Buy ICICI Bank; target of Rs 1713: Anand Rathi

Anand Rathi is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 1713 in its research report dated January 19, 2026.

Broker Research

January 19, 2026 / 13:25 IST

Buy

Anand Rathi's research report on ICICI Bank

Excluding one-offs, trends were in-line with expectations with core PPoP growing by 6.9% y/y (up 3.4% q/q). Credit growth accelerated to 11.5% y/y (vs 10.3% y/y in Q2FY26) with stable NIMs. Asset quality was stable despite seasonally a weak quarter. Management guided for acceleration in credit growth going forward. Board re-appointing Mr Bakhshi as CEO till Oct-28 was a positive development. We expect a further pick-up in retailled growth and stable asset quality resulting in RoE to remain >15%.

Outlook

We maintain BUY and prefer ICICI over HDFC Bank, as it is relatively better placed to deal with growth margin trade-off and hence, maintaining RoE delta over HDFC Bank. Our TP is Rs1,713, valuing the core bank at 2.5x FY28e P/ABV and assigning Rs240/share to subsidiaries.

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