ICICI Bank - Strong Business Performance Continues In Q4: Axis Securities
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Axis Securities Report
In Q4 FY21, ICICI Bank Ltd. maintained its business momentum with strong domestic loan growth of 18% YoY led by 20% retail loan growth.
This coupled with improved net interest margin of 3.84% led to net interest income growth of 17%/5% YoY/QoQ.
The liability franchise was stable with a deposit growth of 21% YoY.
Slippages have come down QoQ to Rs 55.2 billion (0.8% of loans).
However, higher than expected provisioning and muted non-interest income (on treasury loss) led to a lower earning growth of 11% QoQ to Rs 44 billion (though up 260.5% YoY).
Credit costs were maintained at 1.57% QoQ.
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