February 09, 2017 / 15:26 IST
ICICI bank continue to report mixed set of performance in Q3FY17, with PAT at INR 24.4 bn witnessed a decline (19% YoY and 21% Q-o-Q) largely due to decline in the total net income (4% Y-o-Y and 35% Q-o-Q) and higher operating expenses (increased 21.5% Y-o-Y). Slippages at INR 70 bn seen on the higher side on Y-o-Y basis (INR 65.44 bn in Q3FY16); however declined on Q-o-Q basis (80.2 bn in Q2FY17).
OutlookThe improvement in portfolio mix (54% emerges from retail/MSME), strong retail lending accretion (18% Y-o-Y growth) with improved NPAs (Retail net NPAs stood at 0.61%, declined on both Y-o-Y and Q-o-Q basis), and significant capital on balance sheet with sufficient cushion from value unlocking in subsidiaries should aid ICICI Bank to put up improved operating metrics ahead. MAINTAIN BUY.
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