See how ICICI Bank's earnings beat analyst's expectations

Thanks to good asset quality performance.

According to Barclays, ICICI Bank delivered Q3 FY13 PAT of Rs22.5bn, which was 9% ahead of our expectations. The beat was mainly due to better-than-expected asset quality performance.

Here's more from Barclays:

Credit costs (53bps) were well within management guidance, and problem asset generation was lower than the past few quarters. Loan growth (16.5% y/y) was healthy, with growth in retail picking up this quarter. NIM remained stable.

However, fee growth continued to be muted. We revise our earnings estimates upwards to build in lower credit costs for FY13E.

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