CMP : 225
Target Price : 254
For 4QFY2016, ICICI Bank’s reported PAT came in sharply lower at Rs702cr.
However, on adjusting for the exceptional contingency provision of Rs3,600cr that
the bank made during the quarter, the PAT is in-line with our estimate.
Domestic advances grew strong, backed by retail loans: During the quarter, the
bank’s advances grew by 12.3% yoy..