New Research Reports

ICICI Bank has noted a superlative performance yet again, with 5% PAT beat at Rs126bn (up 18% YoY; historically superior RoA of ~2.5%), healthy credit growth at 13% YoY, and a sharp 16bps QoQ margin uptick to 4.4%.

After growth calibration for the past one year, and under pressure to bring down LDR and manage PSL/margins, HDFC Bank reported better credit growth in 4Q at 5% YoY/4% QoQ as well as stable core margins.

HDFC Bank (HDFCB) reported Q4FY25 PAT of INR 176bn (RoA steady at ~1.9%) led by stable core NIM QoQ and contained opex. Deposits growth (14% YoY) remains driven by term deposits (20% YoY) while CA grew 18% QoQ (up 1% YoY) due to seasonality.

ICICI Prudential (IPRU) has successfully accelerated volume growth (5%/15% growth in total APE FY24/FY25; 22.3% growth in retail WRP vs 17.4% growth for the private industry in 11MFY25) backed by well-executed distribution/product initiatives.

Q4FY25 revenue growth slowed to 7% YoY. EBITDA margin declined sequentially for the first time after seven quarters. Given the sustained pressure on revenue growth and all-time high EBITDA margin, the earnings growth outlook remains weak for FY26.

HDFC Bank (HDFCB) reported a 4QFY25 net profit of INR176.2b (7% YoY growth; in line). The bank’s NII grew 10.3% YoY to INR320.6b (5% beat), boosted by strong loan growth and INR7b of interest on IT refunds.

ICICI Bank has done it again! Seldom does a bank of the size of ICICI Bank (ICICIBC) surprise with its operating performance the way this bank has done, that too amid a volatile macro environment, elevated competition for deposits, and ongoing normalization in asset quality.

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Steady credit growth at 13% YoY, largely led by the Business Banking segment. Higher NIMs and lower provisions aided PAT

Q4FY25 numbers were decent with slight beat on earnings led by NIM expansion. NII at Rs. 32,066 crore (up 10% y-o-y/5% q-o-q) above estimates, led by higher NIMs. NIMs improved by 11 bps q-o-q to 3.54%, however excluding the impact of an ITR refund, core margins rose by 3 bps q-o-q.