scorecardresearch
ICICI Bank m-cap hits Rs 6 lakh crore mark; shares touch record high

ICICI Bank m-cap hits Rs 6 lakh crore mark; shares touch record high

During the day, market capitalisation (m-cap) of the private sector lender briefly crossed the Rs 6 lakh crore mark for the first time. The stock finally settled 1.30 per cent higher at Rs 859.55.

The stock finally settled 1.30 per cent higher at Rs 859.55. The stock finally settled 1.30 per cent higher at Rs 859.55.

Shares of ICICI Bank hit a record high of Rs 866.15 in intraday deals on Thursday, surging as much as 2.08 per cent. During the day, market capitalisation (m-cap) of the private sector lender briefly crossed the Rs 6 lakh crore mark for the first time.

The stock finally settled 1.30 per cent higher at Rs 859.55.

ICICI Bank has surged around 12 per cent over the last month.

In the June quarter of the financial year 2022-23 (Q1 FY23), the lender reported a 50 per cent jump in standalone net profit, at Rs 6,905 crore, helped by a decline in bad loans. It had posted a net profit of Rs 4,616 crore in Q1 FY22.

On the asset quality front, gross non-performing assets (NPAs) declined to 3.41 per cent of the gross advances as of June 30, 2022, from 5.15 per cent on June 30, 2021. Net NPAs or bad loans slipped to 0.70 per cent from 1.16 per cent.

As a result, provisions for bad loans and contingencies more than halved to Rs 1,143.82 crore in the quarter, as against Rs 2,851.69 crore earmarked in the year-ago quarter.

ICICI Bank's total income during Q1 FY23 improved to Rs 28,336.74 crore from Rs 24,379.27 crore in the same quarter last year.

"ICICI continues to outperform its large peers on core-profitability, led by better margins/fees and cost management, while lower LLP (limited liability partnership) should lift RoEs (return on equities) to a historical high of 17 per cent," Emkay Global Financial Services said.

The brokerage and financial services firm has maintained a 'Buy' on the stock with a target price of Rs 1,025 apiece.

Meanwhile, Indian equity benchmarks finished in the green today, led by strong gains in banking, financial and technology stocks.

Published on: Aug 11, 2022, 4:22 PM IST
Posted by: prashun talukdar, Aug 11, 2022, 4:17 PM IST