NIM contracted by 10bps YoY to 3.67% in Q3FY21 dragged down by lower yield on advances. However, net interest income rose 16.0% YoY to Rs. 9,912cr supported by lower interest expense (-6.7% YoY). Pre-provisioning operating profit rose 16.8% YoY to Rs. 8,820cr, driven by lower employee costs, advertising and sales promotion expenses. Robust growth in advances, prudent cost control measures and strong asset quality should remain key drivers for ICICI Bank's future growth prospects. We reiterate our BUY rating on the stock with a revised...