1. ICICI Bank ( IBN) is the largest private bank in India with varied business interests including insurance and asset management.

For 2010 December quarter, the bank reported strong net profit growth of 30.5% year-over-year, topping analysts' estimates, mainly attributable to lower provisioning.

During the same quarter, loans grew 6.4% from the earlier quarter. Lower-cost deposits showed healthy traction, growing at 23% year-over-year and current account-saving account ratio improved to 44.2%. Net interest margins remained stable at 2.6%; however, cost-to-income ratio increased to 42.3% from 41.5% sequentially.

Asset quality remained strong, gross non-performing asset ratio increased marginally by 0.4% quarter-over-quarter, while net non-performing asset ratios continued to decline. Provision coverage ratio improved to 71.8% during the quarter from 69% in the previous quarter.

The stock has a 50% buy rating and is expected to deliver gains of around 30% in a year's time, as per analysts' consensus estimates. The stock is trading at 2.2 times its estimated 2012 book.

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This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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