2021-07-29 ICICI Bank Ltd. Geojit BNP Paribas

682.50 788.00 682.50
(5.36%) 9.59 Buy


For Q1FY22 standalone, Net interest income went up 17.8% YoY with marginal +20bps YoY expansion in NIM to 3.89%. Pre-provisioning profit reached Rs. 8,894cr (-17.5% YoY) impacted by 290bps YoY rise in cost-to-income ratio. However, PAT surged 77.6% with PCR 78.2%, owing to lowered provisions. Commercial and rural banking loans to act as growth catalyst in the upcoming quarter. Strong liquidity may be diverted into loan growth as credit demand recovers. Asset quality has been comparatively strong...

2021-07-26 ICICI Bank Ltd. HDFC Securities

676.75 775.00 676.75
(6.25%) 7.78 Buy

HSIE Results Daily Reliance Industries, ICICI Bank, ITC, Ambuja Cement, Mphasis, Persistent System,

HSIE Results Daily Reliance Industries, ICICI Bank, ITC, Ambuja Cement, Mphasis, Persistent System, Indiamart, Federal Bank, Heidelbergcement India Reliance Industries: Our ADD rating on RIL with a price target of INR 2,280 /sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. ICICI Bank ICICI Banks (ICICIBC) improving all-round performance over the past couple of years has been interrupted by the impact of the second wave in terms of asset quality during Q1FY22, a trend witnessed by all lenders. Slippages increased to 4.2% (FY21: 2.3%), driven primarily by higher retail slippages (6%). The bank, however, reported NII/PPOP/PAT in line with our expectations, by dipping into the COVID provisions (INR 10.5bn) during the quarter, to maintain PCR at 78%. Best-in-class liability franchise, risk-calibrated asset book and industryleading technology initiatives for new-to-bank (NTB) business sourcing are likely to drive ICICI Bank towards above-industry growth and a 15% RoE trajectory. Maintain BUY with a revised SOTP price of INR 775 (earlier INR 770).

2021-07-26 ICICI Bank Ltd. SMC online 677.45 677.45
(6.14%) Results Update


ICICI Bank reported robust 78% growth in net profit at Rs 4616.02 crore for the quarter ended June 2021 (Q1FY2022). The bank has posted strong 18% growth in the net interest income and further improved net interest margins to 3.89% in Q1FY2022. The core fee income of the bank has surged 53% on low base. Bank has showed accelerated loan growth, while maintained healthy CASA ratio in Q1FY2022. Bank has also expanded its distribution network. The asset quality of the bank remained stable despite elevated fresh slippages of loans in Q1FY2022. Asset quality stable: Bank has exhibited maintained asset quality stable despite higher fresh...

2021-07-26 ICICI Bank Ltd. Axis Direct

676.75 810.00 676.75
(6.25%) 12.65 Buy

Result Update:ICICI Bank

We maintain BUY on the stock with a revised target price of Rs 810 (SOTP basis core book at 2.6x FY23E and Rs 176 Subsidiary Value).

2021-07-25 ICICI Bank Ltd. LKP Securities

685.05 780.00 685.05
(4.96%) 8.48 Buy

ICICI BANK - Sound credit growth driven by retail book; Comfortable contingent provision

Asset quality stable, credit cost normalization in 2nd half of FY22E: Slippages were down at 72 bn v/s 118 bn in the previous quarter. Retail slippages and Corporate & SME slippages contributed 94%, and 6% respectively. Despite significant contribution, retail slippages down 32% sequentially. The standard restructured book stood at 48.6 bn (0.7% of portfolio) v/s 39.3 bn (0.5% of book) in 4QFY21. With an anticipation of covid second wave, the total provisioning expenses up sequentially and stood at 28.5 bn v/s 28.8 bn in the previous quarter. The bank wrote back ~10 bn covid provision this quarter; the total covid provisioning stood 64.25 bn....

2021-07-25 ICICI Bank Ltd. Edelweiss

676.75 785.00 676.75
(6.25%) 9.17 Buy 2021-07-25 ICICI Bank Ltd. Motilal Oswal

676.75 835.00 676.75
(6.25%) 16.13 Buy

Steady quarter; earnings progression to remain strong

ICICIBC reported strong earnings performance, led by robust core PPOP, aided by healthy NII growth (5bp NIM expansion). Also, lower provisions (23% below our estimate) drove the earnings beat v/s our estimate. The bank is thus progressing well towards earnings normalization. Fresh slippages stood elevated at INR72.3b (annualized ~4% of loans), pre-dominantly from the Retail/Business Banking portfolio. However, this was partially compensated by higher recoveries and upgrades. The GNPA/NNPA ratio grew by 19bp/2bp QoQ to 5.15%/1.16%. PCR remains...

