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Buy ICICI Bank; target of Rs 600: Emkay Global Financial

Emkay Global Financial is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 600 in its research report dated December 06, 2020.

December 07, 2020 / 02:55 PM IST
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Emkay Global Financial's report on ICICI Bank

Our Digi-Banking Conference on November 26 emphasized that the Digital thrust is turbocharged due to Covid-19, while digitization and ‘fintegration’ are the way forward for incumbents. Over the years, ICICI has been evolving into a full-stack digital bank with endto-end digital solutions across businesses and is well-poised to ride the digital boom. ICICI Bank has made adequate investments in digital platforms, leading to virtually no outages - unlike its large peers that have recently faced regulatory ire - and better customer wallet share/profitability. The bank believes that its focus on balanced ‘Phygital strategy’ and customer life-cycle banking should lead to better revenues, cost savings - boosting core-profitability in the long run. Although the discussions were centered around digital initiatives, management reassured its long-standing risk-calibrated growth strategy, focus on customer-level profitability and better asset-quality experience in the current cycle with adequate provisioning buffers in place.


We believe that ICICI’s likely strong delivery on growth, asset quality and return ratios despite the Covid-induced disruption, coupled with its evolution as a strong retail-cumdigital bank, will call for a re-rating. Retain Buy/OW in EAP with a revised TP of Rs600.

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: Dec 7, 2020 02:55 pm

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