ICICI Bank Well on track ACCUMULATE: Emkay,

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ICICI Bank

Well on track

ACCUMULATE

CMP: Rs931                                        Target Price: Rs1,200

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n     ICICI Bank’s NII at Rs25.1bn inline with consensus estimates. PAT at Rs15bn above estimates driven by lower provisions

n     Advances grew by robust 6%qoq aided by strong growth in international and domestic corp book. But, retail reported 1.1%qoq decline led by decline across retail portfolio

n     The bank asset quality remained largely stable with just 1.2% increase in GNPA, while NNPA reported decline of 2.9%qoq to Rs22.4bn

n     Valuations at 1.9x/1.7x FY12E/FY13E standalone ABV not unreasonable with improving operating matrix. Maintain ACCUMULATE rating with TP of Rs1200