[ad_1]
Phillip Capital, CLSA and
have maintained buy ratings on the lender post results, while Equirus has maintained a long rating. These brokerages have raised target prices on the stock by over 2-15%. IDBI Capital and Elara Capital have maintained buy ratings with a target price of ₹950 and ₹1,000 respectively.
Shares of ICICI Bank ended down 0.7% at ₹804.60 on Friday.
“With strong balance sheet and capital position, the bank is geared to capitalise growth opportunity in the system. As net slippage gravitates towards normalised levels, the provision buffer of ₹8,900 crore (1.1% of gross loan), provides us with the confidence in the bank’s ability to deal with any headwinds in its restructure book of ₹9,700 crore (1.2% of loan book),” said Phillip Capital.
Retaining ICICI Bank as its top pick, Elara Capital said back to back strong earnings by the bank over the last quarter give confidence that the strong traction in loans, net interest margin and fees is sustainable. “ICICI Bank will likely match HDFC Bank’s ROA (return on assets) in FY24,” said Elara Securities.
[ad_2]
Source: The Economic Times
(This is an auto-generated article from syndicated news feed. TEAM BEPINKU.COM may not have modified or edited the article).
