Target: ₹1,094

CMP: ₹939.95

ICICI Bank has reported a net interest income growth of 26 per cent in its Q2-FY23 standalone results at ₹14,780 crore as against₹11,690 crore in Q2-FY22, driven by advances growth of 23 per cent. Net interest margin was 4.31 per cent in Q2-FY23 (4 per cent). Non-Interest Income, excluding treasury income, increased 17 per cent y-o-y to ₹5,139 crore in Q2-FY23.

Total advances increased 23 per cent y-o-y to ₹9,38,560 crore as on September 30, 2022 (₹7,64,940 crore). The year-on-year growth in domestic advances was 24 per cent in Q2-FY23. The bank has continued to leverage its strong retail franchise, resulting in a 24.6 per cent y-o-y growth in the retail loan portfolio in Q2-FY23.

Total deposits increased 12 per cent y-o-y to ₹10.9 lakh crore as on September 30, 2022. Average current account and saving account deposits increased 16 per cent y-o-y in Q2-FY23. The average CASA ratio was 45 per cent in Q2-FY23 and reported a growth of 12.7 per cent y-o-y.

Profit after tax grew 37.1 per cent y-o-y to ₹7,560 crore (₹5,510 crore).

We remain positive on ICICI Bank, considering a strong balance sheet, strong credit growth, continuous reduction in NPA, adequate capital adequacy, strong growth in advances, high CASA ratio and improving asset quality.

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