ICICI Bank becomes 5th Indian firm to cross Rs 8 lakh crore mcap

The stock hit a record high of Rs 1,160 on the BSE, up 5 percent, on April 29. At 2.10 pm, it was trading at Rs 1,157 on the BSE, up 4.5 percent from its previous close, while the benchmark Sensex rose 1.11 percent to 74,549 points.

ICICI Bank becomes 5th Indian firm to cross Rs 8 lakh crore mcap

Reliance Industries, TCS, HDFC Bank, Infosys, and Bharti Airtel are some largest industries that have so far crossed this milestone. RIL remained India's most valued firm with a m cap of Rs 20.4 lakh crore, followed by TCS and HDFC Bank, which has a m cap of Rs 15 lakh crore and Rs 9.6 lakh crore. Infosys and Bharti Airtel have m cap of Rs 8.16 lakh crore and Rs 8.1 lakh crore.

The net interest income of the bank rose 8 percent to Rs 19,093 crore in Q4 FY24, surpassing estimates of Rs 18,958 crore. While gross NPA decreased to 2.16 percent from 2.81 percent YoY, its net NPA fell to 0.42 percent from 0.48 percent on-year.

Read Also : GAIL commences first green hydrogen plant under national green hydrogen mission

Deposit growth at 20 percent outpaced advances, led by a 28 percent rise in term deposits, although CASA growth was subdued at 10 percent YoY due to higher term deposit mobilization. Domestic NIM moderated to 4.4 percent in Q4 FY24 from 4.9 percent a year back, maintaining the full-year NIM at the FY23 levels.

The Private lender robusted with reporting a Q4 FY24 net profit of Rs 10,708 crore, up 20 percent from Q4 FY23, driven by strong advances and reduced credit costs, despite margin pressure. ICICI Bank achieved an ROA of 2.4 percent in FY24, reflecting strong performance across the board.

Read Also : RVNL emerges Lowest bidder from MMRC, Nagpur metro