ICICI Bank - Q4FY13 Result Preview - Angel Broking

ICICI Bank is slated to announce its 4QFY2013 results today. We expect the bank to report a strong NII growth of 28.3% yoy to Rs. 13,767cr, primarily on anticipation of healthy advance growth of 16.5% yoy. Non-interest income is expected to grow by just 5.9% yoy to Rs. 8,497 cr. Operating expenses are expected to increase by 11.4% yoy to Rs. 2,474cr. Provisioning expenses are expected to be lower at 382cr as compared to corresponding base of Rs. 469cr in 4QFY2012. Hence, we expect the bank to report healthy PAT growth of 23.1% yoy at Rs. 2,340Cr.

At the CMP, the stock is trading at 1.8x FY2014E ABV and 1.6x FY2015E ABV. We recommend a BUY rating on the stock with a target price of Rs. 1,306.

Source : Equity Bulls

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