ICICI Bank Q2 Review - Earnings Beat Continues: Centrum Broking
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Centrum Broking Report
ICICI Bank Ltd.’s earnings were a beat led by a beat net interest margin, loan growth and fee income.
Higher net interest margin was led by declining funding cost and lower interest reversals QoQ.
On credit growth, traction in retail continues with momentum in mortgages sustaining while auto and personal loan/credit card loans saw a healthy uptick QoQ.
Gross non performing asset/net non performing asset were lower and improved QoQ led by healthy recoveries.
Although ICICI Bank's slippages were higher at 2.9% mainly led by retail, net slippages were lower at Rs 960 million due to strong recoveries of Rs 54.8 billion of which 94% was from retail/business banking.
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