Sharekhan has given Buy recommendation for ICICI Bank with a target price of Rs. 680 in its research report issued on Jan 29, 2021

Sharekhan’s research report on ICICI Bank

Q3FY2021 results were strong with operational numbers in line with hopes; and asset quality performance and loan growth were encouraging. Advances growth was healthy (up 13% y-o-y and 7% q-o-q) with retail loan portfolio (65.6% of total loans) up by 15% y-o-y and 7% q-o-q. Reported GNPA / NNPA declined to 4.72% / 0.69% down by 91 bps / 40 bps q-o-q; Proforma GNPA / NNPA saw just a slight rise of 6 bps / 14 bps from Q2 FY2021 levels; NIMs improved q-o-q.

Outlook

Stock is available at 2.3x/2.1x its FY2022E/FY2023E BVPS; we maintain a Buy on the stock with a revised SOTP-based price target (PT) of Rs. 680.

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