The market capitalization of ICICI Bank has surpassed $100 billion, making it only the sixth Indian corporation to do so. The stock has increased by around 12% from its June 4 lows.
Based on market capitalization, ICICI Bank ranks as the second biggest bank in India.
With a 2 percent intraday increase in the price of its shares, ICICI Bank Ltd. became the sixth Indian company to reach a market capitalization of $100 billion (~Rs 8.4 lakh crore) on June 25. In afternoon trading, the stock was up 2.25 percent over the previous close, trading at Rs 1,196.45. In terms of market capitalization, ICICI Bank is the second-biggest bank in India, behind HDFC Bank.
With today's increase, the stock of ICICI Bank has rebounded from its lows on June 4—the day of the general election results—by around 12 percent. It has equaled the gains earned by the sector index Bank Nifty and outperformed the Nifty's 8 percent return during the same time frame.
The share price of ICICI Bank has increased by around 29% over the last year, outpacing the gains of 20% in Bank Nifty and the NSE Nifty 50, which have both increased by 27%.
The market capitalization of Reliance Industries Ltd., Tata Consultancy Services, HDFC Bank, and Bharti Airtel is more than that of other Indian corporations. The market capitalization of IT leader Infosys also reached $100 billion in January 2022, but it hasn't continued at that level.
ICICI Bank said earlier today that its Q1 FY25 financial results would be available on July 27. ICICI Bank posted a standalone net profit of Rs 10,707.5 crore for the most recent quarter, which concluded on March 31. This is a 17.4% increase from Rs 9,121.9 crore during the same time the previous year. In comparison to the same period last year, its net interest income increased to Rs 19,092.8 crore from Rs 17,666.8 crore.
Additionally, the lender announced a dividend of Rs 10 for each equity share with a face value of Rs 2.
Although ICICI Bank's wholesale loan business has grown somewhat, its retail and SME lending businesses have grown significantly, allowing it to outpace the rise of system credit.
Due to a number of reasons, including solid asset quality, robust fee revenue, and strong loan growth, Motilal Oswal upgraded its recommendation for ICICI Bank shares to "buy" this week. At Rs 1,350 per share, the brokerage's target price suggests a 15% increase over the previous close.
According to a report from Motilal Oswal, the bank is anticipated to place a significant focus on quality underwriting. It also said that the bank is dedicated to using cutting-edge technology to help with client acquisition and that its liability momentum is still strong.
The firm anticipates that in the near future, ICICI Bank's Net Interest Margins (NIMs) will be range bound, its asset quality will remain strong, and loan costs will progressively normalize.
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