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Stock To Buy: Anand Rathi’s Latest Pick Is Multibagger Banking Stock, Target Price Rs 1094

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Anand Rathi has recommended investors to buy ICICI Bank Ltd with a target price of Rs 1094 apiece. The current market price of ICICI Bank is Rs 939 apiece. If you buy ICICI Bank today, you can get return of 17%. The company has a market capitalisation of Rs 6,55,537.53 crore.

 

ICICI Bank Limited has reported a net interest income growth of 26% in its Q2-FY23 standalone results at ₹147.8 billion as against ₹116.9 billion in Q2-FY22, driven by advances growth of 23% and a net interest margin was 4.31% in Q2 FY23 compared to 4% in Q2 FY22 and 4.16% in H1 FY23. NonInterest Income, excluding treasury income increased by 17% YoY to ₹51.39 billion in Q2-FY23.

1. ICICI Bank Stock Performance

1. ICICI Bank Stock Performance

The last trading price of the stock is Rs 939 apiece with an intraday decline of 1.41%. The 52-week high of the stock is Rs 958 apiece and 52-week low is Rs 642 apiece, respectively.

2. ICICI Bank Financial Performance
 

2. ICICI Bank Financial Performance

Core operating profit (profit before provisions and tax, excluding treasury income) grew by 23.6% year-on-year to ₹117.6 billion in Q2-FY23.

Profit after tax grew by 37.1% YoY to ₹75.6 billion in the quarter ended Q2-FY23 compared to ₹55.1 billion in the quarter ended Q2-FY22. Total deposits increased by 12% YoY to ₹10,900 billion at September 30, 2022. Average current account and saving account deposits increased by 16% YoY in Q2-FY23.

The average CASA ratio was 45% in Q2-FY23 & reported a growth of 12.7% YoY. Period end term deposits increased by 11% YoY to ₹5,821.7 billion as on September 30, 2022.

3. ICICI Bank Return

3. ICICI Bank Return

The stock has given a return of 208% in last 5-years, 83% in last 3-year, and 29% in last 1-year. It has jumped nearly 8% in last 3-months and 3% in last 1-month.

4. ICICI Bank Valuation

4. ICICI Bank Valuation

According to Anand Rathi, "We remain positive on ICICIBANK, considering a strong balance sheet, strong credit growth, continuous reduction in NPA, adequate capital adequacy, strong growth in advances, high casa ratio and improving asset quality. We maintain our BUY rating on the stock with a revised target price of ₹1,094 per share."

5. About ICICI Bank

5. About ICICI Bank

ICICI Bank is a leading private sector bank in India. The Bank's total assets stood at ₹ 14,15,581 crore at June 30, 2022. ICICI Bank currently has a network of 5,534 branches and 13,222 ATMs across India.

Disclaimer

Disclaimer

The stock has been picked from the brokerage report of Anand Rathi. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.

 

Story first published: Friday, December 2, 2022, 7:20 [IST]
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