ICICI Bank: Growing franchise through technological innovations
Source: IRIS | 06 Dec, 2021, 01.28PM
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| Rating: NAN / 5 stars. |
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 ICICI Bank, one of the India's largest private sector banks, in its analyst day highlighted how the strengthening of its digital capabilities is helping transform the bank and increase throughput rates, while offering customers a superior experience. The bank is capable of building and scaling digital capabilities like the best of the FinTechs, though agility, constant innovation, and customer focus remains the key to success, stated Motilal Oswal Institutional Equities.
ICICIBC has been reporting strong growth in Retail advances, supported by an impressive share of digital originations, while SME/Business Banking growth has been robust, aided by various digital applications. "With a resilient asset quality and an improving economic environment, it appears firmly positioned to deliver healthy sustainable growth," it added.
"We estimate ICICI Bank to deliver ~25% earnings CAGR over FY22-24E, while RoA/RoE improves to 2%/16.6% in FY24E. ICICI Bank remains our top pick in the sector. We reiterate a Buy with a SoTP based TP of Rs 1,000 (2.8x Sep'23E ABV)," the broking firm said.
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