ICICIBC reported an all-round improvement in operating performance, with core PPOP up 21% YoY (excluding dividends), margin improving by 4bp QoQ to 4%, and robust asset quality driving a sharp decline in credit cost, even as the bank increased its contingent provision buffer by INR10.25b. The bank reported a RoA/RoE of 2.1%/17% in 4QFY22. Business growth continues to gain traction, with a jump of 17% YoY and 6% QoQ, led by Retail, SME, and Business Banking. RoE crossed the 15% mark in 3Q and 4QFY22 saw a further rise (~170bp). While the stock has...