Motilal Oswal's research report on ICICI Bank
ICICI Bank (ICICIBC) reported yet another quarter of strong performance, with 22% YoY growth in core profitability. However, margins contracted 25bp QoQ. Credit growth was robust at 18% YoY, led by continued traction in Retail, SME and BB segments. Deposits saw healthy growth of 19% YoY. Asset quality continued to surprise positively as provisions came in 51% below MOFSLe and GNPA/NNPA ratio improved further. The bank maintains a total contingency buffer of INR131b (2.1% of loans), which provides comfort.
Outlook
We raise our FY24/FY25 EPS estimates by 3%/4% and expect ICICIBC to deliver RoA/RoE of 2.3%/18.3% in FY25. Maintain BUY with a revised TP of INR1,120.
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