ICICI Bank - Strong Q4; Beat On Most Counts: Dolat Capital
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Dolat Capital Report
ICICI Bank Ltd. reported an impressive set of numbers with net interest income and core pre-provision operating profit growing by 17% and 20% respectively.
Pro forma gross non-performing assets improved by 46 basis points QoQ to 4.96%, led by lower than expected slippages at 3.2% and higher upgrades during Q4.
Slippages were contained at 2.5% for FY21 against 2.45% in FY20.
Sequential improvement in net interest margin by over 15 bps to 3.84% despite taking the impact of compound interest waiver was encouraging.
Net interest margin benefitted from a continued decline in cost of funds and further reduction in overseas book.
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