ICICI Bank has reached a new milestone surpassing Swiss giant UBS to become the 18th largest bank globally by market capitalization. The Indian lender’s market value now stands at an impressive $98.9 billion slightly ahead of UBS at $98.12 billion.
This achievement highlights ICICI Bank’s strong performance and growing investor confidence. The bank’s shares closed 2.9% higher at Rs 1204 on the National Stock Exchange continuing a trend of robust growth. Over the past year ICICI Bank’s stock has surged 29% outpacing the broader Nifty 50 index.
While ICICI Bank’s rise is noteworthy it still has a way to go to catch the global leaders. JP Morgan Chase remains at the top with a massive $571.11 billion market cap followed by Bank of America at $312.97 billion and China’s ICBC at $258.54 billion.
The Indian banking sector’s strength is further underscored by ICICI Bank’s performance. Analysts remain bullish on the stock with Motilal Oswal recently issuing a ‘buy’ rating. The brokerage cited strong loan growth robust fee income and solid asset quality as key factors supporting their optimistic outlook.
As ICICI Bank continues to climb the global rankings it showcases the growing prominence of Indian financial institutions on the world stage. Investors and industry watchers will be keen to see if the bank can maintain this momentum and potentially break into the top 15 in the coming months.
