Buy ICICI Bank; target of Rs 970: Sharekhan

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Sharekhan's research report on ICICI Bank

ICICI Bank reported steady performance on all fronts – NII, core operating profit, earnings, and advances recorded healthy growth with better asset quality and minimal core credit cost during the quarter. The bank reported PAT at Rs. 6,905 crore, which was significantly above street’s expectations of Rs. 6,260 crore, mainly led by higher PPoP (led by treasury income) and lower core credit costs. PAT grew by 42% y-o-y/-2% q-o-q. Core PPoP grew by 19.4% y-o-y/1.1% q-o-q despite higher opex growth (25% y-o-y/7% q-o-q). Asset quality improved with both GNPA and NNPA ratios falling by 19 bps q-o-q and 6 bps q-o-q to 3.41% and 0.70%, respectively, during the quarter. The stock is currently trading at 2.1x/1.8x its FY2023E/FY2024E core ABV.

Outlook

We maintain our Buy rating on the stock with an unchanged PT of Rs. 970. Sustainable business performance along with improving return ratios matrix make it our preferred pick in the banking sector.

More Info

At 11:08 hrs ICICI Bank was quoting at Rs 801.70, up Rs 5.65, or 0.71 percent.

It has touched an intraday high of Rs 803.50 and an intraday low of Rs 794.70.

It was trading with volumes of 38,976 shares, compared to its thirty day average of 547,231 shares, a decrease of -92.88 percent.

In the previous trading session, the share closed down 0.61 percent or Rs 4.85 at Rs 796.05.

The share touched its 52-week high Rs 859.70 and 52-week low Rs 642.00 on 25 October, 2021 and 07 March, 2022, respectively.

Currently, it is trading 6.75 percent below its 52-week high and 24.88 percent above its 52-week low.

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ICICI Bank - 250722 -khan