ICICI Bank (one of our top picks) reported strong profitability growth at 30% YoY (19% QoQ) led by lower provisions (down 9% YoY; 5% QoQ). Asset quality improved with GNPA at 4.8% vs 5.15% QoQ led by lower slippages and higher recoveries. However, restructured assets increased to 1.3% vs 0.7% QoQ; spread across the portfolio. During Q2FY22, NII grew by 25% YoY against a loan growth of 17% YoY; margins improved sequentially. PPoP grew by 20% YoY led by increase in non-interest income (up 19% YoY). Strong liability franchise and higher Tier I capital ratio will advantage bank when the economy growth recovers. We have moved to FY24E estimates and maintained...