ICICIBC reported a profit of Rs55.1bn in 2QFY22 with strong performance across metrics. Core PPOP grew 21% YoY. NII grew 7/25% QoQ/YoY to Rs117bn, driven by all-time high NIMs of 4% and strong loan growth of 17% YoY.

Core fees grew 18%/21% QoQ/YoY. Provisions came in at Rs27bn as ICICIBC did not utilise contingency provisions. GNPA ratio declined 39bps QoQ to 5.1% owing to negligible net slippages.

NIM increased on both, YoY and QoQ basis, aided by the decline in cost of funds which had a larger impact than the decline in yield on funds.