BFSI Q1 Preview - Riding On Waves Of Disruption As Well As Recovery: ICICI Securities
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ICICI Securities Report
Q1 FY22 was distinct in a way as financiers not only experienced the impact of sudden disruption (in April-May due to Covid-19 outbreak) but also gradual recovery (in June).
Besides assessing the actual immediate impact of disruption on growth and asset quality, management’s narrative on recovery, outlook and strategy will be equally relevant.
Sequential business momentum has been undoubtedly disrupted (as anticipated) but intensity is relatively lower than first wave.
Retail disbursements are down 25-30% QoQ but up two to three times YoY. Loan growth QoQ is modest at down 2/up 2% but on lower base of Q1 FY21, YoY growth is either steady or has improved.
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