23/01/2024
ICICI Bank:
CMP INR1008, TP INR1230, 22% Upside, Buy • ICICI Bank reported a strong performance in 3QFY24, with 24% YoY growth in net earnings (inline) despite making AIF provisions of INR6.3b. NIMs contracted 10bp QoQ to 4.43% (better than estimate). • Credit growth was healthy at 19% YoY/4% QoQ, led by continued traction in Retail, SME and BB segments. Deposit growth was also steady at 19% YoY/2.9% QoQ. • On the asset quality side, slippages were slightly elevated amid seasonally higher slippages from the Kisan Credit Card (KCC) segment. GNPA ratio decreased 18bp QoQ while NNPA remained largely flat. • We expect ICICIBC to deliver RoA/RoE of 2.3%/18.3% in FY25. View: ʙᴜy
market .