ICICI Bank market-cap hits Rs 6 trillion


Published On: Thursday, August 11, 2022 | By:

ICICI Bank  market-cap hits Rs 6 trillion

Shares of ICICI Bank hit a record high of Rs 865.55, up 2 percent on the BSE in Thursday’s intra-day trade, on a strong growth outlook. The market capitalization of the ICICI Bank touched Rs 6 lakh crore mark in the afternoon trade. The lender became the seventh Indian stock to hit such a milestone. The stock of the private sector lender surpassed its previous high of Rs 859.70 touched on October 25, 2021. In the past two months, the stock has rallied 26 percent. While in the past month, it has gained 12 percent, as compared to a 9.75 percent rise in the S&PBSE Sensex. Before ICICI Bank hit Rs 6 lakh crore market-cap mark, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, and Hindustan Unilever also hit this mark. In the first quarter of the current financial year, the private lender had reported a 49.5 percent on-year rise in its net profit to Rs 6,905 crore on the back of healthy loan growth.

The bank's net interest income rose 20.1 percent on the year to Rs 13,210 crore. Net interest margin (NIM) was 4.01 percent during the quarter under review, higher than 3.89 percent the same time a year ago but largely flat from 4 percent a quarter ago.Provisions and contingencies fell sharply by 60 percent year-on-year to Rs 1,143.82 crore. 

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