ICICIBC reported Q4 PAT of ~Rs 20.2 bn (below estimate, but up ~3x YoY on favorable base). Slippages were high (Rs 112.9 bn) but include Rs 53.8 bn of slippages from a large cement account'; excluding this, slippages would have been ~Rs 59 bn (lower than the Rs 70-80 bn run-rate).