Jefferies Maintains Buy Rating on ICICI Bank, Sets Price Target of INR1,760.00

Jefferies analyst Prakhar Sharma maintains a Buy rating on ICICI Bank Limited with a price target of INR1,760.00. Sharma has a 4-star rating and an 86.49% success rate. ICICI Bank Limited also received a Buy from HSBC's Rahil Shah, but a Hold from Goldman Sachs. The company's shares closed at INR1,425.80 last Friday.

ICICI Bank Limited (ICICI Bank) reported a robust 15.9% year-on-year (YoY) increase in consolidated net profit for the quarter ended June 2025, reaching Rs 13,558 crore [1]. The bank's core net interest income (NII) also saw a rise of 10.6%, climbing to Rs 21,635 crore. This performance was driven by a 12% growth in domestic loans and a 13.7% increase in other income, excluding treasury gains.

The bank's asset quality improved significantly, with the gross non-performing assets (GNPA) ratio falling to 1.67% as of June 30, down from 2.15% a year earlier. Fresh slippages came in at Rs 6,245 crore, slightly higher than the year-ago level, but the bank remains confident about its asset quality. Provisions excluding taxes rose to Rs 1,815 crore from Rs 1,332 crore.

ICICI Bank's deposit growth stood at 12.8% year-on-year, while its branch network expanded to 7,066 branches with the addition of 83 new locations in the quarter. The bank's capital adequacy ratio stood at 16.97%, with core capital over 16%.

Analysts remain optimistic about ICICI Bank's prospects. Jefferies analyst Prakhar Sharma maintains a Buy rating on the bank with a price target of INR1,760.00, citing the bank's strong performance and favorable macroeconomic outlook [2]. HSBC's Rahil Shah also rated ICICI Bank as a Buy, while Goldman Sachs gave a Hold rating.

ICICI Bank's shares closed at INR1,425.80 last Friday, reflecting the market's assessment of the bank's recent performance and analysts' views.

References:
[1] https://timesofindia.indiatimes.com/business/india-business/icici-bank-q1-results-icici-bank-posts-15-9-rise-in-q1-net-profit-at-rs-13558-crore-nii-up-10-6/articleshow/122781700.cms
[2] https://www.timesnownews.com/business-economy/companies/hdfc-bank-icici-bank-post-record-q1-profits-amid-strong-interest-and-non-interest-income-growth-article-152311004