ICICI Bank (ICICIBC) reported a picture-perfect 3QFY22 driven by Core PPoP growth of 25% YoY, lower Net NPA ratio of 0.85%, NIM at 3.96% and RoE surpassing the coveted 15% milestone. Every quarter of the last 12 quarters has given us reason to turn more positive and raise target multiples of ICICIBC, thus narrowing the discount with sector leaders of the last decade. The first leg of the target of crossing 15% RoE has been accomplished in this quarter. The next leg will aim to sustain and improve on this RoE further....