As of April 16, 2021, ICICI Bank Ltd., which belongs to the banking industry, had a market capitalization of Rs. 3,91,902.83 crore. The business was established in 1955. At the end of December 2020, the company reported consolidated quarterly revenue of Rs. 19,729.79 crore. This company can be found listed on the National Stock Exchange with the ticker ICICIBANKEQ and on the Bombay Stock Exchange with the code 532174.
Additionally, ICICI Bank offers its customers a comprehensive range of investment banking, insurance, and financial services. In 1994, the bank was established as a fully owned subsidiary of the Indian financial institution. ICICI Bank released results for Q2FY23:
- Specifically for the period ending September 30, 2022, core operating profit increased by 24% YoY to Rs 11,765 crore ($ 1.4 billion) (Q2FY23)
- In Q2FY23, profit after taxes increased by 37% YoY at Rs. 7,558 crore ($ 929 million).
- Around September 30, 2022, total period-end deposits increased by 12% YoY to Rs 1,090,008 crore ($ 134.0 billion).
- In Q2FY23, the typical current account to savings account ratio was 45.0%.
- The loan portfolio increased by 23% YoY.
- The portfolio of domestic loans increased by 24% YoY.
- The net NPA ratio decreased from 0.70% on June 30, 2022, to 0.61% on September 30, 2022.
- On September 30, 2022, the provisioning coverage ratio for non-performing assets was 80.6%.
- On September 30, 2022, the total capital adequacy ratio was 18.27%, and the Tier-1 capital adequacy ratio was 17.51%, excluding earnings for the six months ended September 30, 2022 (H1FY23).
After the bank reported solid earnings for the second quarter ending September 2022 or Q2 FY23, the ICICI Bank share price continued to rise, reaching a new record high of 942.7 per share on the BSE in Tuesday’s opening session. Even on a high base, ICICI Bank outperformed other large banks in terms of performance and experienced the most significant growth in NII.
For the eighth quarter, ICICI continued to be the best-in-class performer, surpassing competitors on every parameter from core PPOP to treasury and buffer provisions.We restate our top pick and “BUY/SO” stances. Even with a large base, we think the bank can keep delivering on loan growth and NIM expansion. Eight consecutive quarters of best-in-class earnings and the likelihood that NIM expansion will continue.
The ICICI Bank share price has a buy rating and a 1,115-target price. Given the growth forecast and earnings trajectory of ICICI Bank, the brokerage firm maintains a Buy rating on the bank stock with a target price of 1,144 per share. As assets recovered more quickly than liabilities and the loan mix shifted toward high-yielding loans, NIM increased by 30 basis points QoQ, in line with industry trends. Asset quality continues to improve with barely detectable net slippages and a decline in restructured loans.
