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ICICI Bank Ltd Research Report - 11th Nov 2016

Banking | Published on Nov 11th 2016


ICICI Banks 2QFY17 results have been encouraging. While slippages remained high, large part of that came from the watch list. The bank has utilized part of the proceeds from stake sale in insurance business towards provisions. Management commentary also remained optimistic, as no addition is expected to the watch list; sharp deterioration of the accounts within the watch list is also unlikely. Earnings growth for ICICI Bank is likely to remain under pressure for the next few quarters, due to elevated slippages and resultant credit cost. However, the good part is that large part of the slippages has been coming from the known accounts and hence asset quality after few quarters should stabilize, which will pave the ways for secular growth FY18 onwards. The stock has seen quite a run up in the last few months, however we believe as more clarity emerges on its book the valuation gap of ICICI vs other Pvt Sector banks should narrow down. At the CMP the stock is trading at 1.4x its FY18E ABV (Excluding Rs80 for all the subsidiaries). We recommend an Accumulate rating on the stock, with a revised target price of Rs315.

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CMP 277
Target Price 315
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others-16.0
Grand Total100.0

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