Buy ICICI Bank, target price Rs 750: Anand Rathi

Anand Rathi has buy call on ICICI Bank with a target price of Rs 750. The current market price of ICICI Bank Ltd. is Rs 600.55.

ICICI Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 416896.02 Crore).

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 43567.64 Crore, up 7.70 % from last quarter Total Income of Rs 40454.45 Crore and up 8.59 % from last year same quarter Total Income of Rs 40121.48 Crore. The bank reported net profit after tax of Rs 5775.72 Crore in latest quarter.


Investment Rationale
The brokerage remains positive on ICICIBANK, considering a strong b/s (granular, sticky liability base, lower stress levels, high provision coverage ratio and adequate capital adequacy ratio), strong growth in advances, high casa ratio and improving asset quality.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company , FIIs held 58 per cent, DIIs 34.3 per cent and public and others 7.7 per cent.