ICICI Bank is one of the prominent names in the Indian banking paradigm. The Mumbai-based bank was once the largest private bank in the country. The bank appears to be living up to its expectations. The company released its quarterly results for the recent quarter that concluded in September.
ICICI Bank's Bumper Results
This has also promoted positive reactions from brokerage firms many of them issuing 'Buy' call for the banks's shares. As a result of these developments, the shares of the banking giant rose by over 3 per cent in the intraday trade on Monday, October 28.
When we take a look at the results, some of the basic metrics of a result appear to be positive for ICICI Bank. As per the exchange filing for consolidated results for the period of July to September, the company saw an increase in its total income and net profit.
The total revenue for Q2 of FY25 stood at Rs 72,942.55 crore, which is greater than the corresponding quarter of the previous fiscal or Q2 of FY24 when the total income stood at Rs 57,292.26 crore.
The company's net profit, as per the consolidated results, stood at Rs 12,947.77 crore, compared to Rs 10,896.13 crore of total net profit in Q2 of FY24. This marked a major 18 per cent jump in its profits.
Buy Call From Brokerages
In addition, there was also a rise in the bank's segment revenue. The total segment revenue for Q2FY25 stood at Rs 1,20,298.81 crore. This marks a jump from the previous Rs 96,380 crore in Q2 FY24. |
In addition, there was also a rise in the bank's segment revenue. The total segment revenue for Q2FY25 stood at Rs 1,20,298.81 crore. This marks a jump from the previous Rs 96,380 crore in Q2 FY24.
ICICI Bank Shares Jump
As a result of this development, major names in the brokerage sector suggested positive ratings for ICICI shares. Motilal Oswal issued a 'Buy' call with a target of Rs 1,500 per share. Nomura also issued a 'Buy' call with an even bigger target of Rs 1,575 per share.
The shares of ICICI Bank, which started in green, have climbed the ladder of a surge in its stock price. The rise in value even went past the 3.5 per cent mark before dipping marginally. At 11:09 IST, the shares of ICICI Bank rose by a major 3.30 per cent or Rs 41.45. This took the overall value of the shares to Rs 1,296.90 per piece.
