Buy ICICI Bank; target of Rs 360: P Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on ICICI BankICICI Bank (ICICIBC) reported Q2FY16 PAT at Rs30.3bn led by steady NII and controlled provisions. Fee growth remains muted at 6.3% YoY affected by weak corporate demand. GNPLs increased 5% QoQ led by slippages of Rs22.4bn (of which Rs9.3bn was from restructured assets) while the o/s restr. assets declined to 2.9% of total loans at Rs118.7 bn. The bank did fresh refinancing of Rs20bn under 5/25 scheme. We fine‐tune our earnings and lower our PT to Rs360 (from Rs390). Stabilizing trend in NPL formation, granular residual restructured book and reasonable valuations makes us retain our ‘BUY’ rating on the stock.GNPLs increased 5% QoQ led by slippages of Rs 22.4bn (of which Rs9.3bn was from restructured assets) while the o/s restr. assets declined to 2.9% of total loans at Rs118.7 bn. The bank did fresh refinancing of Rs 20bn under 5/25 scheme. Management re‐affirmed its guidance of stressed accretion to be lower in FY16 than FY15. We fine‐tune our earnings and lower our PT to Rs 360 (from Rs390). Our PT corresponds to 2.1x FY17E ABV for the standalone bank.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.

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