February 01, 2017 / 11:38 IST
ICICIBC reported PAT of INR 24.4b (9% beat, -19% YoY) due to stronger-thanexpected core PPoP performance. Core PPoP was aided by stable margins QoQ at 3.1% (helped by 10bp improvement in domestic margins to 3.5%) and pick-up in fee income growth to 10% YoY (+6% QoQ) v/s 5% in 1HFY17.
OutlookICICIBC is utilizing one-off non-core income to create buffer on the balance sheet. Strong capitalization (tier I of 13.3%), significant improvement in granularity of book (54% retail+SME) and sharp improvement in liability profile (helping to de-risk business) provide comfort. We largely maintain earnings estimates; maintain Buy with SOTP of INR 345 (FY19-based).
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