ICICI Bank share price today surged 2% in trade and hit a fresh 52-week high on the back of strong set of Q4 results. As of 10:00 AM, ICICI Bank share price was at Rs 1,128, up 1.8% or Rs 20.6. Brokerage firm JPMorgan has an Outperform rating on the stock with a target price of Rs 1,300 per share. Nomura also remains upbeat on the stock, with a Buy rating and a target price of Rs 1,335 per share.
ICICI Bank’s net profit for the quarter came in at Rs 10,707 crore against Rs 9,121.9 crore in the same period last year, a massive jump of 17.4%. The bank’s Net Interest Income (NII) also jumped 8.1% on a YoY basis to Rs 19,092 crore against Rs 17,666 crore in the same period last year. The numbers beat analyst and street estimates on most of the parameters.
ICICI Bank’s asset quality also improved further. The bank’s gross non-performing assets fell 14 bps to 2.16% in Q4FY24 from 2.30% in the previous quarter. While the bank’s Net NPA fell 2 bps to 0.42% from 0.44% in the previous quarter of the same financial year.
