Citi has reaffirmed its Buy rating on ICICI Bank, setting a target price of ₹1,600, implying a 27% upside from the current market price (CMP) of ₹1,259. The brokerage highlights strong asset quality and improving cost efficiency as key drivers for growth.
Key takeaways from Citi’s report:
- Profitable, risk-adjusted growth remains a priority, with unsecured segments expected to gain momentum gradually.
- No unusual stress observed in any business segment, reinforcing financial stability.
- Corporate, SME, and secured retail lending remain resilient, supporting long-term business expansion.
- Cost efficiency improvements expected to drive profitability in the coming quarters.
- Home loan rates are likely to reset gradually, while business banking is set for immediate improvement.
Citi remains optimistic about ICICI Bank’s performance, driven by stable asset quality, balanced loan growth, and efficiency measures.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research before making any investment decisions.