ICICI Bank - Taking Tech To A New Level; Blurring Boundaries Between Bank, Fintech: Motilal Oswal

Motilal Oswal Report

We attended ICICI Bank Ltd.'s analyst day, where the management demonstrated its digital capabilities and how the bank is building various platforms and solutions to provide an end-to-end digital journey with a seamless and improved customer experience.

The bank follows a 360-degree approach with Fair to Bank, Fair to Customer becoming the core mantra for employees at all levels. The key focus continues to be on growing the core pre-provision operating profit in a risk-calibrated manner with return of capital being the core philosophy versus return on capital.

ICICI Bank appears to be several notches above its peers, when it comes to business transformation, led by tech initiatives and these digital capabilities will enable the bank to deliver superior growth over years to come.

We expect ICICI Bank to register a loan compound annual growth rate of 20% over FY22-24E and estimate FY24E return on asset/return on equity of 2.1%/17.2%.

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