ICICI Bank Ltd. share price target

Earnings in 4QFY21 re-acknowledge our conviction that ICICI Bank is preparing for sustainable, prudent and cautious growth despite some exceptional glitches owing to COVID second wave. The bank has reported its 4QFY21 results with the key pointers being: 1) NII growth of 16.9% YoY, with headline NIMs (Domestic: 3.94% & Overall: 3.84%) growth of 17bps sequentially despite higher liquidity available (LCR: 146%). The bank has excluded 1.75bn from interest income as an estimated impact of interest on interest wavier, 2) PPoP growth of 15.6% YoY and de-growth of 3.2% sequentially because of lower fee income, 3) Reported slippages (118.2bn) higher because of resumption of asset classification. The gross slippages includes 82.8bn of pro-forma...

ICICI Bank (one of our top picks) transit through Covid-19 impacted FY21 with robust numbers a) Improved asset quality, b) Restructured book at 0.5%, c) Core Operating profit growth at 17% YoY and d) Strong credit growth at 14% YoY. During Q4FY21, asset quality improved with GNPA at 4.96% vs 5.36% QoQ (5.44% YoY) as slippage ratio declined sequentially. Restructuring under RBI resolution framework stood at 0.5% of advances; 51% Retail book and 49% Corporate + SME book. Management said impact of second wave could be determined in next 1-2 months; however well prepared with more than 1% of covid-19 provisions. During Q4FY21, NII grew by 17% YoY against a loan growth of 14% YoY; margins...

ICICI Bank (ICICIBC) reported Q4FY21 PAT of Rs 44bn on 17% YoY growth in NII and 14% loan growth.

Based on the above themes we recommend the following stocks: ICICI Bank, SBI, Equitas SFB, Federal Bank, Bharti Airtel, HCL Tech, Tech Mahindra, Varun Beverages, Relaxo Footwears, Amber Enterprises, Camlin Fine Science, Minda Industries, Steel Strip Wheels. Lupin & ACC

We recommend BUY on the stock with a target price of Rs 666 (SOTP basis)

ICICI Bank is one of India's largest bank

NIM contracted by 10bps YoY to 3.67% in Q3FY21 dragged down by lower yield on advances. However, net interest income rose 16.0% YoY to Rs. 9,912cr supported by lower interest expense (-6.7% YoY). Pre-provisioning operating profit rose 16.8% YoY to Rs. 8,820cr, driven by lower employee costs, advertising and sales promotion expenses. Robust growth in advances, prudent cost control measures and strong asset quality should remain key drivers for ICICI Bank's future growth prospects. We reiterate our BUY rating on the stock with a revised...

ICICI Bank reported moderate 19% growth in net profit at Rs 4939.59 crore for the quarter ended December 2020 (Q3FY2021). Bank has improved margins, while exhibited strong improvement in cost-to-income ratio in Q3FY2021. The core fee income of the bank has also recovered significantly and recorded growth in Q3FY2021 after decline for last two quarters. Net interest income (NII) increased by 16% to Rs 9912 crore. NIM improved to 3.67% in...

Earnings in 3QFY21 acknowledge our conviction that ICICI Bank is preparing for sustainable, prudent and cautious growth despite some exceptional hiccups owing to Covid. The bank has reported its 3QFY21 results with the key pointers being: 1) NII growth of 16.0% YoY, with headline NIMs (Domestic: 3.67% & Overall: 3.67%) growth of 10bps sequentially despite higher liquidity available (LCR: 146%), 3) PPoP growth of 16.8% YoY and 6.8% sequentially, 4) Lower reported slippages (4.7bn v/s 30.1bn) led by retail slippages (84% of total slippages), 5) NNPA further down 36bps to 1.26%; where pro-forma GNPA/NNPA ratio stood at 5.42%/1.26%, 6) PCR (excluding technical write-offs) improved 600bps to 86%, however the bank didn't include Covid & general provision...

ICICI Bank posted better-than-expected results for Q3FY21 (in terms of profitability and credit growth).