ICICI Bank (ICBK.BO)

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ICICI Bank (ICBK.BO)

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03 Jul 2026 08:23:07 ET │ 11 pages

Added to Focus List: Franchise Strength with Quality-Calibrated

Growth, Visible Earnings Durability

CITI’S TAKE Buy

We add ICICI Bank to the Pan-Asia Focus List given our constructive view Catalyst Watch: Upside, expires 29-JUL-26

on its earnings durability. Sustained broad-based growth and resilient Price (02 Jul 26 15:30) Rs1,399.90

asset quality, ICICI Bank offers compelling near-term risk/reward, in our Target price Rs1,720.00

view: broad-based growth momentum, range-bound NIMs, resilient asset

Expected share price quality with no visible stress from the West Asia crisis. Deposit franchise 22.9%

return metrics remain healthy, competitive positioning continues to strengthen

and management remains focused on maximizing lifetime customer value Expected dividend yield 0.6%

rather than only chasing growth. With a Buy rating and target price of Expected total return 23.4%

Rs1,720, ICICI Bank is our preferred pick in the Indian banking sector. Market Cap Rs10,042,345M

Given its high-quality franchise and a balanced approach to growth and US$106,465M

spreads that has proven durable across multiple macro cycles, ICICI Bank

deserves a place in our Focus List, we believe.

Kunal ShahACFranchise Strength with Quality-Calibrated Growth: We believe ICICI Bank is

entering a phase where earnings growth is likely to be driven by a balanced mix of +912261759856

retail, business banking and corporate lending. Retail disbursement momentum is kunal3.shah@citi.com

broad-based, with mortgages stabilizing as a structural growth driver, personal loans

expected to grow in double digits, and gold loans emerging as a near-term engine.

Corporate growth is further supported by a structural shift in funding from bond