ICICI Bank: On May 22, after the bank distributed 6.5 lakh equity shares with a face value of Rs 2 each under the employee stock option plan (ESOP), shares of ICICI Bank declined more than 1% to Rs 1,108 per share.
This private sector lender’s stock has increased by more than 11% so far this year, outpacing the benchmark Nifty 50 index’s 3% increase. Before this, on April 30, 2024, ICICI Bank shares had reached a 52-week high of Rs 1,169 per share.
Before this, on January 11, 2024, ICICI Bank allotted 1.67 lakh equity shares under the ESOP.
In addition, Rajendra Khandelwal’s appointment as the Group’s Chief Internal Auditor and senior management staff with effect from June 1, 2024, was authorized by the Bank. Anish Madhavan, whose tenure as GCIA is scheduled to end on May 31, 2024, will be replaced by Khandelwal.
According to an exchange filing from ICICI Bank, Khandelwal, who has 29 years of expertise in banking and finance, had major duties in the areas of taxation, wholesale banking planning, operating expense management, and accounts.
In the January–March quarter (Q4FY24), ICICI Bank recorded an 18.5 percent year-over-year (YoY) growth in net profit to Rs 11,672 crore, while net interest income rose by 8.1 percent YoY to Rs 19,093 crore.
The lender’s net non-performing asset (NPA) decreased by 2 basis points to 0.42 percent from 0.44 percent in the prior year.
Brokerages kept their optimistic assessment of ICICI Bank after the company’s Q4 results. Reiterating their ‘buy’ rating on the company, JM Financial set a target price of Rs 1,330 per share. They predict that throughout FY25–26, the lender would earn an average return on equity (RoE) of 18.5 percent and an average return on asset (RoA) of 2.3 percent.
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Similarly, CLSA has maintained its ‘buy’ rating and boosted the target price to Rs 1,350 per share, while JP Morgan has maintained an ‘overweight’ rating on ICICI Bank with a target price of Rs 1,300 per share.
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