ICICI Bank Q3 Results Review - A Few Niggles Do Not Change Thesis: Yes Securities
ICICI Bank's GNPA additions amounted to Rs 57.23 bn for the quarter, translating to an annualised slippage ratio of 2.3% in Q3.
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Yes Securities Report
ICICI Bank Ltd.'s gross non-performing asset additions amounted to Rs 57.23 billion for the quarter, translating to an annualised slippage ratio of 2.3% in Q3 FY23.
ICICI Bank's net interest margin at 4.65% was up 34 basis points QoQ, due to higher loan to deposit ratio and yield on advances moving up faster than cost of deposits.
Advances grew 3.8%/19.7% QoQ/YoY driven sequentially by healthy growth in corporate, retail, business banking and small and medium enterprise loans.
Total opex grew 0.7%/16.1% QoQ/YoY, employee expense grew 1.1%/17.6% QoQ/YoY and other expenses rose 0.4%/15.4% QoQ/YoY.
Fee income de-grew/grew -0.7%/3.7% QoQ/YoY. Fees from retail, rural, business banking and SME customers constituted about 78% of total fees.
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