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Last Updated : Aug 09, 2020 09:01 AM IST | Source: Moneycontrol.com

Buy ICICI Bank; target of Rs 415: Geojit

Geojit recommended is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 415 in its research report dated August 03, 2020.

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Geojit's research report on ICICI Bank


In Q1FY21, Advances grew 6.5% YoY to Rs. 631,150cr, partially impacted by lockdown in April and May; Deposits grew by +21.3% YoY. Net interest margin contracted 18bps QoQ to 3.69% on slower growth in deposits led by subdued economy. Reported PAT was up 36.2% YoY. As the economy has largely opened up since June 2020, we expect double digit growth trajectory in advances along with healthy deposits. The bank's asset quality remains intact and digital transformation should aid growth.


Outlook


We reiterate our BUY rating on the stock with a revised target price of Rs. 415 based on SOTP.


For all recommendations report, click here


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First Published on Aug 9, 2020 09:01 am
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