ICICI Bank posted excellent results in the fourth quarter. The profit of the bank increased by almost 60% to cross Rs 7000 crore, although it was estimated to be Rs 6,629 crore.
The NII of the bank increased by about 21 per cent to Rs 12604.6 crore as against its estimate of Rs 12621 crore. Apart from this, the NIM of the bank reached record levels. This time the lowest NPA was seen in 29 quarters.
Brokerages on ICICI Bank
Opinion of CLSA on ICICI Bank
CLSA has given Outperform Rating on ICICI Bank and has a target of Rs 1050 for the stock. He says that the better performance continues. Presently, the bank is consistently registering sector-best growth in loans. The bank has the best core PPOP in the sector and has an ROE of 16% to 17%. Now its RORWA is likely to be 3.1% which could be 40%-45% higher than the previous upcycle. Now its RORWA is expected to be 3.1% like HDFC Bank.
NOMURA’s Opinion on ICICI Bank
NOMURA has a Buy rating on ICICI Bank and has a target of Rs 960 for the stock. The Bank’s Q4 Core PPOP growth and asset quality trends have remained consistent. The RoE is expected to reach 16% in FY24.
Opinion of BoFA on ICICI Bank
BoFA has given Buy rating on ICICI Bank and has a target of Rs 960 for the stock. He says strong 4QFY22 results have boosted expectations of RoE reaching 16% in FY23. Strong growth has been seen in the retail / SME of the bank. The digital business has also been doing well. They have maintained a buy rating on it due to consistent earnings results and the potential for further ROE re-rating.
Opinion of GOLDMAN SACHS on ICICI Bank
GOLDMAN SACHS has a Buy rating on ICICI Bank and has a target of Rs 938 for the stock. He says that due to the consolidation of PPOP-RoA, the market share of the bank has increased. Structurally, ICICI Bank is in a good position to reach 1.9 per cent of Rpt Superior RoAs. ROEs are expected to remain strong in FY23E-25e.
CREDIT SUISSE Opinion on ICICI Bank
CREDIT SUISSE has given Outperform Rating on ICICI Bank and has raised the target of the stock to Rs.870. He says that ICICI Bank will continue to deliver strong results. Apart from this, ICICI Bank will continue to be our top pick.
