ICICI Bank Q1 Review - Results Broadly Inline With Estimates: Systematix

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Research Report.ICICI Bank Ltd. reported Q1 FY25 profit after tax of Rs 110 billion (+3% QoQ, +15% YoY) which was broadly in-line with estimates (excluding one-off AIF provision reversal of Rs 3.89 billion). While net interest income was in-line, higher other income gains was offset by tad higher credit costs..Other key highlights were:Net Advances increased by 3.3% QoQ, 15.7% YoY and Growth was led by business banking (9% QoQ, 36% YoY) and SME (4% QoQ, 23% YoY). Unsecured credit (personal growth + credit cards, 14% of total loans) growth slowed down to 2.3% QoQ, 27% YoY.Deposit mobilization (1% qoq, 15% YoY) was weak and was led by term deposit growth of 3% QoQ, 20% YoY. CASA ratio declining to 40.9% (-125 bps QoQ). Reported NIM (4.36%) declined by -4 bps QoQ mainly due to -8bps QoQ decline in yield on advances due to interest reversal on KCC slippages and pricing competition in corporate loans.The bank has an LCR of 122.7% (consolidated) as of June-24 and expects an impact of 10-15% due to implementation of new LCR guidelines,Other income increased by 24% QoQ, 29% YoY led by higher treasury gains (versus loss in previous quarter) and higher dividends from subsidiaries.Opex to assets increased to 2.2% versus 2.1% in Q4 FY24 led by seasonally higher employee costs due to wage hikes.Gross / net slippage ratios increased to 2.01% / 0.89% versus 1.79% / 0.43% in Q4 FY24 and 2.1% / 0.71% in Q1 FY24 due to seasonal slippages in KCC portfolio. The bank delivered RoA of 2.27% and RoE of 17.3% (ex AIF provision reversal of Rs 3.89 billion)..Click on the attachment to read the full report:.ICICI Bank Q1 Results Review - Another Robust Quarter: Dolat Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Bank Q1 Review - Results Broadly Inline With Estimates: Systematix

The brokerage broadly keeps its estimates unchanged adjusting for the higher other income in the current quarter along with expectations of a sharper normalisation of credit costs over FY25/26E.

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ICICI Bank Q1 Review - Results Broadly Inline With Estimates: Systematix

The brokerage broadly keeps its estimates unchanged adjusting for the higher other income in the current quarter along with expectations of a sharper normalisation of credit costs over FY25/26E.

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