ICICI Bank share price up 14% since November; what should investors do? Experts weigh in
₹1,059.40 on January 23 this year and saw mild profit booking after that. On Tuesday, February 20, the stock rose about a per cent to hit its intraday high of ₹1,052.65; at this price, the stock is down about 0.6 per cent from its 52-week high level. ICICI Bank reported a 23.5 jump in their standalone net profit for Q3FY24, which stood at ₹10,272 crore from ₹8,312 during the same quarter last year.
The NII (net interest income) of the ICICI Bank grew by 13.4 per cent YoY to ₹18,678 crore during the quarter under review from ₹16,465 crore during the year-ago period. The NIM (net interest margin) of the ICICI Bank stood at 4.43 per cent during the quarter ending December 2023 compared to 4.53 per cent in Q2FY24 and 4.65 per cent in Q3FY23. Also Read: ICICI Bank Q3 Results: Operating profit rises 10% YoY, asset quality stable; 5 key highlights Mint gathered expert opinions to evaluate the current indications from the stock's fundamentals and technicals to understand whether investors should buy the stock.
Let's take a look: In Q3FY24, ICICI Bank started recalibrating its exposure to well-rated NBFCs to save capital. Furthermore, the bank has a comfortable CD ratio of around 80 per cent amidst the brunt faced by its peers in the current environment. There is a tailwind that we are currently witnessing as the bank is focusing on shifting its loan book toward higher-yielding assets.
In addition, its business growth momentum on deposits and loans is better than industry and the bank’s asset quality is holding up reasonably well. Though the bank is facing cyclical pressures on NIMs, the bank is poised to deliver superior return ratios and strong business growth in the medium term. Thus, we remain constructive on the company at
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