ICICI Bank share price hits 52-week high after Q1 results; this is why experts feel it is still a buy
ICICI Bank share price climbed over a per cent to hit its fresh 52-week high of ₹1,008 in morning trade on BSE on Monday (July 24) as most brokerage firms retained their positive views on the stock after its June quarter (Q1FY24) results. On Saturday, ICICI Bank reported a 39.7 per cent year-on-year (YoY) rise in its standalone net profit for Q1FY24 at ₹9,648 crore compared to ₹6,905 crore in the corresponding period last year. Its net interest income (NII) -or the difference between interest earned and interest paid, increased 38 per cent year-on-year to ₹18,227 crore in the first quarter of the current fiscal from ₹13,210 crore in the corresponding quarter last year.
The net interest margin (NIM) came in at 4.78 per cent in the quarter compared to 4.01 per cent in the same quarter last year. Read more: ICICI Bank Q1 Results: Net profit rises 40% to ₹9,648 crore, NII up 38% to ₹18,222 crore Most brokerage firms retained their positive views about the stock as they found the lender's Q1FY24 numbers better than expected. They also remain positive about the growth prospects of the company.
Brokerage firm Motilal Oswal Financial Services maintained a buy call on the stock with a target price of ₹1,150. "ICICI Bank reported another steady quarter, driven by healthy NII and core PPoP (pre-provision operating profit) growth and controlled provisions underpinned by stable asset quality. The stable mix of the high-yielding portfolio (retail/business banking) and a low-cost liability franchise drove steady NII growth," Motilal Oswal pointed out.
Read more on livemint.com
