Buy ICICI Bank; target of Rs 1043: YES Securities

YES Securities is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 1043 in its research report date April 23, 2022.

Broker Research

April 25, 2022 / 21:37 IST

26 Aug, 2025 12:21

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YES Securities' research report on ICICI Bank

Asset quality: Gross NPA additions amounted to Rs 42.04bn for the quarter, translating to an annualized slippage ratio of 1.9% in 4QFY22 Margin picture: NIM at 4.0% was up 4 bps QoQ, as increase in yield on advances outpaced the increase in cost of funds Asset growth: Advances grew 5.5%/17.1% QoQ/YoY driven by healthy growth in Retail, Business Banking and SME loans Opex control: Total opex de-grew/grew -0.4%/17.4% QoQ/YoY, Emp. exp. degrew/grew -2.3%/20.9% QoQ/YoY and other exp. rose 0.7%/15.7% QoQ/YoY Fee income: Fee income rose 1.7%/14.4% QoQ/YoY driven by sequential traction across fee income streams.

Outlook

We maintain ‘Buy’ rating on ICICI with a revised price target of Rs 1043: We value the standalone bank at 3.1x FY23 P/BV for an FY23E/24E RoE profile of 15.8/16.6%. We assign a value of Rs 174 per share to the subsidiaries, on SOTP.

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