Though we continue to admire core operating performance and business franchise of ICICI Bank, we envisage more pressure on its profitability in the near-term. We expect credit cost to remain elevated as specific PCR ratio stood relatively lower at 40.2% level and the Bank will require additional provisioning due to ageing of existing NPAs. The Bank has exhausted all additional contingency related provisions made in earlier with no available cushion for FY18, which would keep its earnings and return ratio subdued over next 3-6 quarters. Rolling over our estimates to FY19E, we reiterate our HOLD recommendation on the stock with a revised Target Price of Rs287 (valuing parent at 1.5x FY19 Adj. BV implying standalone...