ICICI Bank sixth firm to hit $100-billion in m-cap

ICICI Bank’s market capitalisation on Tuesday crossed the $100-billion mark for the first time, making it the sixth company ever to achieve the milestone as its shares hit an all-time high. After hitting a record high of Rs 1,207, shares of ICICI Bank closed at Rs 1,199, up 2.5 %, valuing the firm at Rs 8.44 trillion ($101 billion).

The sharp spike in share price has helped the private lender to join the likes of Reliance Industries, Tata Consultancy Services, HDFC Bank, and Bharti Airtel. Previously, Infosys too had achieved this milestone but has since exited the club. ICICI Bank is placed fourth in the list. 

RIL is country’s largest company by market value at $236 billion followed by TCS ($166 billion). Among the banks, ICICI bank is the second after HDFC Bank to have $100 billion market cap. HDFC Bank’s market cap now stands at over $156 billon.

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Over the last one year, ICICI Bank shares have risen nearly 29%, beating the 27% gains made by Nifty50 and 20% gain in Bank Nifty. Year-to-date, the stock has risen around 20%.

Experts expect ICICI Bank to maintain robust loan growth, focusing on quality underwriting.

“ICICI Bank is well positioned to deliver a superior performance characterised by healthy loan growth, strong asset quality and industry-leading return ratios,” said Motilal Oswal Financial Services in a latest report. “While we estimate margins to remain range-bound in the near term, the operating leverage is emerging as a lever to support earnings growth”.

The bank is witnessing healthy deposit inflow, while a benign CD ratio, which is lowest among large private banks, places it well to focus on profitable growth, added the report.

ICICI Bank, on Tuesday, announced that it will release first quarter financial results on July 27. In the previous quarter that ended March 31, it reported standalone net profit of Rs 10,707.5 crore, up 17.4% from Rs 9,121.9 crore in the corresponding period in the 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.