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ICICI Bank: Preferred pick with TP unchanged at Rs 500
Posted on 31st July 2019
Q1FY20 was strong for ICICI Bank marked by significantly higher-than-expected PAT of Rs 19.1 billion (our estimate: Rs 16.7 billion) primarily on lower provisions (down 41.5% year-on-year). Key highlights of Q1: (a) domestic advances growth improved to 17.9% y-o-y — retail book (up 22.4%); (b) decline in BB and below rated pool to 2.6% of loans vs 3% in Q4FY19; and (c) headline asset quality improved with GNPA down 21 bps quarter-on-quarter at 6.5%.

The management sounded confident and expects to do calibrated business growth based on opportunities available rather than target-based approach. Asset quality has come well under control and the management maintained its credit cost guidance at 120-130 bps for FY20. We retain ICICIBC as our preferred pick in banking space with SoTP-based TP unchanged at Rs 500 (2.3x FY21E ABV on core book).

The management sounded confident and expects to do calibrated business growth based on opportunities available rather than target-based approach. Asset quality has come well under control and the management maintained its credit cost guidance at 120-130 bps for FY20. We retain ICICIBC as our preferred pick in banking space with SoTP-based TP unchanged at Rs 500 (2.3x FY21E ABV on core book).

ICICI Bank’s business model has stabilised with calibrated business approach and a focus on building the retail franchise. Control on costs, falling share of overseas business, high PCR, adequate capitalisation and a stable management team provide comfort. We believe the management will be able to achieve its 15% RoE target for June 2020 which will help in rerating of the stock.

Related Companies: ICICI Bank   

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