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ICICI Bank Q2 Review - Strong Performance: Axis Securities

ICICI Bank Q2 Review - Strong Performance: Axis Securities

<div class="paragraphs"><p>An ICICI Bank branch in Navi Mumbai. (Source: BloombergQuint) </p></div>
An ICICI Bank branch in Navi Mumbai. (Source: BloombergQuint)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Axis Securities Report

ICICI Bank Ltd.'s Q2 FY22 earnings performance was strong, led by robust loan growth, improved net interest margin, and moderating credit costs, outperforming peers on most fronts.

Loan book grew 17.2% YoY with 19% YoY in retail book. Current accounts and savings account stood at ~44%.

Net interest margin stood at 4%, up 43 basis points/11 basis points YoY/QoQ. Core pre-provision operating profit was up 23.3%/10.6 YoY/QoQ to Rs 95.2 billion.

ICICI Bank's asset quality improved with gross non performing asset/net non performing asset at 4.8%/1% while the restructuring pool was at 1.3% of loans.

Provision coverage ratio further improved to ~80%. profit after tax was up 29.6%/19.4% YoY/QoQ to Rs 55.1 billion.

Click on the attachment to read the full report:

Axis Securities ICICI_Bank-Q2FY22 Result Update.pdf

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