ICICI Bank Q1 Review - Sporadic Lockdowns Stall Non-Performing Asset Recoveries Temporarily: Systematix
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Systematix Research Report
ICICI Bank Ltd.’s core operating income performance improved in Q1 FY22 with margin expansion and traction in core fee income.
On the liabilities front, its average current account and savings account composition improved to 44% from 42.5% in Q4 FY21 with deposit growth at 15.5% y-o-y; cost of deposit reduced by 15 basis points on a q-o-q basis to 3.65%, aiding margins.
Credit growth was at 0.7% q-o-q and 17% y-o-y; domestic credit expanded by 19.4%, mainly driven by retail and micro, small and medium enterprise verticals.
With an elevated net delinquency rate at 232 bps, ICICI Bank’s credit yield fell by 20 bps to 8.26%.
Interest income on tax refunds and interest reversals impacted margin by 2 bps.
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