May 08, 2017 06:05 PM IST | Source:

Buy ICICI Bank; target of Rs 345: HDFC Securities

HDFC Securities is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 345 in its research report dated May 04, 2017.

Buy ICICI Bank; target of Rs 345: HDFC Securities

HDFC Securities' research report on ICICI Bank

ICICIBC’s 4Q results were a pleasant surprise, with (1) A sharp drop in net stressed assets, (2) Healthy domestic loan growth at 14%, led by retail, (3) NIM improvement, (4) Controlled opex (+2% QoQ), (5) Sustained momentum in CASA and (6) In-line net earnings, despite reversals of Rs 2.9bn towards foreign currency translation gains.


However, we remain admirers of ICICIBC’s rising granularity in the B/S and P&L (fees), healthy capital position and expected value unlocking in subs. Maintain BUY with a SOTP of Rs 345 (1.75x Mar-19E ABV of Rs 146 + Rs 89 from subs).

For all recommendations, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Follow us on
Available On