Jul 29, 2024 11:48 AM IST
ICICI Bank share price: ICICI Bank shares gained as much as 2.67% and were at ₹1,239.95 apiece on the BSE.
ICICI Bank share price gained more than 2% today (July 29) after the private sector lender reported strong earnings for the first quarter of FY25. ICICI Bank Q1 results showed 15% year-on-year (YoY) net profit after which ICICI Bank shares gained as much as 2.67% and were at ₹1,239.95 apiece on the BSE.
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ICICI Bank reported a standalone net profit of ₹11,059.1 crore in the April-June quarter of FY25 marking a rise of 14.6% from ₹9,648.2 crore in the corresponding period last fiscal year. Net interest income (NII) in Q1FY25 increased 7.4% to ₹19,553 crore from ₹18,226 crore YoY while the net interest margin (NIM) fell to 4.36% compared to 4.78% a year earlier.
What brokerages said on ICICI stock?
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Motilal Oswal Financial Services said that ICICI bank’s substantial investment in technology offers some cushion against opex costs. The brokerage firm cut its EPS (earnings per share) estimates slightly by 2.3% and 2.0% for FY25 and FY26 and estimated RoA and RoE of 2.19% and 17.3% in FY26.
The brokerage reiterated a ‘Buy’ rating on ICICI Bank shares and increased the target price to ₹1,400 per share from ₹1,350 earlier.
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Nuvama Institutional Equities maintained a ‘Buy’ rating on ICICI bank stock with a revised target price of ₹1,430 per share. Antique Stock Broking maintained a ‘Buy’ call and raised ICICI Bank share price target to ₹1,400 apiece from ₹1,350 earlier.
