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.
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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