ICICI bank: ICICI Bank Q3 takeaways: Beats all around to cheer Street, conservative NPA policy

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MUMBAI – ’s earnings for the quarter ended December is probably going to impress traders because the lender surpassed Street’s expectations on most metrics, stated analysts.

Earlier right now, the lender reported a 19 per cent progress in internet revenue and 16 per cent rise in internet curiosity earnings with each the metrics beating Street’s expectations.

The lender’s efficiency was complemented by the sturdy progress in loans in addition to deposits within the quarter. Deposits within the quarter grew 22 per cent on-year with common present account deposits rising 27 per cent on-year.

Here are the foremost takeaways from the non-public sector financial institution’s earnings:

Better-than-expected working present

ICICI Bank reported a 15 per cent year-on-year progress in its core working revenue for the December quarter, comfortably beating analysts’ estimate of excessive single-digit progress in pre-provision working revenue. The efficiency was helped by a decent leash on prices by the financial institution as bills grew merely 3.7 per cent within the quarter.

Conservative NPA recognition policy

ICICI Bank adopted a extra conservative policy on recognition of non-performing loans in its mortgage ebook, which ought to additional present consolation to analysts on the asset high quality entrance. The change in policy resulted in increased provision on advances amounting to Rs. 2,096 crore through the December quarter for aligning provisions on the excellent loans to the revised policy, the financial institution stated.

Net NPA ratio sees uptick

While ICICI Bank’s internet non-performing belongings ratio contracted sequentially to 0.63 per cent on a reported foundation, however not accounting for the Supreme Court’s standstill on unhealthy loans recognition the identical stood at 1.26 per cent, up 14 foundation factors from the earlier quarter.

Fee earnings sees agency sequential restoration

The COVID-19 pandemic has taken its toll on the payment income-based companies of banks, nevertheless, ICICI Bank reported a 15 per cent sequential progress within the section reflecting the rise in buyer spending, borrowing and funding exercise.

Strong mortgage progress bodes effectively

The non-public sector lender reported a 13 per cent on-year rise in home loans for the quarter with retail loans rising 15 per cent. Retail loans comprised 65.6 per cent of the whole mortgage portfolio at December 31, the financial institution stated. Growth within the home company portfolio was around 10 per cent year-on-year pushed by disbursements to increased rated corporates to meet their working capital and capital expenditure necessities.

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