ICICI Bank Net profit of Rs14.4bn (up 30% y/y, 16% q/q) beat expectations due to lower loan loss provisions (LLP). NII of Rs23.1bn (up 12%y/y, 5%q/q) was driven by flat sequential NIM at 2.6% and 15% y/y loan growth. Corporate loans supported loans growth while retail book stayed flat.
Core fee income grew at 14%y/y, 2%q/q. Credit cost declined 54% y/y, 28% q/q to 1%. We believe margins (more…)