ICICI Bank reported good set of numbers with PAT growth of 15.2% yoy to  Rs 27.09 billion in 2QFY2015. NII grew at steady pace at 15.2% yoy with 14% yoy growth in advances. Domestic advances grew by 15%. Bank continues to grow its retail franchise and has seen healthy growth in retail loan book at 25% yoy.

Commenting on the result, Vaibhav Agrawal, VP research, banking, Angel Broking, said, ''Non-interest income grew by 26.4% yoy; however growth in fee income was sluggish at 5.5% yoy. Opex grew by 16.1% yoy, resulting in pre-provision profit growth of 20.8%. On the asset quality front, absolute Gross NPAs increased marginally by 5% qoq, while net NPAs increased 13.5% qoq with Gross NPA ratio at 3.12% and Net NPA ratio at 1.09% in 2QFY2015, marginally above Gross NPA ratio at 3.05% and Net NPA ratio at 0.99% in 1QFY2015. At CMP, the bank's core banking business is trading at 2.09x FY2016E ABV. We recommend Buy rating on the stock.''

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