ICICI Bank M-Cap Tops $100 bn; Becomes Only Sixth Indian Co to Hit Milestone

ICICI Bank’s market capitalisation(m-cap) on June 25 crossed the $100-billion mark for the first time, becoming only the sixth company to do so. The private sector lender joins the likes of Reliance Industries, Tata Consultancy Services, HDFC Bank, and Bharti Airtel. The four other domestically listed companies with a market value of more than $100 billion.

After Infosys, ICICI Bank’s achievement

Previously, Infosys had also achieved the milestone. After hitting a record high of Rs 1,207, shares of ICICI Bank last closed at Rs 1,199, up 2.5 per cent, valuing the firm at Rs 8.44 trillion ($100 billion). Over the past year, ICICI Bank’s share price has risen nearly 29 percent, surpassing the 27 percent gains of the NSE Nifty 50 and the 20 percent gain of the Bank Nifty. The board of directors of ICICI Bank is scheduled to declare its Q1FY25 results on July 27, 2024. In the previous quarter that ended March 31, ICICI Bank reported standalone net profit to 10,707.5 crore, up 17.4 percent from Rs 9,121.9 crore in the corresponding period previous year. Its net interest income in the January-March quarter grew to Rs 19,092.8 crore from Rs 17,666.8 crore a year ago.
The Bank also declared a dividend of Rs 10 per equity share of face value of Rs 2 each.

ICICI Bank (Second largest bank in India by m-cap)

ICICI Bank Ltd on June 25 became only the sixth Indian firm to hit a market capitalisation of $100 billion (~Rs 8.4 lakh crore) as the private sector bank’s share price gained over 2 percent intraday. The stock was at Rs 1,196.45 in the afternoon trade, up 2.25 percent from the previous close. ICICI Bank is the second largest bank in India by market capitalisation, trailing HDFC Bank. ICICI Bank stock has risen nearly 12 percent from the lows of June 4. The day of the general election results. It has beaten the Nifty’s 8 percent return during the same period, and has matched the gains made by the sector index Bank Nifty.

ICICI Bank and other Indian Companies’ share growth

Over the last one year, ICICI Bank share price has risen nearly 29 percent, beating the 27 percent gains made by the NSE Nifty 50, and 20 percent gain in Bank Nifty. The other Indian companies to have crossed $100 billion in market capitalisation are Reliance Industries Ltd, Tata Consultancy Services, HDFC Bank and Bharti Airtel. IT bellwether Infosys too hit $100 billion in market capitalisation in January 2022, but hasn’t sustained at the level. ICICI Bank announced that it will release Q1 FY25 financial results on July 27. In the previous quarter that ended March 31, ICICI Bank reported standalone net profit to 10,707.5 crore, up 17.4 percent from Rs 9,121.9 crore in the corresponding period previous year.

Net interest income in the January-March quarter growth

Its net interest income in the January-March quarter grew to Rs 19,092.8 crore from Rs 17,666.8 crore a year ago. The bank’s liability momentum remains strong and it is committed to leveraging superior technology to aid customer acquisition. The brokerage expects ICICI Bank’s Net Interest Margins (NIMs) to remain range bound in the near term, while its asset quality remains robust, with credit costs expected to normalise gradually.