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Last Updated : May 07, 2019 01:44 PM IST | Source: Moneycontrol.com

Accumulate ICICI Bank; target of Rs 450: Dolat Capital

Dolat Capital recommended accumulate rating on ICICI Bank with a target price of Rs 450 in its research report dated May 07, 2019.

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Dolat Capital's research report on ICICI Bank


The bank reported a 5% YoY lower profit (missed our estimates), due to higher credit costs of 230 bps (our estimate was 160 bps). This is despite a lower accretion in GNPA (ex of special cases) and improved asset quality by 105 bps to 6.7%. In other parameters, results were strong with NIM expansion, 17% deposits growth, robust domestic and retail advance growth of 17% at 21% YoY respectively. We expect the operating performance to remain strong but marred by credit costs in near term.


Outlook


At 2x P/ABV of the bank (~78% of value), maintain Accumulate.


For all recommendations report, click here


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First Published on May 7, 2019 01:44 pm
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