February 03, 2017 / 15:47 IST
ICICIBC’s 3Q results surprised positively on various parameters (1) Stable NIM, (2) Strong fee growth, (3) 410bps rise in CASA ratio, (4) Controlled opex, (5) Sequentially lower slippages and (6) Gradual decline in overall stressed book.
OutlookWe have tweaked our estimates to factor in slower loan growth, higher fees and a slight rise in slippages. Our positive stance on ICICIBC is driven by (1) Expected drop in watch-list, (2) Rising granularity driven by retail assets, liabilities and fees, (3) Superior CRAR and (4) Value unlocking of home loan and general insurance. Maintain BUY with SOTP of Rs 312 (1.75x Dec-18E ABV of Rs 145 + Rs 60 from subs).
For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
