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HDFC Securities Institutional Equities
ICICI Bank Ltd. delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in up 59% YoY growth in net profit.
The bank continued to gain traction on both sides of the balance sheet, with average current account and savings account clocking 45% and YoY loan growth at 17%.
Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB and below portfolio at 1.3%) declined 40 basis points sequentially.
With its ecosystem approach of servicing corporate clients beginning to mature and continued investments in targeting new-to-franchise retail customers, ICICI Bank is now faced with a pleasant trade-off between pressing the growth accelerator to further build on its market share gains and maximising profitability, although incremental return on asset reflation is likely to be marginal.
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