2. ICICI Bank (IBN) is the largest private bank in India offering a range of banking and financial services, including retail banking and treasury operations.
Business grew 15.3% year-over-year during the March quarter, the highest in the last 12 quarters. The bank's profits grew 44% vs. the same quarter last year, led by healthy net interest income and lower provisions.
Net interest margin improved 10 bps sequentially to 2.6%, with low-cost deposit share improving to 45.1%. Management expects 20% year-over-year credit growth in fiscal 2012, led by corporate, SME and retail secured loans.Gross on-performing assets declined 1.5% sequentially, with coverage rising to 76% in March 2011, vs. 71.8% in the previous quarter. Stable asset quality and lower credit costs could aid profitability. The bank's capital adequacy was 19.5% with Tier-1 capital at 13.2%, which should boost business growth momentum in 2012 fiscal. The stock has analysts' buy rating of 50% and is likely to deliver 34% in the next one year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV