Dolat Capital: ICICI Bank - Moderation In Credit Costs Aids Profitability
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Dolat Capital Report
ICICI Bank Ltd. reported a robust operating performance with net interest income and pre-provision operating growth of 16% and 20% respectively.
Comeback in sequential fee growth, decline in provisions, and lower tax rate (approximately 19%) resulted in return on asset of 1.5% for the quarter.
Slippages were elevated at 2.8% including non-performing assets under standstill, though corporate slippages mainly pertained to 'BB and below' pool.
Nonetheless, gross NPA ratio declined QoQ by 10 basis points (including standstill NPAs) led by higher recoveries and write-offs.
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