Should you buy ICICI Bank shares post Q4 results? Check what leading brokerages suggest
ICICI Bank Q4 Review, ICICI Bank share price: On a standalone basis, the private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period.
ICICI Bank Q4 Review, ICICI Bank share price: Most analysts have retained their bullish stance on ICICI Bank, the second largest non-state lender by assets, after the bank's March quarter results (Q4 FY24), which were released during the weekend. The lender said its March 2024 quarter consolidated net grew 18.5 per cent to Rs 11,672 crore. It had reported a net profit of Rs 9,853 crore in the year-ago period.
On a standalone basis, the private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. The core net interest income increased 8.1 per cent to Rs 19,093 crore on a 16.8 per cent growth in loans and a marginal compression in the net interest margin to 4.40 per cent.
The non-interest income, excluding the treasury performance, came in at Rs 5,930 crore, 15.7 per cent higher than the year-ago period.
The provisions more than halved to Rs 718 crore for the reporting quarter, as per the exchange filing by the lender.
What do brokerages say?
CLSA has maintained a "buy" rating on the stock with a target price of Rs 1,350. The brokerage notes that the bank's NIM, or net interest margin, and opex (operational expenditure) were healthy, but the growth was slightly weaker. Asset quality remains healthy, it further says.
Morgan Stanley has maintained an "overweight" rating on the stock with a target price of Rs 1,400. The brokerage notes that the lender continues to deliver strong business growth on both the loan and deposit fronts. "Margin normalisation continues, and we expect them to remain well above pre-COVID levels even as deposit rates catch up fully, helped by an improved loan mix and disciplined pricing," the brokerage said.
With inputs from PTI and Zee Business Research
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
09:15 AM IST