2021-07-25 ICICI Bank Ltd. IDBI Capital

682.50 780.00 682.50
(5.36%) 8.48 Buy

ICICI Bank: Q1FY22 Result Review

ICICI Bank (one of our top picks) reported strong credit growth at 17% YoY (14% YoY FY21) along with stable assets quality under stiff quarter impacted by second Covid-19 wave impact. During Q1FY22, asset quality remain stable with GNPA slightly inching up to 5.15% vs 4.96% QoQ (5.46% YoY) led by higher recoveries (including upgrades). However, slippage ratio increased sequentially impacted by lower collection efficiency. Restructuring under RBI resolution framework stood at 0.7% vs 0.5% of advances; 45% Retail book and 55% Corporate + SME book. Management said restructuring could increase in Q2FY22; however well prepared with 0.9% of covid-19 provisions. During Q1FY22, NII grew by 18% YoY against...

2021-05-03 ICICI Bank Ltd. Ashika Research 596.75 720.00 596.75
(20.49%) 0.13 Buy 2021-04-29 ICICI Bank Ltd. Geojit BNP Paribas

600.50 723.00 600.50
(19.74%) 0.55 Buy


Net interest income (NII) rose 16.9% YoY in Q4FY21, aided by 3.4% YoY growth in interest income and 8.3% YoY decline in interest expenses. Pre provision profit improved 15.6% YoY to Rs. 8,540cr, benefitted by lower employee costs. Net profit jumped ~3x YoY to Rs. 4,403cr, primarily on lower provisions (-51.7% YoY). Outlook remains intact on the back of strong deposit growth, significant lower cost of deposit. Also, improved asset quality with strong liquidity position provide strong base for growth. Hence, we reiterate our BUY...

2021-04-28 ICICI Bank Ltd. Ventura

591.55 805.00 591.55
(21.55%) 11.95 Buy


We reaffirm our BUY recommendation on the stock with a revised price target of INR 805, which represents a potential upside of 34.4% from the CMP of INR 598.8 (FY24 P/Adj BV 1.9x) over a period 24 months.

2021-04-26 ICICI Bank Ltd. HDFC Securities

591.10 649.00 591.10
(21.65%) Target met Buy

HSIE Results Daily: ICICI Bank, Mahindra & Mahindra Financial Services

Mahindra & Mahindra Financial Services: MMFS reported an in-line operating performance, registering a NII/PPOP growth of 13.2%/9.4% YoY, with higher-than-expected NII (largely due to lower cost of funds) and operating expenditure having off-setting impacts. Disbursements were muted (-15% YoY, -5%QoQ) (CV/CE yet to pick up) and are likely to remain muted in 1QFY22 as well. The company reported higher-than-expected credit costs (4.7%), shoring up its GS-III provisions to 58% (3QFY21: 37%), bringing down its NNPA to 4% (3QFY21: 6.6%) on the RBIs advice. With likely muted pick up in disbursement and recovery amidst a second pan-India COVID wave, we have revised our FY22/23E earnings estimates lower by 17.8/6.8%. Relatively inexpensive valuations and MMFS parentage-enabled access to funds underpin our ADD rating (revised TP of INR183) (implied valuation at 1.3x Mar23 ABVPS). ICICI Bank: ICICI Bank (ICICIBC) clocked an impressive all-round performance across metrics demonstrating high-quality market share gains on both sides of the balance sheet, strong operating profits and a future-proofed balance sheet to capitalise on tailwinds from receding competitive intensity. On the back of rising granularity on both sides of the balance sheet, industry-leading technology initiatives for new-to-bank (NTB) business sourcing, ICICI Bank is poised to scale its 15% ROE and above-industry growth aspirations. Despite macro-headwinds stemming from the second wave of the pandemic, we see limited speedbumps in ICICI Banks continued journey towards high growth and superior profitability. Maintain BUY with revised SOTP price of INR649

2021-04-26 ICICI Bank Ltd. SMC online 598.75 598.75
(20.09%) Results Update


ICICI Bank reported 260% surge in net profit at Rs 4402.61 crore for the quarter ended March 2021 (Q4FY2021). Bank has improved margins, while exhibited strong improvement in cost-toincome ratio in Q4FY2021. The net interest income of the bank has increased at improved pace of 17% with the acceleration in loan growth and better margins. The bank has also posted improved 6% growth in the core fee income for Q4FY2021. Bank has...

