Stock Tips: After the spectacular financial results in the second quarter of the current financial year 2021, today on October 25, there was a great rise in the shares of ICICI Bank. Today its shares reached a record high of 52 weeks at Rs 867 with a gain of about 14 per cent. With this, it became the fifth company with the highest market cap in the country, overtaking HUL. Thus, it became the second bank after HDFC Bank among the top 5 market cap companies in the country. Despite reaching a 52-week high, the confidence of market experts still remains on its shares.
In terms of market cap, now only Reliance, TCS, HDFC Bank and Infosys are ahead of ICICI Bank. Reliance is the largest company in the country with a market cap of Rs 16.6 lakh crore while ICICI Bank is the fifth largest company with a market cap of Rs 5.9 lakh crore.
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ICICI Bank records quarterly profit in September quarter
- The bank made a record profit in the second quarter of the current financial year, July-September 2021.
- The bank made a standalone profit of Rs 5511 crore during this period, which was the highest for the bank in any quarter. The bank had a net profit of 4251 crores in the same period of the last financial year.
- The bank made record profits due to the decline in bad loans and healthy growth in the loan book.
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- During this period, the income of the bank also increased to about Rs 26031 crore on an annual basis. Even on a consolidated basis, the bank posted a profit of about 25 percent year-on-year to Rs 6092 crore in the September 2021 quarter, which was the highest in any quarter.
- The asset quality of the bank showed improvement. Its gross NPA fell to 4.82 percent of gross advance. In the September quarter of last year, this figure was 5.17 percent. Net NPAs also fell from 1 per cent to the lowest level since December 31, 2014 at 0.99 per cent.
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This is the opinion of market experts
According to brokerage firm Motilal Oswal, ICICI Bank posted a record profit in the September 2021 quarter on account of increased provisioning control and interest income. According to the results, its PCR (Provision Coverage Ratio) improved to 80.3 percent, which is the highest in the banking industry. Its net profit in the September quarter (Profit After Tax) increased by nearly 30 per cent year-on-year to about Rs 5,500 crore, which was about 9 per cent higher than the brokerage firm’s estimate. Considering all these factors, the analysts of Motilal Oswal have set a target price of Rs 1,000 for one year to invest in this stock.
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