New Delhi, April 29, 2024.
ICICI Bank shares surged over 3% to reach an intra-day high of Rs 1,142 on Monday after the private sector bank announced its Q4 results over the weekend.
The bank reported a consolidated net profit of Rs 11,671.52 crore, marking an 18.4% year-on-year increase. Its total income also witnessed a significant rise of nearly 25% year-on-year, reaching Rs 67,181.70 crore for the same period.
Motilal Oswal maintained a ‘Buy’ rating on ICICI Bank, with a revised Target Price of Rs 1,300 per share. The brokerage highlighted that the bank’s stable quarter was driven by robust Net Interest Income (NII) and disciplined management of operating expenses and provisions.
Despite a slight slowdown in Net Interest Margin (NIM) contraction, ongoing pressure on funding costs may continue to affect margins, said the brokerage.