Brokerages Betting High on ICICI Bank; Raise Target Price to ₹1700

Brokerage firms remained optimistic on ICICI Bank’s stock following the banking major’s strong Q4 numbers in FY25. Most brokerages are betting high on the private lender on the back of strong earnings growth, healthy margins, and improving asset quality, despite the challenging macroeconomic environment.

Here’s what brokerages have to say

CLSA

CLSA gave a positive outlook on the stock, raising the target price to ₹1700 apiece from ₹1600 apiece. It maintained an ‘Accumulate’ rating instead of a full ‘Buy’.

Nuvama

Nuvama gave a ‘buy rating’ to ICICI Bank, on the back of strong Pre-Provision Operating Profit (PPOP) and earning delivery. The brokerage house revised its target price to ₹1,630/3.2x BV FY26E from ₹1,470.

As per a report, ICICI Bank delivered a “strong beat on NIM, PAT and asset quality” in Q4FY25. It also signalled a 15 basis point hike in core net interest margin (NIM) quarter-on-quarter, ahead of their expectation of just 2 basis points.

Loan growth came at 13% year-on-year, while deposits surged by 14% YoY. Lender’s credit cost fell from 38 basis points to 27 basis points QoQ, and its profit after tax (PAT)surged by 18% YoY and 7% QoQ.

Nomura

Raising the target price to ₹1,690 from ₹1,575, Nomura gave a buy rating on the stock, highlighting sector-leading RoA and asset quality. Amid a robust quarter (Q4FY25), the brokerage house was optimistic on the bank's performance. The banking giant reported a PAT of ₹12,600 crore, which was not only up 18% YoY but also 4% higher than Nomura’s estimate.

“ICICI’s sector-leading delivery across all parameters (asset quality, loan and deposit growth, and RoA) places it a cut above the rest of the sector,” noted the brokerage.

Brokerages Betting High on ICICI Bank; Raises Target Price to ₹1700

Shares of ICICI Bank soared by 1.5% in the early trade on April 21, Monday. As of 9:20 am, the stock was trading at ₹1,427 apiece.