Buy ICICI Bank; target of Rs 770: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on ICICI Bank

Asset quality position is strong, with the bank having front-loaded provisions (on a proforma basis), which has strengthened balance sheet; strong capital position gives it a springboard for growth. 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. Stock trades at 2.8x/2.5x its FY2022E/FY2023E BVPS; we believe valuations are reasonable, considering the overall franchise value, strong capitalisation and a high PCR.

Outlook

We have accordingly fine-tuned our target multiples for the standalone bank. We maintain a Buy rating with a revised SOTP-based price target (PT) of Rs. 770.

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