ICICIBC reported a strong 2QFY22, led by healthy NII growth (11bp NIM expansion), strong fee income trends, and controlled provisions. The bank reported a 5%/9% beat to our PPOP/net earnings estimate and is progressing swiftly towards earnings normalization. Business growth has picked up sharply, with domestic loans growing 4% QoQ, led by Business Banking (12%), Retail loans (5%), SME (11%). Most Retail segments showed a robust pickup, with Mortgage up 6% QoQ. A sharp recovery was seen in the Unsecured portfolio, with Personal...