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ICICI Bank Q3FY22 Preview: NII seen at Rs121.3 billion, PAT at Rs59.3 billion

ICICI Bank's net interest income (NII) could grow 22% on a YoY basis on the back of 14-15% YoY loan growth

January 21, 2022 3:35 IST | India Infoline News Service
Result date: 22nd January, 2022
Recommendation: BUY
Target price: Rs940
(Source: Company, IIFL Research)

ICICI Bank's net interest income (NII) could grow 22% on a YoY basis on the back of 14-15% YoY loan growth. Loan growth is likely to be lower due to the high base of Q3FY21.

ICICI Bank is likely to post PAT of Rs59.3 billion, with a YoY growth of 20% and a sequential growth of 8%.  Declining credit costs both on a YoY and QoQ basis will aid the bank's profits. Asset quality should remain stable. Slippages could moderate sequentially from ~Rs56bn in 2QFY22, leading to a lower GNPA ratio.

Margins are likely to remain in a narrow band of ~3.9-4.0%.

Important management insights to watch out for:

* Impact of the 3rd COVID wave on asset quality

* Trends in credit demand across key segments

Rs. Billion December 2021 estimates YoY Change (%) QoQ Change (%)
NII 121.3 22 4
PPP 101.6 15 2
PBT 77.6 28 8
PAT 59.3 20 8
Total Income            169.4                            16    3

Source: Company, IIFL Research

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