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ICICI Bank: A compelling case for valuation re-rating

COVID-19 turned out to be just a speed breaker for ICICI Bank. It hasn’t derailed the bank’s journey forward

November 02, 2020 / 02:20 PM IST
ICICI Bank: A compelling case for valuation re-rating

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

 ICICI Bank’s (CMP: Rs 393; Mcap: Rs 270,736 crore) earnings in the second quarter of FY21 surpassed the Street’s expectations by a big margin. Amid the pandemic-induced chaos, the second largest private bank reported its highest quarterly profit ever of Rs 4,251 crore in Q2 FY21, much higher compared with Rs 655 crore in the same quarter last year. While the earnings were strong, the management’s commentary on the future was equally positive. This is little perplexing. Isn’t the economic...

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