ICICI Bank on Thursday joined the Elite Club RS 6 Trillion-Kapito with shares reaching the highest record. The lender becomes the seventh Indian stock that reaches such a milestone.
ICICI Bank shares reached the highest all time RS 866.15 in BSE with the market capitalization of RS 6.01 trillion. Stock has soared almost 17% so far this year. At 1 pm, the script was traded at RS 864 in BSE, up 1.8% from the previous closure.
Previously, Reliance Industries, Tata Consultation Services, HDFC Bank, Infosys and Hindustan Unilever had achieved this achievement. Life Insurance Corp of India also reached more than RS6 Trillion-M-CAP after presenting the problem at RS 949 per share.
Stock remains a favorite of investors after lenders continue to report better income than expected with better asset quality and lower provisions.
Recently, the lender reported the growth of 50 percent year-to-year in his net profit at RS 6,905 Crore for the quarter ended June 2022, because the poor loan provisions declined sharply. Net interest income for the June quarter increased by 20.8 percent to 13,210 crores.
The provisions and contingencies dropped sharply by 60 percent of the years-year to 1,143,82 crores. The quality of assets is increasing further with gross non-work assets as a percentage of gross progress down 19 bps sequentially to 3.41 percent.
“ICICI Bank consistently reports strong performance by improving the quality of assets, strong credit growth, high margins of all time and moderate credit costs. The position of the bank’s balance sheet remains comfortable with a strong buffer. We continue to maintain our positive attitude on LED shares LED shares Stock stocks by utilizing their digital capabilities, get a market share position, granular obligation franchises and increasing return ratios, “Arihant Capital said in a note to investors.
The loan book is expanded 21% yoy by: Retail expanded 22% yoy driven by mortgages and unsecured books, SMEs and business banking books grew strongly by 32% y/y and 45% y/y, and company books rose 14 % Y Y. According to Dolat’s analysis and research, “We built a loan growth of 17% yoy more than FY23-24E. The traction of low bank cost liabilities has been healthy, with continuous improvement in the CASA ratio for the last few quarters to 46%”. This brokerage company has maintained a ranking of buying with a target price of 1000 RS (RS980 before), assesses Bank Mandiri in the book 2.9x FY24E.
Of the 52 brokers who track Icici Bank shares in Bloomberg, 51 have recommended a ranking of buying, one has detention in stock. It has zero analyst that assesses sales in stocks.
JP brokerage company Morgan believes Icici can turn into low -risk compounds that offer ROE 16% stable with consistent market share profits thanks to its strong position in capital, funding, and technology. The quality of a strong guarantee can also encourage his assessment to maintain in-line with more expensive colleagues such as HDFC Bank/Mahindra Bank box, he added.