Shares of ICICI Bank touched its all-time high level on Monday 25 October. The bank’s shares have gained over 12%. Shares of ICICI Bank were trading at Rs 853.70, up 12.44% at 11.49 am.
ICICI Bank on Saturday released its September quarter results. ICICI Bank’s net profit increased by 30% to Rs 5511 crore for the quarter ended 30 September 2021. During this, the bank had to reduce the provisioning, which has increased profits.
ICICI Bank’s provisioning declined 9% to Rs 2714 crore in the September 2021 quarter. Whereas the provisioning in the same quarter a year ago was Rs 2995 crore.
During this period, the net interest income of the bank increased by 25% to Rs 11,690 crore. It was Rs 9366 crore in the September quarter of Fiscal Year 2021 a year ago. Net interest income is the difference between the interest rate charged on the loan and the interest on the deposit.
Morgan Stanley gave overweight rating
MORGAN STANLEY has an Overweight Rating on ICICI Bank and has a target of increasing the share price from Rs 900 to Rs 1025. He says that the Net Impaired Loan Formation of the bank has fallen sharply and Core PPoP has surprised. Re-rating may increase due to improvement in PPoP margins. However, traction on various digital initiatives may remain strong. This is our top pick at the moment.
Goldman Sachs gave BUY rating
GOLDMAN SACHS has a Buy rating on ICICI Bank and has a target of Rs 773 for the stock to increase to Rs 829. He says that the company’s profits have been as per expectations and the future visibility is better. He has increased its profit estimate for FY22-24 by 5%. The bank has given 1.8 percent return on assets in this quarter.
Know the opinion of CLSA
CLSA has given Buy rating on ICICI Bank and has fixed the target of the share from Rs 1000 to Rs 1100. He says that this bank is showing the best growth of the banking sector at this time. Recent asset quality trends suggest that credit costs may remain undershoot.
Credit suite trusts the bank
CREDIT SUISSE has given Outperform Rating on ICICI Bank and has fixed the target of the share at Rs 900. He says that the CET of the bank can remain strong at 17 percent and the growth will also continue. They expect credit costs to normalize and RoEs to rise by more than 15%. He has pegged its EPS estimate for FY22-24 at 6-9%.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.