ICICI Bank Ltd. share price target

The stock currently trades at 2.7x Sep'24E ABV. We reiterate our BUY recommendation, valuing the stock at 3x Sep'24E ABV to the core book and a subsidiary value of Rs 187, to arrive at a target price of Rs 1,150/share, implying an upside of 30% from the CMP.

ICICI Bank reported Q4FY23 PAT at ? 91.2 bn, ahead of our consensus, PAT estimate ? 85.8 bn / ? 90.4 bn respectively. The operating profit was in-line with expectations and the profit beat was mainly on account of softer than estimated provisions (? 16.2 bn reported vs. ? 22.6 bn estimated).

ICICI Bank reported Q4FY23 PAT at ? 91.2 bn, ahead of our consensus, PAT estimate ? 85.8 bn / ? 90.4 bn respectively. The operating profit was in-line with expectations and the profit beat was mainly on account of softer than estimated provisions (? 16.2 bn reported vs. ? 22.6 bn estimated).

Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income

Strong on most fronts