GOLDMAN SACHS ON ICICI BANK
ACCUMULATE | TP ₹1,935
• Domestic NIMs may moderate slightly over the next 3 months due to slower deployment of FCNR deposits.
• Cost optimisation continues, with revenue growth expected to outpace operating costs.
• Asset quality remains benign.
• Banking sector underwriting remains largely disciplined.
September 2, 2026 346
