{"id":14498,"date":"2018-11-27T17:03:53","date_gmt":"2018-11-27T11:33:53","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=14498"},"modified":"2019-11-07T16:03:04","modified_gmt":"2019-11-07T10:33:04","slug":"icici-bank-ltd-4","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/icici-bank-ltd-4\/14498","title":{"rendered":"ICICI Bank Ltd"},"content":{"rendered":"<p><strong>Signs of improvement visible\u2026<\/strong> ICICI Bank is India\u2019s second largest bank and the largest among private banks in terms of total assets. Further, the Bank has a large footprint of 4,867 domestic branches and 14,417 ATMs spread across the country.<\/p>\n<p><strong>Valuation:<\/strong> ICICI Bank reported remarkable improvement in its asset quality in H1FY19. We believe that the peak of NPA recognition cycle is behind and incremental addition to NPAs is expected to stay significantly lower than the previous years. Further, the bank\u2019s liquidity positioning remains comfortable, with liquidity coverage ratio (LCR) at ~110% vs. ~90% required. We continue to like ICICI Bank given its improving B\/S mix with higher contribution from granular business (Retail), strong capitalization (capital adequacy ratio of 17.8% as of H1FY19). Hence, we continue maintain our BUY rating on the stock with a revised upward target price (TP) of Rs 393 using sum of the part (SOTP) methodology, where we value its standalone business at Rs 295 (P\/ABV of 1.9x for FY20E) and subsidiaries at Rs 98.<\/p>\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/11\/Research-Report-ICICI-Bank-Ltd..pdf\" target=\"_blank\" rel=\"noopener\">Research-Report &#8211; ICICI Bank Ltd.<\/a><\/p>\n<p><em>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<\/em><a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\"><em>Click here<\/em><\/a><em>\u00a0to read our full disclaimer.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Signs of improvement visible\u2026 ICICI Bank is India\u2019s second largest bank and the largest among private banks in terms of total assets. Further, the Bank has a large footprint of 4,867 domestic branches and 14,417 ATMs spread across the country. Valuation: ICICI Bank reported remarkable improvement in its asset quality in H1FY19. We believe that [&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":[579],"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=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/icici-bank-ltd-4\/14498\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICICI Bank Ltd\" \/>\n<meta property=\"og:description\" content=\"Signs of improvement visible\u2026 ICICI Bank is India\u2019s second largest bank and the largest among private banks in terms of total assets. Further, the Bank has a large footprint of 4,867 domestic branches and 14,417 ATMs spread across the country. Valuation: ICICI Bank reported remarkable improvement in its asset quality in H1FY19. 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