“Retained 'Buy' on ICICI Bank with a target price of Rs 1,900, implying a 32% upside. The bank delivered another strong quarter, reinforcing its position as a high-quality franchise. Advances grew 19.6% YoY, the fastest in 14 quarters, driven by business banking, rural loans, and domestic corporate lending. Margin performance is expected to remain resilient, supported by lower funding costs and a favorable loan mix, driving modest NIM expansion over the medium term.”