Q3 FY21 Result Update - ICICI Bank - YES Securities

(Rating: BUY, TP: Rs 675, Upside 25.7%)

- Strong growth and resilient asset quality leading to 5-6% ABV upgrades

- Our earnings and ABV estimates for FY22/23 undergo material upgrade, as we raised loan growth assumption and pruned credit cost forecast.

- We now expect the bank to deliver average 1.7% RoA and 14-15% RoE over FY22-23 with high capitalization levels.

- The core bank trades at 1.6x FY23 P/ABV, attractive in a scenario of improving growth and strong profitability. Retain BUY and raise 12m PT to Rs675, as we also assign a better multiple now.

Shares of ICICI BANK LTD. was last trading in BSE at Rs.537 as compared to the previous close of Rs. 528.15. The total number of shares traded during the day was 670598 in over 11869 trades.

The stock hit an intraday high of Rs. 544.8 and intraday low of 529.85. The net turnover during the day was Rs. 359423364.

Source : Equity Bulls

Keywords