ICICI Bank beat street expectations in the fourth quarter of the financial year 2022-23 (Q4FY23). The profit after tax (PAT) was at Rs 9,100 crore with net interest income (NII) at Rs 17,700 crore, and net interest margin (NIM) at 4.9 per cent - which was up 25 basis points up QoQ. Fee income (ex-treasury gain) increased 10.6 per cent YoY to Rs 4,800 crore. The treasury loss was at Rs 40 crore versus gain of Rs 36 crore in Q3.
The stock has responded positively. Analysts have a positive outlook as well, with valuations ranging from Rs 1,070, through a cluster of valuations at Rs 1,140, Rs 1,150 and Rs 1,155, and some optimistic valuations topping out at Rs 1,250. The subsidiary holdings alone should be worth Rs 100-plus. There appears to be a comfortable upside from current levels of Rs 905.
Management guidance is that there are strong growth opportunities in retail, small and medium enterprises (SME), and business banking plus some corporate s
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