buffers. Total net non-performing asset provisions now stand at 2.1% of net loans.
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