Buy ICICI Bank, target price Rs 1150: Axis Securities

Axis Securities has buy call on ICICI Bank with a target price of Rs 1150. The current market price of ICICI Bank is Rs 854.15.

ICICI Bank, incorporated in the year 1994, is a banking company (having a market cap of Rs 597442.59 Crore).

ICICI Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 47859.50 Crore, up 5.93 % from last quarter Total Income of Rs 45178.22 Crore and up 20.05 % from last year same quarter Total Income of Rs 39865.80 Crore. The bank has reported net profit after tax of Rs 9538.82 Crore in latest quarter.

Investment Rationale
The bank has been outperforming its peers and has been firing on all cylinders. the counter has ticked most boxes on growth, margins, and asset quality. Higher loan growth, improving operating profits, and a strong provision buffer coupled with a strong deposit franchise will help the bank achieve ROAE/ROAA expansion over FY23-25E. On the valuation front, the brokerage believe the bank continues to be on a comfortable footing.