ICICI Bank reported a PPoP beat at Rs61bn (estimate: Rs58bn) on improved margins (up 7bps qoq to 3.4%), higher fees (up 16% yoy), and treasury gains (Rs4.8bn). However, higher opex/provisions restricted PAT to Rs16bn (our estimate was Rs17.5bn). GNPA ratio declined sharply by 75bps qoq to 7.75% led by lowest slippages in the past 14 quarters (Rs21bn) and sale of NPA, while non-technical PCR rose to a high of 69%....