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Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
05 July, 2025 18:05 IST
IDBI Capital reiterates Buy rating on ICICI Bank; target price of Rs 670
Source: IRIS | 06 Feb, 2021, 09.13AM
Rating: NAN / 5 stars.
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ICICI Bank (one of our top picks) reported strong set of numbers with a) stable asset quality (Proforma), b) Restructured book at 0.4% and c) PAT growth at 19% YoY (up 16% QoQ) during toughest quarter Q3FY21. Asset quality on Proforma basis remains stable with GNPA at 5.42% versus 5.36% QoQ; however slippage ratio was higher on sequential basis, said IDBI Capital in its research report.

Restructuring under RBI resolution framework stood at 0.5% of advances, including corporate cases and company guided for less than 1% of advances for FY21. Management said collection efficiency has improved during Q3FY21 versus 97% of pre-covid levels for retail portfolio (Q2FY21). NII grew by 16% YoY against a loan growth of 10% YoY; margins improved sequentially. PPoP grew by 17% YoY as cost to income ratio improved (40% vs 42.5% YoY). Strong liability franchise and higher Tier I capital ratio will advantage bank when the economy growth recovers, it added.

"We re-iterate "Buy" with a new TP of Rs. 670 (earlier Rs.580), valuing parent business at Rs.547 (2.1X P/ABV FY23E vs earlier at 1.8X as Covid impact was lower than estimated) and rest for the subsidiaries," the broking firm stated.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.



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