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.
Dolat Capital Report
ICICI Bank Ltd. reported a good set of numbers with sequential expansion in net interest margin to 4%, healthy loan growth at 5.5% QoQ, and lower than expected credit costs aiding strong return on assets of 2.1% for the quarter.
Credit costs benefitted from negative net slippages led by a large corporate recovery even as the bank provided additional Rs 10 billion as contingency provisions.
However, growth in core fee income was weaker than expected at 14% YoY/2% QoQ, partly offset by lower than expect opex.
ICICI Bank's asset quality metrics continue to improve. Gross non-performing asset declined by 53 basis points QoQ to 3.6%, aided by negative net slippages at 2% and strong recoveries.
Restructured book declined by 20 bps QoQ to 1%, with 30% provision coverage ratio against the book.
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