ICICI Bank Ltd.|Q2FY15 Result Update | Healthy performance continues; maintain HOLD rating with upward revised price target of Rs 1,751/-:: IndiaNivesh

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Result Highlights
 Advances grew at a healthy pace of 14% y-o-y (+4% q-o-q) to Rs 3,618 bn,
mainly driven by 25% y-o-y increase in retail advances. Deposits growth
was at the similar level of advances at 14% y-o-y (+5% q-o-q) to Rs 3,521 bn.
CASA deposits of the bank improved 70 bps sequentially and it stood at
43.7%.
 NIMs (Net Interest Margins) improved 2 bps q-o-q (+11 bps y-o-y) to 3.42%.
Net interest income (NII) increased 15% y-o-y (+4% q-o-q) to Rs 46.6 bn.
 Asset quality slightly deteriorated as Gross NPA and Net NPA increased by 7
bps and 10 bps q-o-q to 3.12% and 1.09%, respectively. However, PCR fall
250 bps sequentially and stood at 65.9% as of Q2FY15.
Result Update
Retail loans continue to drive healthy loan growth:
ICICI Bank reported healthy growth of 14% y-o-y (+4% q-o-q) in its loan book to
Rs 3,618 bn largely driven by domestic retail advances. Overseas advances were up
10% y-o-y (+5% q-o-q) to Rs 930 bn reflecting primarily the lending against FCNR
deposits during Q3FY14. In US dollar terms, the overseas loan book growth was
11.9% on y-o-y basis (+2.0% q-o-q). The growth in dollar terms was high mainly due
to rupee appreciation against dollar on y-o-y basis. Overseas loan book constitutes
26% of total advances as of Q2FY15.


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