ICICI Bank - Stellar Q4 Numbers; Provision Buffer To Help Tide Over FY22: Centrum Broking
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Centrum Broking Report
ICICI Bank Ltd.’s FY21 earnings beat estimates on all parameters.
Positive surprise on pre-provision operating profit driven by net interest income, fee income and lower provisions resulted in a profit after tax beat.
Loan growth was strong at 14% year-on-year as retail grew robustly at 20% YoY due to market share gains driven by seamless credit delivery led by digitisation.
Asset quality for FY21 was better due to lower slippages (80% from retail).
Stress formation in FY22 versus FY21 could be lesser as the bank has strengthened its underwriting and collection mechanism over the last one year.
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