Earnings in 4QFY21 re-acknowledge our conviction that ICICI Bank is preparing for sustainable, prudent and cautious growth despite some exceptional glitches owing to COVID second wave. The bank has reported its 4QFY21 results with the key pointers being: 1) NII growth of 16.9% YoY, with headline NIMs (Domestic: 3.94% & Overall: 3.84%) growth of 17bps sequentially despite higher liquidity available (LCR: 146%). The bank has excluded 1.75bn from interest income as an estimated impact of interest on interest wavier, 2) PPoP growth of 15.6% YoY and de-growth of 3.2% sequentially because of lower fee income, 3) Reported slippages (118.2bn) higher because of resumption of asset classification. The gross slippages includes 82.8bn of pro-forma...