ICICI Bank - Q1FY14 Result Update - IIFL

- Domestic book grows by 14% yoy; weak retail credit growth disappointed

- CASA ratio improves for yet another quarter; bank confident of sustaining average balance at 39%

- NIM performance better than expectation aided by normalization of international margin

- Core fee income growth improves; C/I ratio declines on huge treasury income

- Notable stress in asset quality; aggravating risks to credit cost guidance

- Retain BUY but reduce 9-month target price to Rs1,212.

Source : Equity Bulls

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