The 62 reports from 21 analysts offering long term price targets for ICICI Bank Ltd. have an average target of 500.37. The consensus estimate represents an upside of 33.82% from the last price of 373.90.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-06-29||ICICI Bank Ltd.||HDFC Securities||351.45||442.00||351.45 (6.39%)||18.21||Buy|
Maintain BUY with a SoTP of Rs 442. ICICIBC has realised ~Rs 31bn in 1QFY21 so far, from stake sales in ICICIGI (Rs 22.5bn) & IPRU (Rs 8.4bn) while retaining majority stakes. The move bolsters the banks already strong capital base (16.1%, +40bps) and allows it to make further COVID-19 related provisions, while limiting the RoAE impact. This demonstrates its ability to augment its capital base, without raising funds (media articles suggest that it is looking to raise $ 3bn). Even without said (potential) fund raise, the bank is well positioned to withstand COVID-19 related stress and capture any resurgent growth. ICICIBC remains our top pick amongst large private banks.
|2020-06-09||ICICI Bank Ltd.||Geojit BNP Paribas||344.20||420.00||344.20 (8.63%)||12.33||Buy|
|2020-06-01||ICICI Bank Ltd.||Geojit BNP Paribas||357.20||420.00||357.20 (4.68%)||12.33||Buy|
Geojit BNP Paribas
Advances grew 10.0% YoY to Rs. 645,290cr, on the back of Domestic loan book (+12.9% YoY) for Q4FY20. Net interest margin expanded 15bps to 3.87%, and Net Interest Income rose 17.1% YoY for the quarter. Reported PAT was up 26% YoY. Asset quality improved slightly with GNPA/NNPA ratio at 5.5%/1.4% in Q4FY20 (vs. 6.0%/1.5% in Q3FY20). The bank's healthy capital position, along with strong network support by digital transformation should drive growth. We reiterate our BUY...
|2020-05-14||ICICI Bank Ltd.||Hem Securities||322.70||375.00||322.70 (15.87%)||Target met||Hold|
ICICI Bank is a leading private sector bank in India .Bank currently has a network of more than 5,000 branches and more than 15,500 ATMs across India. ICICI Bank offers a wide range of banking products and financial services to corporate and...
|2020-05-11||ICICI Bank Ltd.||Axis Direct||320.15||495.00||320.15 (16.79%)||32.39||Buy|
ICICIBC reported stable fourth quarter performance led by NII growth, up 17%YoY on higher NIM (3.87%, up 10bps QoQ) and 13%YoY domestic loan growth. Fee income moderated, up 13%YoY on expected lines. However, slippages were higher than expected at Rs 53bn due to overseas NPAs of 18bn.
|2020-05-11||ICICI Bank Ltd.||SMC online||338.05||338.05 (10.60%)||Results Update|
of Rs 2725 crore in Q4FY2020 against standard assets to further strengthen the balance sheet. Excluding Covid-19 related provisions, the net profit would have been Rs 3260 crore. Bank has improved margins, core fee income, cost-to-income ratio, while also exhibited improvement in cost to income ratio in Q4FY2020. Bank has maintained steady business...
|2020-05-11||ICICI Bank Ltd.||Edelweiss||322.70||644.00||322.70 (15.87%)||72.24||Buy|
|2020-05-11||ICICI Bank Ltd.||Nirmal Bang Institutional||320.15||489.00||320.15 (16.79%)||30.78||Buy|
Nirmal Bang Institutional
ICICI Bank (IBL) has reported a relatively stable quarter with NII in line with our estimate. However, the operational and net profitability was lower than expected on account of negative impact of covid/lockdown on fee income and higher provisioning (Rs27.25bn covid-related). On the business front, loan book growth was 10% YoY/1.5% QoQ, driven by 12.9% YoY growth in the domestic book while the international book declined by 14.4% YoY (in line with stated strategy). Retail portfolio was up 15.6%YoY. Deposits grew by 18.1% YoY/7.6% QoQ, reflecting the bank's strong and established brand name amid financial sector crisis. Average CA deposits grew by 14.9% YoY during the quarter while average SA deposits were up 11% YoY. Growth in retail TDs...
|2020-05-10||ICICI Bank Ltd.||HDFC Securities||337.70||442.00||337.70 (10.72%)||18.21||Buy|
ICICIBC remains our preferred. Maintain BUY (TP of Rs 442, 1.6x core FY22E ABV+ Rs 126 for subs). ICICIBCs 4Q PPOP was in line with estimates, although NIM expansion surprised. PAT registered a sharp QoQ fall on the back of COVID-19 related provisions (similar to peers) and was lower than expected. COVID-19 will impact growth and asset quality across the board. However, a stronger b/s (granular, sticky liability base, lower stress levels, higher PCR and adequate CAR), improved underwriting practices and lower exposure to contextually vulnerable products will help ICICIBC emerge stronger.
