ICICI Bank issues record credit cards

ICICI Bank issues record credit cards

Private sector lender ICICI Bank made the most of an ongoing ban on credit card issuances by HDFC Bank, adding a record number of customers in the March quarter.
ICICI Bank’s cardholder base grew by 672,911 during the period while HDFC Bank’s portfolio contracted by 322,999 in the same period, latest data released by the central bank showed.
The lender recently reported stellar fiscal fourth quarter earnings performance, led by healthy business performance across all business segments.
Its net profit in the January-March quarter jumped 261% on-year basis and reached Rs 4,402 crore, meanwhile, operating profit was up 15.6% from the same period last year.
Loan growth for ICICI Bank was reported to be 14% on-year basis, showing a strong recovery. The bank is well-positioned on capital and liquidity (Tier-1 of ~18%) and its industry-leading digital prowess means loan growth should be ~15% in the financial year 20222/23E each.
NPL ratio remained unchanged for ICICI Bank, despite the challenges posed by the covid-19 pandemic.

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