Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>ICICI Bank</h2>
<h3>Strong balance sheet to support positive growth outlook</h3>
<p>ICICI Bank’s reported a 4% beat on NII (up 17% YoY, 5.2% QoQ) on the back of a steady margin performance and strong loan book growth (~14% YoY, 5% QoQ). PAT grew by 261% YoY (down 11% QoQ) on account of lower provisions (YoY). Deposits continued to show strong traction, up 21% YoY and 6.7% QoQ. CASA grew by 24% YoY and 9% QoQ. Domestic NIM came in at 3.94% (up 16bps QoQ) post a 4bps impact on account of…</p>

<p>3QFY21 Result Update</p>
<h2>ICICI Bank</h2>
<h3>Well provided for</h3>
<p>ICICI Bank (IBL) reported PAT growth of 19.1% YoY, led by a lower effective tax rate. On PBT basis, growth was 11.2% YoY, led by 10% YoY growth in advances while NIM contracted by 10bps (YoY) to 3.67%. Credit growth was led by the retail segment, which grew by 15.4% YoY. Mortgages, ~50% of the retail book, grew by 15% YoY on the back of healthy demand for housing loans given the low rates and drop in property prices. Besides higher affordability…</p>

<p>3QFY21 Result Update</p>
<h2>ICICI Prudential Life Insurance Company</h2>
<h3>Non-linked growth strong, ULIPs picking up</h3>
<p>ICICI Prudential Life Insurance Company (IPLI) reported 18.3% YoY decline in APE at Rs16.66bn even as the overall business traction improved significantly on QoQ basis. Linked savings APE was down 38.8% YoY. Post facing 15-18 months of headwinds, incremental growth trends in the ULIP segment are now looking positive. In 2QFY21, the management had guided about sequential improvement in the ULIP…</p>

<p>Analyst Meet Day Update</p>
<h2>ICICI Bank</h2>
<h3>Digitally aggressive</h3>
<p>We come away more convinced about our thesis on ICICI Bank (IBL). During the analyst meet day, the bank’s management and various vertical heads gave an in-depth overview on the product strategy across retail, business banking, rural and corporate segments. ICICI STACK, the bank’s comprehensive digital offering, will be the core pillar. It lays out the strategic framework for building business across any segment, starting from relationship…</p>

<p><strong>Errata: On the First Page, CMP and Target Price were interchanged. Now they are corrected. Rest of the report remains unchanged.</strong></p>
<p>Analyst Meet Day Update</p>
<h2>ICICI Bank</h2>
<h3>Digitally aggressive</h3>
<p>We come away more convinced about our thesis on ICICI Bank (IBL). During the analyst meet day, the bank’s management and various vertical heads gave an in-depth overview on the product strategy across retail, business banking, rural and corporate segments. ICICI STACK, the bank’s comprehensive digital offering…</p>

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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