KR Choksey has come out with a research report on ICICI Bank's Q2FY10 earnings. The research firm has maintained a hold rating on the stock.

"ICICI Bank has delivered in all the parameters of the new strategy. We believe that the core business performance is on the right track to achieve their strategic goal of 15% RoE in the next three years. The improved market conditions have helped the subsidiaries in increasing their profitability except in life insurance business on y-o-y basis. At 1.7 times FY10 expected book value we maintain a hold on the stock for the following reasons 1) Excellent execution Capability of the bank in rolling out strategies; 2) Improving asset quality; 3) Excellent liability franchise 4) Embedded value of subsidiaries. The key downside risk include 1) Higher than expected slippages into NPA in the coming quarters; 2) Impact of 70% provisioning norm in the short term", says KR Choksey.

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To read the full report click on the attachment.........