Asset quality continues to improve at a faster-than-expected pace, while the reversal of the Covid provision buffer could lead to decadal-high RoEs of 15-17 per cent over FY22-24. Any potential one-off gains from the ICICI Lombard stake sale to meet regulatory guidelines could further prop up RoEs. We retain Buy on ICICI with a revised target price of Rs 1,025 (2.9x Dec'23E ABV + subs value of Rs200) compared with Rs 950 earlier (2.7x Dec’23E core bank ABV + subs valuation of Rs 195)