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ICICI Bank: Capex recovery still sometime away; retail growth holding well

Motilal Oswal | 04 Jan, 2018  | Follow Author | Add to my Favourites 
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We met ICICI Bank recently. Following are our key takeaways from the meeting:

Capex demand remains muted; maintains 18-20% growth guidance for retailsegment: Credit demand from corporates remains muted and the management is not seeing any signs of capex revival. Resolution of NCLT referred cases would give more clarity on capex pickup and asset quality outlook. ICICIBC is aiming for ~15% growth in domestic corporate portfolio (excluding restructured loans and loans to companies included in the drilldown list) even as the overall corporate loan growth remains a muted 4% YoY. Retail loan growth, however, is holding up well and the bank maintained its retail loan growth guidance of 18-20% for FY18, led by continued traction across product lines. Unsecured retail loans have increased to 9.6% of total retail loans and largely pertain to the bank’s existing customers.

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About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.


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