Prabhudas Lilladher Recommends 'BUY' on ICICI Bank; Sets Target at Rs 1800

• ICICI Bank had a soft quarter with lower core revenue and higher provisions, missing core PAT by 5.1%.
• Net Interest Margin (NIM) weakened due to investment utilization over cash for lending and CRR cut impact.
• Fees were lower due to weak unsecured growth and competitive pressure on loan-related fees.
• Provisions increased by Rs 12.8 billion due to PSL non-compliance following an RBI review.
• Loan growth has picked up, and MD&CEO Mr. Bakshi's term extension addresses KMP risk, leading to a 'BUY' rating.

Why It Matters: Prabhudas Lilladher recommends buying ICICI Bank with a target of Rs 1800, citing improved loan growth and KMP stability.