Key Highlights
- The quality of assets showed improvement during the quarter, with the gross NPA ratio declining to 1.53%, although elevated provisions affected overall profitability.
- Brokerages maintained their optimistic outlook on ICICI Bank shares following the bank's fiscal third-quarter performance, choosing to overlook a profit shortfall attributable to one-time provisions while highlighting consistent operating trends, stable margins, and a strengthening deposit growth.
- The announcement of CEO Sandeep Bakhshi’s extended tenure also surfaced as a significant positive, alleviating a persistent concern regarding the stock.
- According to reports, CLSA reaffirmed its Outperform rating for ICICI Bank, setting a target price of ₹1,700 per share, which suggests a potential increase of more than 20%.
- CLSA noted that the profit before tax for Q3 fell short of forecasts by approximately 7% due to a one-time provision.
