Yesterday, ICICI Bank shares surged 2% to a 52-week high of Rs 866.15. For the first time, the private lender’s shares surpassed a market value of Rs 6 lakh crore.
ICICI Bank shares have increased by more than 13% in the previous month and by roughly 24% over the last year. The bank stock, which is a consensus buy on Dalal Street, is worth more than SBI, HDFC, Bajaj Finance, and LIC.
Analysts were impressed with the private lender’s Q1 performance last month, when it announced a 50% year-on-year (YoY) increase in profit after tax (PAT) at Rs 6,905 crore, up from Rs 4,616 crore in the same quarter previous year. The result exceeded expectations.
Its net revenue increased by 20% year on year to Rs 17,875 crore, helped by strong other income and NIM (net interest margin) improvement. This is the fastest net revenue rise reported by a big private bank in the first quarter thus far.