ICICI Bank looks expensive

Sanjeev Prasad, Executive Director & Co Head, Kotak Instl Equities, is of the view that ICICI Bank is looking expensive at about 1.7 times price to book. Prasad told CNBC-TV18, “Both HDFC and HDFC Bank have gone up quite a lot. Even Axis Bank which was looking somewhat undervalued compared to HDFC Bank – has now reached similar valuations to HDFC Bank. So I am not too sure whether there is again any real value out there. ICICI Bank is now looking somewhat expensive at about 1.7 times price to book i.e. on a consolidated book basis and RoE which is still pretty low about 7-8 per cent, so I am not too sure about that too. So not much value as far as private banks are concerned.”