ICICI Bank Share Price: ICICI Bank shares rise over 2% as Q1 performance impresses Street. Should you invest?
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Shares of private lender ICICI Bank rise 2.5% on Monday on BSE to its day’s high of Rs 1436.70 after the bank on Saturday reported a 14.6% year-on-year (YoY) jump in its standalone profit after tax to Rs 11,059 crore for the June quarter. The bank’s net interest income (NII) for the quarter rose by 7.3% YoY to Rs 19,553 crore while the net interest margin was 4.36% in Q1 compared to 4.40% in Q4 of FY24 and 4.78% in Q1 of FY24. During the quarter, ICICI Bank's fee income grew by 13.4% YoY to Rs 5,490 crore in Q1. Fees from retail, rural, business banking, and SME customers constituted about 78% of total fees. The NII of the bank was in line with ET Now poll estimates while PAT was above expectations. Here is how analysts viewed the quarterly results: Morgan Stanley: Overweight| Target price: Rs 1,500 The global brokerage firm has maintained an overweight call on ICICI Bank and hiked the target price to Rs 1,500 vs Rs 1,400 The delivery...