Stories
ICICI Bank Shines With Strong Q2 Results As Global Brokers Upgrade Targets
- •Global investment firms including Bernstein, JPMorgan, Nomura, Goldman Sachs, UBS, and Kotak Institutional Equities have maintained bullish ratings on ICICI Bank following its robust second-quarter performance.
- •ICICI Bank reported standout loan growth across corporate, business banking, and retail segments, reinforcing its position as the fastest-growing large private bank.
- •Net interest income and operating profits surpassed consensus estimates, driven by strong core revenue growth and resilient asset quality.
- •Nomura raised its target price to ₹1,740 while Goldman Sachs issued a high target of ₹2,025, pointing to significant upside potential from previous closing levels.
- •All 53 analysts covering ICICI Bank currently maintain a buy rating, reflecting unanimous confidence in the lender's market leadership and medium-term earnings growth.
Key Questions Answered
All 53 analysts covering ICICI Bank maintain a "buy" rating on the stock. Consensus price targets suggest an upside potential of nearly 27% from current levels, with global brokerages like Goldman Sachs projecting an upside as high as 45% based on stellar Q2 financial performance.
ICICI Bank reported a 20.1% year-on-year increase in standalone net profit to ₹14,843 crore for the September quarter, exceeding market expectations. Net interest income (NII) rose 17.7% to ₹25,339 crore, while total advances grew 30% year-on-year to reach ₹18.32 lakh crore.
The bank's net interest margin dropped to 4.18% in Q2 from 4.36% in the previous quarter, largely driven by pressure from foreign currency non-resident (FCNR-B) deposits. Management expects margins to bottom out in the third quarter before recovering in the fourth quarter.
