ICICI Bank tops UBS to become 18th most valuable lender globally
ICICI Bank hit a 52-week high on Tuesday, making it the sixth Indian company to cross $100 billion market capitalisation. The stock scaled a high of Rs 1,207 before closing the day 2.5% higher at Rs 1,199.
Only HDFC Bank, with a market capitalization of just over $162 billion, is above ICICI Bank in terms of m-cap rankings among the lenders.
The intraday surge meant that the private banking behemoth has now become the 18th most valuable lender in the world, surpassing UBS, which has a market cap of around $98 billion.
The feat has also placed ICICI Bank alongside domestic giants such as Tata Consultancy Services (TCS), Bharti Airtel, among others.
In the last one year, the lender's shares have jumped nearly 30%, while they were up 20% so far this year.
ICICI Bank posted a better-than-expected 17% increase in net profit for the fourth quarter, helped by strong demand for loans and lower provisions.
The Mumbai-based bank posted a net profit of Rs 10,707 crore for the quarter ended March 2024. For fiscal 2024, it reported a net profit of Rs 40,888 crore, up 28% from fiscal 2023.
«We will continue to enhance the use of technology in our operations. IT resilience and customer security are paramount. There is no constraint on the IT budget,» he said, responding to a query on whether the bank had received any warnings from the sector regulator over its IT systems.
According to Motilal Oswal, ICICI Bank is expected to maintain robust loan growth, focusing on quality underwriting. The bank's asset quality remains
