ICICI Bank: Dolat Capital Maintains 'Buy' Post Robust Q1 Results — Check Target Price

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Dolat Capital Report

ICICI Bank Ltd. is best placed across key metrics including cost of fund, advances growth, profitability ratios (return on asset/return on equity), capital comfort, and provision buffers amongst large private banks, driving its valuation premium to peers.

It has the highest RoE amongst large private banks and no immediate capital requirement. Also, industry-leading contingent buffers at ~90 bps of advances provide comfort.

We value the standalone bank at 3x FY27E against RoA/RoE of 2.1%/15%.

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