ICICI Bank has become the sixth Indian company to achieve a market capitalization of $100 billion. This milestone was achieved after the stock rose by 2.48% on Tuesday (June 25, 2024), closing at a record high of Rs 1,199.05.
ICICI Bank is currently the second-largest bank in India by market capitalization, just after HDFC Bank, and the fifth-largest entity by market value in the country.
In December 2020, ICICI Bank’s market capitalization surpassed $50 billion, and within just 10 months, it exceeded $75 billion by October 2021.
Shares of ICICI Bank have surged 20% so far this year, outperforming the Nifty and Bank Nifty indices, which have each gained 9% during the same period.
Advertisement
The other five firms that have crossed the $100 billion market capitalization target include Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and Infosys.
Notably, Infosys reached this milestone in January 2022 but was unable to maintain that level for long.
According to Moneycontrol, ICICI Bank has announced that it will release its Q1 FY25 financial results on July 27. In the previous quarter, which ended on March 31, the bank reported a standalone net profit of Rs 10,707.5 crore, a 17.4% increase from Rs 9,121.9 crore in the same period last year.
The net interest income for the January-March quarter rose to Rs 19,092.8 crore, up from Rs 17,666.8 crore a year earlier.
Additionally, Bank declared a dividend of Rs 10 per equity share, with each share having a face value of Rs 2.
ICICI Bank has experienced modest growth in its wholesale loans business, but strong retail and SME lending have helped it surpass overall credit growth in the system.
This week, Motilal Oswal gave ICICI Bank stock a ‘buy’ rating due to strong loan growth, robust fee income, and excellent asset quality, among other factors. The brokerage set a target price of Rs 1,350 per share, indicating a 15% potential upside from the previous close.
Also Read: Adani One Launches Two Co-branded Credit Cards With ICICI Bank. Check Details Here
According to Motilal Oswal, ICICI Bank is likely to emphasize quality underwriting. The bank’s strong liability momentum and commitment to leveraging advanced technology for customer acquisition were also highlighted.
The brokerage expects ICICI Bank’s Net Interest Margins (NIMs) to remain stable in the near term, with asset quality staying robust and credit costs gradually normalizing.
Want to learn the art and science of managing your money? The 1% Club can help. Details here
