ICICIBCs 4Q results were a pleasant surprise, with (1) A sharp drop in net stressed assets, (2) Healthy domestic loan growth at 14%, led by retail, (3) NIM improvement, (4) Controlled opex ( 2% QoQ), (5) Sustained momentum in CASA and (6) In-line net earnings, despite reversals of Rs 2.9bn towards foreign currency translation gains. However, the bank utilised contingent provisions of Rs 15.3bn during the quarter.