ICICI Bank Posts Strong Q3; Well Positioned For Growth: Dolat Capital
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Dolat Capital Report
ICICI Bank Ltd. reported a robust operating performance with net interest income and pre-provision operating profit growth of 16% and 17% respectively.
Profit after tax grew by 19% YoY with a return on asset of 1.7% (annualised) for the quarter.
Pro forma gross non-performing assets were contained at 5.42% as of December 2020 against 5.36% in the last quarter, with pro-forma provision coverage ratio at 77%, higher than peers.
Higher PCR was also driven by the bank’s revised provisioning policy wherein it has raised provisioning requirement for early bucket NPAs.
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