“Bullish on ICICI Bank with a target price of Rs 1,800. The bank showed robust advances growth at 20% YoY, the best among larger private banks, driven by business banking, rural loans, and corporate advances. Asset quality remained resilient with credit costs at 32bps, and NIMs are expected to stay range-bound at 4.3-4.4%.”

Axis Securities Analysis’s track record: 3 graded calls · 95% CI 21–94%