Buy ICICI Bank; target of Rs 340: Sharekhan

Sharekhan is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 340 in its research report dated October 27, 2017.

November 03, 2017 / 16:28 IST

26 Aug, 2025 12:21

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Sharekhan's research report on ICICI Bank

Improved Asset quality performance, but the crucial RBI’s audit report is pending: ICICI Bank’s Gross Non-performing assets (GNPA) increased marginally by 3.1% QoQ on absolute basis. Notably, there was a welcome decline in gross NPA additions during Q2 to Rs4,674 crore ( d o w n b y 6 .1 % Q o Q ; 4 1 . 8 % YOY ) . The additions to NPAs from restructured loans, the drilldown list, devolvement of non-fund based exposure and increase in outstanding due to exchange rate movement and loans to a central PSU owned power company, were about Rs1727 crores.

Outlook
The stock currently trades at 1.6x FY19E Book Value. Also the fact that its Insurance subsidiaries are performing well, is a positive. The SOTP based valuations provides downside comfort for the stock. We retain our BUY rating on the stock with a revised price target of Rs340.

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