ICICI Bank posted a robust set of numbers in the quarter ended December 2019 with two-fold jump in profit in line with Street estimates. It reported a healthy 158.4 percent year-on-year (YoY) growth in Q3FY20 profit at Rs 4,146.46 crore from Rs 1,604.91 crore in the same period last year.

The Bank’s NII during the quarter grew by 24.3 percent YoY to Rs 8,545.32 crore with loan growth at 13 percent YoY (to Rs 6.35 lakh crore) and 37 bps improvement in net interest margin.

Total deposits increased by 18 percent to Rs 7.16 lakh crore, wherein CASA deposits grew 15 percent and term deposits grew 24 percent YoY.

While the gross stress pool for the bank went up, it was in line with industry trends. Asset quality improved sequentially with gross non-performing assets (NPAs) as a percentage of gross advances falling 42 bps to 5.95 percent and net NPA declining 11 bps to 1.49 percent in the quarter ended December 2019.

While its retail portfolio has been growing well, growth in business banking and SME is accelerating strongly and will further propel overall loan growth. The private lender’s return on equity (ROE) at 14.7 per cent for the quarter was in fact the best in 52 quarters, and with a strong operating performance and healthy signs of earnings normalization, a possible re-rating of the stock may be on card going ahead.

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