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ICICI Bank Q3 Review - Investment Thesis Stays Intact, Reiterate As Key Top Pick: Yes Securities

ICICI Bank Q3 Review - Investment Thesis Stays Intact, Reiterate As Key Top Pick: Yes Securities

<div class="paragraphs"><p>ICICI Bank branch exterior (Source: BloombergQuint)  </p></div>
ICICI Bank branch exterior (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.

Yes Securities Report

Unlike HDFC Bank Ltd., ICICI Bank Ltd. did not have anything negative to report from a perspective of fees from credit cards and payments business.

Total fee income grew 19.2% YoY in Q3 FY22. Fee income growth was broad-based and healthy across segments such as retail assets, credit card spends and payments and wholesale banking. Fee income from retail, business banking and small and medium enterprise grew 16.3% YoY and constituted 76% of overall fees in Q3 FY22.

Credit card spends were up 27% QoQ. There were three key factors behind the ramp up of credit card spends. Firstly, the bank is directing its spends to important aspects such as card activation and rewards. Secondly, the Amazon Pay co-branded credit card has been good for the bank due to its low risk, high spends, good cross sell and stickiness. Lastly, the commercial cards portfolio is being built up.

Click on the attachment to read the full report:

Yes Securities ICICI Bank Q3FY22 Result Update.pdf

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