Dolat Capital Market's research report on ICICI Bank
Based on our interaction with the bank management, we remain positive on the bank’s commitment to sustainable growth with a sharp focus on core profitability and healthy asset quality position. The bank expects NIMs to stay steady with an upward bias (supported by loan growth, lower slippages and interest reversals drag) for the medium term. Healthy liability book is structural positive. ICICI bank’s strong capital position (CET-1 at ~16.8% including profits for 9MFY2021), lower incremental credit costs gives it a springboard for growth; stock has corrected by ~15% from its highs makes risk reward is favourable; reasonable valuations at 2.4x/2.2x its FY2022E/FY2023E ABVPS.
Outlook
We maintain a Buy rating on the stock of ICICI Bank with an unchanged SOTP-based price target (PT) of Rs. 770.
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