Thursday, July 2, 2009


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.

This report also includes information on:

  • Company updates
  • Peer Group Comparison
  • Company Updates
  • Company Profile
  • Company Services
  • SWOT Analysis
  • Financials
  • Charts
  • Valuation
  • Sector overview
To see full report: ICICI BANK