Buy ICICI Bank: target of Rs 970: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on ICICI Bank

With nearly all private banks reporting better results and pick up in disbursements, ICICI Bank is poised to take lead and march ahead of its rivals. Retail disbursements have witnessed significant pick up, led by mortgages and auto loans. Corporate demand is likely to improve, given pick up in trade volumes and increasing working capital demand, aided by rising commodity prices. The bank’s focus is on growing core operating profit and intends to keep credit cost at ~25% of the core operating profit. The bank has created 360-degree customer-centric approach, where it is not just aiming to sell a product but is also creating an ecosystem of offerings to attract customers. This is coupled with digital banking solutions, which are also powering the bank’s growth. With correction of 18% from the highs of Rs. 860, the stock presents a good buying opportunity.

Outlook

The stock is currently trading at 2.6x/2.2x its FY2023E/FY2024E book value. We reiterate Buy on ICICI Bank with an SOTP-based PT of Rs. 970.

More Info

At 16:01 hrs ICICI Bank was quoting at Rs 710.60, down Rs 9.35, or 1.30 percent.

It has touched an intraday high of Rs 722.35 and an intraday low of Rs 705.75.

It was trading with volumes of 283,881 shares, compared to its thirty day average of 782,999 shares, a decrease of -63.74 percent.

In the previous trading session, the share closed up 1.68 percent or Rs 11.90 at Rs 719.95.

The share touched its 52-week high Rs 859.70 and 52-week low Rs 531.00 on 25 October, 2021 and 19 April, 2021, respectively.

Currently, it is trading 17.34 percent below its 52-week high and 33.82 percent above its 52-week low.

Market capitalisation stands at Rs 493,679.05 crore.

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