Geojit Financial Services research report on ICICI Bank
ICICI Bank Ltd operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients. In Q4FY24, the bank’s net interest income (NII) grew 8.1% YoY to Rs. 19,093cr. Net interest margin (NIM) contracted 50bps YoY to 4.4%, due to rising cost of deposits. PAT for the quarter stood at Rs. 10,708cr, rising 17.4% YoY, due to lower operating expenses and provisions. ICICI Bank reported a strong quarter, with an increase in its loan book and net profit. Asset quality of the bank continues to improve due to healthy recovery.
Outlook
Also, with better asset mix and granularisation of deposits, the bank has been able to manage NIM well. Therefore, we continue to remain optimistic about the company’s long-term growth prospects and reiterate our BUY rating on the stock with an SOTP-based target price of Rs. 1,274.
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