2021-04-26 ICICI Bank Ltd. Prabhudas Lilladhar

621.35 700.00 621.35
(15.72%) Target met Buy

Q4FY21 Result Update - Continues its strong show - BUY

moving to better rated assets, renewed underwriting & credit delivery and mining of existing franchise strength. This has led to strong loan & low cost deposit growth leading to better risk-adjusted led profitability. Asset quality has been steady with much low corporate stress, while strong growth in retail in last 2-3 years is seasoning the book which should continue ahead. Strong provision buffer of 100bps & PCR maintained at 77% should help credit cost normalize much faster leading to ROEs moving to 15% by FY23 from 13% currently. We retain BUY with revised TP of Rs700 (from Rs630) based on 2.2x...

2021-04-26 ICICI Bank Ltd. Axis Direct 591.10 720.00 591.10
(21.65%) 0.13 Buy

Result Update:ICICI Bank

We maintain a Buy rating on the stock with a target price of Rs 720 (SOTP basis core book at 2.3x FY23E and Rs 161 Subs. Value), implying an upside potential of 26%.

2021-04-25 ICICI Bank Ltd. Motilal Oswal

591.10 750.00 591.10
(21.65%) 4.30 Buy

Operating performance steady; treasury loss drives earnings miss

Asset quality improves; higher prudential provisioning provides comfort ICICIBC reported strong performance on the business front, with loan growth showing robust trends across Retail, SME, and Corporate portfolio. Core operating performance remains robust even as muted fee income trends and treasury loss resulted in a PAT miss. On the asset quality front, controlled slippages of INR55b and healthy recoveries and upgrades resulted in QoQ improvement in GNPA/NNPA ratio to 4.96%/1.14% (v/s pro forma GNPA/NNPA ratio of 5.42%/1.26%)....

2021-04-25 ICICI Bank Ltd. LKP Securities 621.35 703.00 621.35
(15.72%) Target met Buy

ICICI Bank - Sturdy performance; Comfortable contingent provision

Earnings in 4QFY21 re-acknowledge our conviction that ICICI Bank is preparing for sustainable, prudent and cautious growth despite some exceptional glitches owing to COVID second wave. The bank has reported its 4QFY21 results with the key pointers being: 1) NII growth of 16.9% YoY, with headline NIMs (Domestic: 3.94% & Overall: 3.84%) growth of 17bps sequentially despite higher liquidity available (LCR: 146%). The bank has excluded 1.75bn from interest income as an estimated impact of interest on interest wavier, 2) PPoP growth of 15.6% YoY and de-growth of 3.2% sequentially because of lower fee income, 3) Reported slippages (118.2bn) higher because of resumption of asset classification. The gross slippages includes 82.8bn of pro-forma...

2021-04-25 ICICI Bank Ltd. IDBI Capital

600.50 690.00 600.50
(19.74%) Target met Buy

ICICI Bank: Q4FY21 Result Review

ICICI Bank (one of our top picks) transit through Covid-19 impacted FY21 with robust numbers a) Improved asset quality, b) Restructured book at 0.5%, c) Core Operating profit growth at 17% YoY and d) Strong credit growth at 14% YoY. During Q4FY21, asset quality improved with GNPA at 4.96% vs 5.36% QoQ (5.44% YoY) as slippage ratio declined sequentially. Restructuring under RBI resolution framework stood at 0.5% of advances; 51% Retail book and 49% Corporate + SME book. Management said impact of second wave could be determined in next 1-2 months; however well prepared with more than 1% of covid-19 provisions. During Q4FY21, NII grew by 17% YoY against a loan growth of 14% YoY; margins...

2021-04-25 ICICI Bank Ltd. Edelweiss

569.95 735.00 569.95
(26.16%) 2.22 Buy 2021-04-24 ICICI Bank Ltd. BOB Capital Markets Ltd. 591.10 675.00 591.10
(21.65%) Target met Buy

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