ICICI Bank Ltd. share price target

ICICI Bank is India's 2nd largest bank with Assets of INR 7.4tn. Network: Branches 4052, ATMs 12811, presence in 19 countries. Focus is on retail lending representing ~40% of total loans while International and Corporate are the new growth drivers. The bank holds near market leadership in almost all its businesses including Mortgages, Auto Loans, Commercial Vehicle loans, Life Insurance, General Insurance, and Asset Management. Its subsidiaries ICICI Venture Funds, ICICI Pru...

Domestic credit, 75.7% of total credit, should grow at ~1820% inFY16, drivenby the retail segment. Loan book of overseas branches should see moderate growth of ~8%. Withinthedomesticloanbook,retailcreditbookshouldgrow~25%whereasnonretail...

Retail advances to drive credit growth: Retail credit is expected to drive the advances growth in FY16 which is expected to grow by 17-18% led by 25% growth in retail advances (42.5% of total advances), followed by 10-15% growth in corporate advances (28.8%) and ~ 10% growth in overseas advances (24.3%) on constant $ basis.

ICICIBC has gradually improved the B/S mix with higher contribution from granular business (Retail & SA). Further, improvements are visible in PL with better NIMs and higher contribution from retail fees. While bank?s strong liability franchise, increasing retail penetration & capital position provide comfort, its concentrated exposure to leveraged cos and risky sectors is an overhang. ICICIBC trades at ~1.7x Core-ABV on FY17E. Maintain BUY.

Buy on dips to Rs 281- Rs 296 for Target of Rs 336 in 1 quarter

ICICI Bank's Q4FY15 results were in- line with estimates as the earnings grew by 10.2% YoY (1.1% QoQ) to Rs 29.2 bn. NII has reported a strong growth of 16.6% YoY (5.6% QoQ) to Rs 50.8 bn. Advances grew by 14.4% YoY and 3.2% QoQ led by strong growth in retail advances.

YoY to Rs29.2 bn. Gross NPA increased during thequarter, on accountof higher slippages from the restructured loan book. Fresh restructuring were at Rs12.5bn and with slippage fromrestructuredloanamountingtoRs22.5bn,theoutstandingrestructuredbookdeclined...

Background: ICICI Bank is India's 2nd largest bank with Assets of INR 7.4tn. Network: Branches 3880, ATMs 12,091, presence in 19 countries. Focus is on retail lending representing ~40% of total loans while International and Corporate are the new growth drivers. The bank holds near market leadership in almost all its businesses including Mortgages, Auto Loans, Commercial Vehicle loans, Life Insurance, General Insurance, and Asset Management. Its subsidiaries ICICI Venture...

largest bank with Assets of INR 7.4tn. Network: Branches 3880, ATMs 12,091, presence in 19 countries. Focus is on retail lending representing ~40% of total loans while International and Corporate are the new growth drivers. The bank holds near market leadership in almost all its businesses including Mortgages, Auto Loans, Commercial Vehicle loans, Life Insurance, General Insurance, and Asset Management. Its subsidiaries ICICI Venture...

largest bank with Assets of INR 7.4tn. Network: Branches 3815, ATMs 11,739, presence in 19 countries. Focus is on retail lending representing ~40% of total loans while International and Corporate are the new growth drivers. The bank holds near market leadership in almost all its businesses including Mortgages, Auto Loans, Commercial Vehicle loans, Life Insurance, General Insurance, and Asset Management. Its subsidiaries ICICI Venture Funds, ICICI Pru...