ICICI Bank Ltd. share price target

ICICI Bank's profit increased nearly 3 fold y-o-y to Rs 20.2 bn (Rs 7.0 bn) mainly on back of strong NII growth and retail fee growth. Bank reported higher slippages than expected mainly due to one of 1 cement company account (Rs 53.8 bn) as per RBI guidelines. During the quarter, bank's Net Interest Income (NII) increased by 10.3% y-o-y and 11.2% q-o-q to Rs 59.6 bn. The NII growth was mainly attributed to loan growth of 6.6% to Rs 4,642.3 bn. The retail loan portfolio of the bank increased by 18.5%, which now...

ICICIBCs 4Q results were a pleasant surprise, with (1) A sharp drop in net stressed assets, (2) Healthy domestic loan growth at 14%, led by retail, (3) NIM improvement, (4) Controlled opex ( 2% QoQ), (5) Sustained momentum in CASA and (6) In-line net earnings, despite reversals of Rs 2.9bn towards foreign currency translation gains. However, the bank utilised contingent provisions of Rs 15.3bn during the quarter.

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...

ICICI Bank's 3QFY17 results were in line with expectations. Though slippages remained high, on an absolute basis it was lower sequentially and large part of that came from the watch list. While overall loan book growth remained moderate, domestic business remained decent and fee income gained traction. While the near term outlook for ICIC..

NII rose to Rs. 5363.35 Cr in Q3FY17 compared to Rs. 5253.29 Cr in Q2FY17. NII decreased by 1.64% ( Rs. 89.61 Cr ) when compared with the same period last year.

ICICIBCs 3Q results surprised positively on various parameters (1) Stable NIM, (2) Strong fee growth, (3) 410bps rise in CASA ratio, (4) Controlled opex, (5) Sequentially lower slippages and (6) Gradual decline in overall stressed book.

Background: ICICI Bank is one of India's largest banks with advances of INR 4.54tn. Network: Branches 4504, ATMs 14,146, presence in 19 countries. Focus is on retail lending representing ~48.9% of total loans while International and retail 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...

ICICI Banks 2QFY17 results have been encouraging. While slippages remained high, large part of that came from the watch list. The bank has utilized part of the proceeds from stake sale in insurance business towards provisions. Management commentary also remained optimistic, as no addition is expected to the watch list; sharp deterioration..

Background: ICICI Bank is one of India's largest banks with advances of INR 4.54tn. Network: Branches 4468, ATMs 14,295, presence in 19 countries. Focus is on retail lending representing ~48% of total loans while International and retail 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...