Technical analyst Somil Mehta of Sharekhan has maintained 'buy' rating on ICICI Bank Limited stock with target of Rs 1020.

According to analyst, the investors can purchase the stock with a stop loss of Rs 995.

The stock of the bank, on January 28, closed at Rs 1017.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1277 and a low of Rs 780 on BSE.

Current EPS & P/E ratio stood at 40.86 and 24.62 respectively.

For the three month period ended December 2010, ICICI Bank's net profit has grown up 30.5% to Rs 1,437 crore as compared to Rs 1,101 crore during the same period of last year (2009) on account of an increase in net interest income as well as fee income.

Outstanding advances during the end of Oct-Dec period remained 15.3% up at Rs 2,06,692 crore as against Rs 1,79,269 crore in the corresponding period of 2009.

In the meantime, the bank's deposits went up 10% to Rs 2,17,747 crore during the said period.

Chanda Kochchar, MD, ICICI Bank stated, "We have optimized the way we have financed advances to maintain the most cost-effective way of funding. We have raised funds through the issue of tier-II capital. We have also increased dependence on current and savings account deposits which have grown 40%."

ICICI Bank announced that it projected 20% credit growth during 2011-12, which would be a bit higher as against the current fiscal.

This fiscal's credit expansion would be 18%, helped by business plus retail section.