Buy ICICI Bank, target price Rs 1,370: HDFC Securities
HDFC Securities has buy call on ICICI Bank with a target price of Rs 1,370. The current market price of ICICI Bank Ltd. is Rs 1294.35. ICICI Bank, incorporated in 1994, is a banking company with a market cap of Rs 884615.36 crore.
ICICI Bank's key products/revenue segments include interest & discount on advances & bills, income from investment, interest on balances with RBI and other inter-bank funds and interest for the year ending 31-Mar-2024.
Financials For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 72942.55 crore, up 8.43% from last quarter's total income of Rs 67270.06 crore, up 27.32% from last year same quarter's Total Income of Rs 57292.26 crore. The bank has reported net profit after tax of Rs 12947.77 crore in latest quarter.
Investment Rationale
ICICI Bank?s earnings beat estimates on the back of strong operating performance and healthy growth on both sides of the balance sheet, partly offset by continued upward normalisation in asset quality and a QoQ dip in margins. Loan growth (+15 YoY) was largely driven by business banking, SME, rural and credit card segments. ICICIBC witnessed lower gross slippages in the retail and rural portfolios, partly offset by higher write-offs, while also maintaining a healthy PCR (79%).
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