ICICI Bank reported its third quarter numbers. Robust loan growth saw the bank's net profit beating forecast by 20% year-on-year to Rs 1,728 crore. Net interest income rose more than 17% YoY to Rs 2,712 crore.
Vaibhav Aggarwal of Angel Broking tells CNBC-TV18 his reaction to the numbers reported by ICICI Bank and what his price target is for the stock.
Below is an edited transcript. Watch the accompanying video for more.
Q: What have you made of the numbers?
A: Overall they have given a well rounded set of numbers. Even on the net interest income it is more or less a few percentage points higher than what we had estimated. Also good stable margins and on asset quality they continued their good performance over the last few quarters.
This was expected to be a quarter where they was supposed to be some restructuring coming in. In spite of that they have done a good job maintaining their provisions at lower levels. So, overall a good set of numbers.
Q: You have a price target on the stock?
A: Even at these levels, we see quite a bit of spike on ICICI Bank. It has been one of the good performers fundamentally and we still have about 25% upside from these levels with a target of about Rs 1,061.
