Buy ICICI Bank; target of Rs 1090: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on ICICI Bank

ICICIBC saw a stable quarter with core PAT being higher by 1.6%. Better loan growth and NIM was partly offset by opex miss. As per the Bank, opex might remain elevated as healthy revenue profile provides headroom to invest in business. Loan growth QoQ was largely led by retail while corporate and BuB also saw traction. NIM rose by 19bps QoQ to 4.76% due to slower rise in cost of funds. TD grew by 4.3% QoQ and management stated that RTD rates have accelerated in last few weeks which may boost RTD flows.

Outlook

Hence funding cost may rise at a faster pace in coming quarters which may arrest the rate of NIM increase. Led by lower slippages GNPA reduced by 17bps QoQ to 3.2% and buffer provisions of Rs15bn were created taking its total pool to Rs100bn or 1.5% of RWA. Rolling forward to Sep’24 core ABV, we maintain multiple at 3.0x and raise SOTP based TP from Rs950 to Rs1090. Retain BUY.

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ICICI Bank - 231022 - prabhu