ICICI Bank- Growing steady ACCUMULATE :Emkay

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ICICI Bank

Growing steady

ACCUMULATE

CMP: Rs1,038                                        Target Price: Rs1,200

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n     ICICI Bank’s NII at Rs24.1bn below our and street estimates. PAT at Rs13.3bn above estimates driven by lower expenses. Stable GNPA with healthy PCR provides comfort

n     Sixth quarter of sequential growth in loan book. Despite steep fall in CASA proportion qoq, NIMs remain stable qoq driven by higher yield on advances

n     Mgmt lowers FY12E loan growth target to 18% vs 20% earlier. Will have a marginal negative impact of 1-1.5% on our earnings estimates for  FY12/13E

n     Valuations at 2.1x/1.9x FY12E/FY13E standalone ABV not unreasonable with improving operating matrix. Maintain ACCUMULATE rating with TP of Rs1200