>ICICI BANK (EQUITY RESEARCH)

■ We initiated coverage of ICICI Bank and set a target price of Rs 750.00 for Medium to long term.

■ The Bank has a network of 1,451 branches and about 4,721 ATMs in India and presence in 18 countries.

■ The Bank’s capital adequacy at March 31, 2009 as per Reserve Bank of India’s revised guidelines on Basel II norms was 15.5% and Tier-1 capital adequacy was 11.8%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.

■ ICICI Bank intends to save up to USD 270 million in the current fiscal year by reducing sales force and other costs.

■ ICICI Bank aims to expand its fundgeneration profile and revenue streams to capitalize on the forthcoming opportunities.

■ Net Income & NII of the bank are expected to grow at a CAGR of 5% over FY08 to FY11E.

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• Valuation
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