ICICI Bank has once again posted an endearing performance with in-line PAT at Rs118bn/superior RoA of 2.4%, system-beating credit growth at 14% YoY, nearly stable margins at 4.25%, and steady asset quality, amid tough times. Deposit growth has moderated, but is well above the system’s at 14% YoY, exhibiting the bank’s strong liability franchisee built over the years.