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Buy ICICI Bank; target of Rs 932: Geojit

Geojit is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 932 in its research report dated July 27, 2022.

July 28, 2022 / 09:21 PM IST
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Geojit's research report on ICICI Bank

ICICI Bank is India’s second-largest private sector bank, with 5,534 branches and 13,379 ATMs across the country. Of the total branch network, ~51% are in semi-urban and rural areas. Standalone Q1FY23 net interest income (NII) grew at 20.8% YoY with NIM expanding 12bps YoY to 4.01%. Core operating profit (profit before provisions and tax, excl. treasury income) rose 19% YoY to Rs. 10,273cr in the quarter. Robust growth in deposits and advances, improving asset quality and with further reductions in gross and net NPA levels will drive the bank’s performance over the medium term.


Hence, we reiterate our BUY rating on the stock, with a target price of Rs. 932 based on SOTP.


For all recommendations report, click here

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ICICI Bank - 270722 - geo

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first published: Jul 28, 2022 09:21 pm
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