ICICI Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 522686.58 Crore).
ICICI Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 42834.06 Crore, up 7.45 % from last quarter Total Income of Rs 39865.80 Crore and down -1.68 % from last year same quarter Total Income of Rs 43567.64 Crore . The bank reported net profit after tax of Rs 7718.94 Crore in latest quarter.
ICICI Bank delivered RoA/RoE of 2.0%/16.8% in 4QFY22 – ahead of street estimates led by a strong overall performance on margins, credit costs and growth. NIMs inched up sequentially as share of high yielding credit card/personal loan products inched up (c.10% QoQ growth in both products) even as cost of deposits remained stable. Domestic wholesale loans grew at a relatively soft pace of 9.7% YoY (retail loans +19.7% YoY, SME loans +34% YoY). Overall core revenues grew 18.2% YoY (core fees up 11.4% YoY) which led to an 18.7% YoY growth in core-PPOP. Credit costs remained low at 54bps (with almost negligible core credit costs) even though slippages stood at 2.1% (upgrades and recoveries outpacing slippages). ICICI Bank continues to deliver strong risk-adjusted metrics with steady growth, partly also benefitting from low credit cost environment. Incrementally, repo rate hike by RBI could act as a tailwind for margins which can potentially absorb normalization of credit costs and thus protect the bank’s RoA profile which is now best-in-class. The brokerage sees ICICI Bank delivering strong compounding returns with valuations set to re-rate higher. ICICI Bank continues to be top pick in the sector. It maintains BUY with SoTP-based target price of INR 1,010 (values the core business at 2.75 FY24E P/BV).
Promoters held 0 per cent stake in the company as of 31-Mar-2022, while FIIs owned 43.95 per cent, DIIs 44.57 per cent.
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