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📊 ICICI Bank Ltd | Broker Report | 𝘉𝘜𝘠 𝘊𝘢𝘭𝘭 🟢

🏢 𝘉𝘶𝘺 𝘐𝘊𝘐𝘊𝘐 𝘉𝘢𝘯𝘬; 𝘵𝘢𝘳𝘨𝘦𝘵 𝘰𝘧 𝘙𝘴 1600: 𝘌𝘮𝘬𝘢𝘺 📈 𝘙𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯: BUY 🏛️ 𝘉𝘳𝘰𝘬𝘦𝘳𝘢𝘨𝘦: Emkay Global Financial Services

ICICI Bank: Emkay Research maintains a BUY rating with a target price of ₹1,600. 🏦 The brokerage firm's rationale is based on the bank's resilient performance and expected RoA of 2.1-2.3% over FY26-28E. Key metrics include:

• 𝗕𝗿𝗼𝗸𝗲𝗿𝗮𝗴𝗲 𝗙𝗶𝗿𝗺: Emkay Research

• 𝗥𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻: BUY

• 𝗧𝗮𝗿𝗴𝗲𝘁 𝗣𝗿𝗶𝗰𝗲: ₹1,600

• 𝗥𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗲: Resilient performance, better cost management, improving fees, and contained LLP.

• 𝗞𝗲𝘆 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: ▪ Limited margin compression at 7bps QoQ. ▪ Headline GNPA ratio at 1.7%. ▪ X% PAT beat at ₹128bn (up XX% YoY). ▪ RoA of ~2.4%. ▪ Credit growth moderated to XXXX% YoY. ▪ Expects 2.1-2.3% RoA over FY26-28E. 🚀

Emkay Research expects near-term margin pressure but believes the bank is well-positioned to deliver strong RoA. The bank's asset management subsidiary has filed for an IPO, which should unlock value. Key risks include slower-than-expected growth and higher margin contraction. ⚠️

🔗 𝘙𝘦𝘢𝘥 𝘍𝘶𝘭𝘭 𝘙𝘦𝘱𝘰𝘳𝘵:

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