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Antique Stock Broking maintains buy on ICICI Bank, target price Rs 575

The bank is now geared-up to make-up its lost ground by leveraging its best-in class distribution franchise, innovative digital offerings and data analytics

ETMarkets.com|
Updated: Dec 06, 2019, 08.25 AM IST
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Antique Stock Broking has maintained buy rating on ICICI Bank in the long term with a target price of Rs 575, after the bank's analyst meet. The stock ended down 0.3% at Rs 527.90 on Thursday while BSE Sensex closed 70.70 points down at 40,779.59.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated interest income of Rs 15136.52 Crore, up 4.88 % from last quarter interest income of Rs 14431.69 crore and up 23.89% from last year same quarter interest income of Rs 12217.35 crore. The bank has reported net profit after tax of Rs 1584.51 Crore in latest quarter.

Investment Rationale

The key message was that the bank is now geared-up to make-up its lost ground by leveraging its best-in class distribution franchise, innovative digital offerings and data analytics, said Antique. The bank is well poised to deliver 15% plus return on equity and structurally this could trend higher, said Antique.
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