{"id":11902,"date":"2017-08-26T13:42:41","date_gmt":"2017-08-26T08:12:41","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=11902"},"modified":"2017-08-28T14:30:42","modified_gmt":"2017-08-28T09:00:42","slug":"icici-bank-ltd-2","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/icici-bank-ltd-2\/11902","title":{"rendered":"ICICI BANK Ltd."},"content":{"rendered":"<p><strong>On a path of recovery&#8230;<\/strong><\/p>\n<p style=\"text-align: justify;\">ICICI Bank is India&#8217;s largest private sector bank with total assets of Rs771,791cr as of FY17 and profit after tax of Rs9,801cr in FY17. It currently has a network of 4,852 Branches and 13,780 ATM&#8217;s across India. The bank has achieved consistent growth over the last 5 years with a CAGR (FY12-17) of 10% in Total Assets, 14% in Total Deposits, 13% in Total Advances and 9% in Net Profit.<\/p>\n<div class=\"blog-highlight\" style=\"clear: both; background: #3ba010; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/registration\/login.jsp?ref=blog-button\" target=\"_blank\"> <span style=\"color: #fff; font-weight: bold;\">Open<\/span> <span style=\"color: #fff; font-weight: bold; text-decoration: none;\"> a FREE Account Now! <\/span><\/a><\/div>\n<p style=\"text-align: justify;\"><strong>Valuation:<\/strong> Although asset quality stress will impact near-term outlook, we expect the bank\u2019s core performance to improve by FY19E and deliver RoE and RoA of 11% and 1.4%, respectively. Further, we like ICICI bank given its improving B\/S mix with higher contribution from granular business (Retail) coupled with strong capitalization. Hence, we initiate coverage withj BUY rating on the stock with a TP of Rs325 using sum of the part (SOTP) methodology, where we value its standalone business at Rs244 (P\/ABV of 1.8x for FY19E) and subsidiaries at Rs81.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2017\/08\/Research-Report-ICICI-Bank-Ltd.-1.pdf\">Research Report ICICI Bank Ltd. (1)<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a path of recovery&#8230; ICICI Bank is India&#8217;s largest private sector bank with total assets of Rs771,791cr as of FY17 and profit after tax of Rs9,801cr in FY17. It currently has a network of 4,852 Branches and 13,780 ATM&#8217;s across India. The bank has achieved consistent growth over the last 5 years with a [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ICICI BANK Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on ICICI BANK Ltd. 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