icici bank share price: Buy ICICI Bank, target price Rs 600: Emkay Global


Emkay Global Financial Services has buy call on ICICI Bank with a target price of Rs 600. The current market price of ICICI Bank Ltd. is Rs 508.15 .

ICICI Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 350879.83 Crore).

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 14805.93 Crore, down -3.45 % from last quarter Interest Income of Rs 15335.70 Crore and down -2.18 % from last year same quarter Interest Income of Rs 15136.52 Crore. The bank has reported net profit after tax of Rs 5426.33 Crore in latest quarter.

ICICI bank

Investment Rationale
The brokerage believes that ICICI’s emergence as a strong retail-cum-digital bank, expected better asset-quality experience with strong provisioning/capital buffer, and thus better growth trajectory and return ratios over FY22/23E will drive a re-rating. It raises TP to Rs600, valuing the standalone bank at 2x Dec FY22E ABV and subs at Rs 114. Retain Buy/OW in EAP. Key risks: higher-than-expected NPA formation in retail, slow growth and top management attrition.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Sept 30, 2020, while FIIs held 55.6 per cent, DIIs 36.1 per cent and public and others 8.3 per cent.





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