Buy ICICI Bank; target of Rs 680: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on ICICI Bank

Q3FY2021 results were strong with operational numbers in line with hopes; and asset quality performance and loan growth were encouraging. Advances growth was healthy (up 13% y-o-y and 7% q-o-q) with retail loan portfolio (65.6% of total loans) up by 15% y-o-y and 7% q-o-q. Reported GNPA / NNPA declined to 4.72% / 0.69% down by 91 bps / 40 bps q-o-q; Proforma GNPA / NNPA saw just a slight rise of 6 bps / 14 bps from Q2 FY2021 levels; NIMs improved q-o-q.

Outlook

Stock is available at 2.3x/2.1x its FY2022E/FY2023E BVPS; we maintain a Buy on the stock with a revised SOTP-based price target (PT) of Rs. 680.

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