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Finance

Continue to like top private banks, given faster rebound in earnings: PhillipCapital

Updated : November 02, 2020 10:23 AM IST

PhillipCapital on Monday said it continues to like the top private banks like ICICI Bank, HDFC Bank and Axis Bank given that these lenders, as the brokerage says, will see faster rebound in earnings and returns. It has increased the target price on ICICI Bank to Rs 520 per share.

ICICI Bank reported the best core operating profit growth in eight quarters. Slippages have come in lower than analysts’ expectations.

“Margins were slightly disappointing on a quarter-on-quarter (QoQ) basis, however, what is more important at this point in time is the asset quality collections and the outlook for the credit cost. We are impressed about the way the collections have panned out for some of the larger banks and the guidance for credit cost for next year looks very impressive from ICICI point of view,” said Manish Agarwalla, Co-Head of Research, PhillipCapital, in an interview with CNBC-TV18.

ICICI Bank talked about normalised credit cost FY22 onwards, said Agarwalla, adding that “It provides a sense that the management has got a good handle on their asset quality”.

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