ICICI Bank remains preferred pick; see earnings improvement ahead: UBS

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26 Aug, 2025 12:21

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Global investment bank, UBS, on Wednesday reiterated that ICICI Bank’s stock is its preferred pick and is betting on Sandeep Bakhshi’s appointment to improve investor sentiment on the stock.

UBS has a buy call on the stock with a target of Rs 390 per share.

Further, it said that the investment thesis on the stock is based on a significant reduction in its watch list. Going forward, it expects improved visibility to boost near term investor confidence, it said.

The brokerage is also betting on the loan book clean up to contribute to an improvement in earnings ahead.

The board of directors of ICICI Bank on Monday appointed Sandeep Bakhshi as its Wholetime Director and Chief Operating Officer (COO) designate.

Bakhshi's appointment as COO will be for a period of five years, subject to regulatory approvals, and his tenure will start on June 19, the bank said in a disclosure to exchanges.

The new COO will be responsible for handling all businesses and corporate operations of the bank.

All executive directors on the bank's board and its executive management will report to Bakhshi, who in turn will report to Managing Director and Chief Executive Officer Chanda Kochhar, the bank added.

Bakhshi, who joined ICICI over three decades ago, has been MD and CEO of ICICI Prudential Life Insurance Company since August 2010. He held the position of the bank's deputy managing director earlier.