ICICI Bank Ltd. share price target

ICICI Bank (ICICIBC) reported a healthy performance in 4QFY24, with 17%
YoY growth in net earnings (in line) amid contained opex and provisions.
The pace of NIM contraction decelerated, down 3bp QoQ at 4.4% (vs. -
10bp in 3Q).

Recommendation: We maintain our BUY recommendation on the stock.

Q3 PAT up 24% YoY but flat QoQ due to higher provisions and modest growth in NII

Consensus from 38 analysts on ICICI Bank is buy, with a target price of Rs. 1188.

As of September 30, 2023, the loan book stood at INR 1,11,05,421 Mn, a growth of 18.3% YoY/ 5.0% QoQ, led by 19.3% YoY/ 4.8% QoQ growth in the domestic loan portfolio. The overseas book declined by 4.4% YoY, contributing 3.3% to the overall loan book. On the domestic side, the retail loan growth was 21.4% YoY/ 5.5% QoQ, from which the mortgage portfolio grew by 16.2% YoY/ 4.1% QoQ, while Auto loans grew by 24.1% YoY/ 5.5% QoQ.