Moneycontrol PRO

Buy ICICI Bank ; target of Rs 475: Motilal Oswal

Motilal Oswal is bullish on ICICI Bank recommended buy rating on the stock with a target price of Rs 475 in its research report dated July 25, 2020.

July 28, 2020 / 12:06 PM IST
  • bselive
  • nselive
Todays L/H

Motilal Oswal 's research report on ICICI Bank

ICICI Bank's (ICICIBC) 1QFY21 results were in line. The bank prudently used higher treasury/stake sale gains for higher provisions. This led the COVID-19 related provision buffer to 1.3% of loans. Also, provision coverage strengthened further to ~79%. Core operating performance (excluding treasury/stake sale gains) was strong, led by robust NII growth and controlled operating expenses. Moratorium book declined to 17.5% of loans while another ~2% of loans (outside moratorium) were overdue on their Jun'20 EMI. Maintain Buy.


We expect credit cost to remain elevated at 3.2%/2.0% for FY21/FY22E. Maintain Buy with an unchanged SOTP-based target price of INR475 (1.9x FY22E ABV for the bank).


For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jul 28, 2020 12:05 pm
ISO 27001 - BSI Assurance Mark