ICICI Bank Q4 Review - Asset Quality Improves; 1% Covid-19 Provisions Buffer Remains: IDBI Capital
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IDBI Capital Report
ICICI Bank Ltd. transited through Covid-19 impacted FY21 with robust numbers:
Improved asset quality,
Restructured book at 0.5%,
Core operating profit growth at 17% year-on-year and
Strong credit growth at 14% YoY.
During Q4 FY21, asset quality improved with gross non performing asset at 4.96% versus 5.36% quarter-on-quarter (5.44% YoY) as slippage ratio declined sequentially.
Restructuring under Reserve Bank of India resolution framework stood at 0.5% of advances; 51% retail book and 49% corporate plus small medium enterprise book.
Management said impact of second wave could be determined in next one to two months; however well prepared with more than 1% of Covid-19 provisions.
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