ICICI Bank shares have surged, leading to a significant market capitalization gain of ₹35,418 crore as the stock price climbed 4% to ₹1,305.70. The bank’s market cap now stands at ₹9,20,293.63 crore, reflecting its strong performance and investor confidence.
ICICI Bank shares are in the spotlight following the bank’s announcement of a 14.5% increase in net profit, which rose to ₹11,746 crore in the recent quarter, up from ₹10,261 crore. This growth was primarily driven by a 9.5% rise in net interest income (NII), which reached ₹20,048 crore.
The bank also reported improved asset quality, with the Gross NPA ratio falling to 1.97% from 2.15% on a quarter-on-quarter (QoQ) basis. Similarly, the Net NPA ratio decreased to 0.42%, compared to 0.43% in the previous quarter. These metrics highlight ICICI Bank’s strong risk management and operational growth in the banking sector.
Several brokerages have reaffirmed their positive outlook on ICICI Bank:
- Jefferies maintained its Buy rating on ICICI Bank, raising the target price to ₹1,550 from ₹1,460, implying a potential upside of 23% from the current market price of ₹1,259.60.
- Nomura also reaffirmed its Buy rating, increasing the target price to ₹1,575 from ₹1,420, indicating a potential upside of 25% from the current market price.
- Macquarie reiterated an Outperform rating, setting a target price of ₹1,350, which suggests a potential upside of 7.2% from the current price.
ICICI Bank’s robust financial performance and positive brokerage sentiment continue to drive investor interest, positioning it as a key player in the banking sector.