|2020-05-10||ICICI Bank Ltd.||Motilal Oswal||337.70||475.00||337.70 (10.72%)||27.04||Buy|
Maintain affected by higher provisions (INR59.7b), as the bank made COVID-19 provisions of INR27.25b, higher than the requirement as per RBI NII grew 17% YoY to INR89.3b, led by ~16% YoY growth in retail loans and 10bp QoQ expansion in margins to 3.87%. As a prudent measure, the bank has made additional provisions of INR27.2b toward COVID-19-related stress; furthermore, lower exposure to the SME segment (3.5% of loans) and high granularity in the BB and below book provides some comfort. The domestic margin improved 10bp QoQ to 4.14% (v/s 4.04% in 3QFY20), while overseas NIMs declined to 0.28% v/s 0.38% Overall loan growth moderated to ~10%/1.5% YoY/QoQ to INR6.5t, driven by a 16% YoY increase in retail loans. As a prudent measure, the bank has made additional provisions of INR27.2b toward COVID-19-related stress; also, lower exposure to the SME segment (3.5% of loans) and high granularity in the BB and below book provide some comfort.
|2020-05-10||ICICI Bank Ltd.||Dolat Capital||337.70||420.00||337.70 (10.72%)||12.33||Buy|
COVID related provisions of `27bn and lower other income led to weaker than expected PAT for ICICI Bank. The disappointment on asset quality was driven by high corporate slippages, led by two overseas exposures. Substantial provisions on these however ensured PCR was sequentially stable. Margins showed healthy trends despite a sequential 500 bps decline in CD ratio. We factor in near-doubling of slippages in FY21E but high contingency buffers of ~`45bn (including all STD asset provisions except for general...
|2020-05-10||ICICI Bank Ltd.||Yes Securities||321.20||444.00||321.20 (16.41%)||18.75||Buy|
|2020-05-10||ICICI Bank Ltd.||Arihant Capital||321.20||385.00||321.20 (16.41%)||2.97||Buy|
ICICI Bank maintains a stable performance amid all the chaos of advance provisioning by major banks, well beyond RBI mandated 5% provisioning for Covid-19. NII increased by 17.1% YoY/4.5% QoQ, PPOP increased by 18.6% YoY/down 2.1% QoQ and Net Income increased to Rs 1,221 Cr, up by 26.0% YoY / down 70.5% QoQ. The decline in the bottomline could be attributed to the advance provisioning as per RBI guidelines for Covid-19 of Rs 2,725 Cr. Apart from the Corona crisis hit, the pre corona macroeconomic lull and slowing economy had an impact on the bank's...
|2020-05-10||ICICI Bank Ltd.||Prabhudas Lilladhar||338.05||436.00||338.05 (10.60%)||16.61||Buy|
continue to keep faith in its strong brand franchise, while high PCR of +75%, strong CASA & pricing power will help it to mitigate adverse impact from COVID-19. We are unable to foresee hits on asset quality as yet but see high probability of rising stress, hence conservatively build 2.5% slippage ratio and 180bps of credit cost in FY21 with residual flow in FY22 as well. We retain BUY with revised TP of Rs436 (from Rs509) based on 1.8x (from 2.0x) FY22...
|2020-05-09||ICICI Bank Ltd.||BOB Capital Markets Ltd.||320.15||420.00||320.15 (16.79%)||12.33||Buy|
|2020-05-08||ICICI Bank Ltd.||Sharekhan||320.15||454.00||320.15 (16.79%)||21.42||Buy|
ICICI Bank posted mixed numbers for Q4FY20 in these tough times, wherein operating performance was largely in line, but large provisions (partly due to one large account and COVID-19) resulted in lower-than-expected PAT. Net Interest margin (NIM) improved to 3.87% levels and sequential improvement in asset quality was also positive, though elevated slippages were dampeners. Net interest income (NII) increased by 17% y-o-y to Rs. 8,927 crore and were in-line with expectations. Profit after tax (PAT), at Rs. 1,221 crore, declined by 70% q-o-q, but rose by 26% y-o-y (still below expectations). Provisions jumped to Rs 5967...
|2020-05-07||ICICI Bank Ltd.||Axis Direct||336.75||500.00||336.75 (11.03%)||33.73||Buy|
We believe there will be a wide of range of opportunities for quality companies across sectors; however, we believe that some themes are more likely to play out and benefit the leader companies in that space disproportionately.
|2020-03-06||ICICI Bank Ltd.||Axis Direct||457.75||621.00||457.75 (-18.32%)||66.09||Buy|
Bajaj Auto is the second largest motorcycle manufacturer in India with a share of ~20%. It is the largest exporter of motorcycles in India with 59% share in FY19. It is also the leader in three-wheeler commercial good carrier ~87% market share.
|2020-02-19||ICICI Bank Ltd.||LKP Securities||530.95||630.00||530.95 (-29.58%)||68.49||Buy|
Formalisation of our economy ultimately concentrates share of profits towards larger companies in various sectors and the two big reforms mentioned above only accelerates that process. Demonetisation has accentuated formalisation of savings away from physical towards financial savings as savers seek to compound their money which is a key reason for us to pick a large private sector bank, a public sector bank and an NBFC so as to play the theme of financialisation of savings....
|2020-02-12||ICICI Bank Ltd.||Edelweiss||541.20||541.20 (-30.91%)|