ICICI Bank (ICICI) is engaged in providing a range of banking and financial services and operates in segments like retail and wholesale banking, treasury, and other banking divisions.
During the September quarter, net profit grew 20% year-over-year, while net interest income surged by 9%, attributable to a 40% year-over-year decline in provisioning due to lower incremental slippages.
During the present quarter, loan book expanded 5% sequentially with growth coming from domestic corporate and agricultural loans. The management expects loan book to grow at 20% for the full year.
Margins have improved 10 bps to 2.6% sequentially due to enhancement in low-cost deposits. The bank is expected to maintain margins of 2.5%-2.6% for the full year. Net non-performing loans narrowed 15 bps to 1.6% and provision coverage improved to 69% for the quarter. ICICI is trading at 2.2 times its 2011 estimated book.
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