ICICI Bank Ltd. share price target

ICICI is India?s second largest bank and largest private bank and will be the biggest beneficiary of buoyant economic outlook, pick up in corporate credit, continued retail credit...

ICICIBCs 1Q results were below expectations with asset quality issues continuing to hit performance. Slippages were elevated at 7.5% ann., with the only solace that 71% was from the watch-list (Rs 45.6bn) and the restructured book (Rs 13.2bn). Higher slippages rubbed off negatively on margins (down 21bps QoQ) with consequent interest reversals. Headline GNPAs were optically stable, aided by sale to ARCs and write-offs.

Background: ICICI Bank is one of India's largest banks with advances of INR 4.5tn. Network: Branches 4451, ATMs 14,073, presence in 19 countries. Focus is on retail lending representing ~46% 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...

8 ICICI Bank's net profit at Rs 22.3bn, was ahead of our expectation due to lower NPA provision and higher treasury income. Core operating performance was weak due to mutedNIIandweaktrendinthecorefeeincome....

XX During the quarter, ~77% of the fresh slippages came from restructured exposure of the companies internally rated below investment grade. XX Fresh slippages and credit cost to remain at elevated level in FY17E, as it has relatively higher exposure to few stressed sectors. XX The Bank has ~Rs33bn of non-fund based exposure to borrowers already classified...

For 4QFY2016, ICICI Bank's reported PAT came in sharply lower at Rs702cr. However, on adjusting for the exceptional contingency provision of Rs3,600cr that the bank made during the quarter, the PAT is in-line with our estimate. Domestic advances grew strong, backed by retail loans: During the quarter, the bank's advances grew by 12.3% yoy..

Background: ICICI Bank is one of India's largest banks with advances of INR 4.3tn. Network: Branches 4450, ATMs 13,766, presence in 19 countries. Focus is on retail lending representing ~47% 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...

ICICIBCs 4Q results were disappointing on all fronts, given the moderation in loan growth and NIM compression. Most important, asset quality took the expected tumble. Slippages were elevated on account of AQR and relapse in the restructured book.

as per RBI's asset quality review. Consequently slippages came in at 70.3bn (of which 60% were pertaining to AQR and Rs 27.3bn from restructured book). GNPA/ NNPA deterioratedby110bps/70bpsto5.82%/2.98%....

ICICIBC reported 9% miss on adj. PBT (ex. contingency provisions), impacted by weak core PPoP growth 3% YoY (marred by moderate loan growth and higher stress addition). In 4QFY16, ICICIBC created one-off contingency provision of...