ICICI Bank stock hits record high, market cap crosses Rs 6 lakh crore for the first time

The last quarter has proved to be good for the bank in terms of asset quality. NPAs come down to 3.41 per cent of total loans as against 5.15 per cent a year ago

Market value of ICICI Bank crosses Rs 6 lakh crore

Today, buying is being seen in the stock of ICICI Bank, due to which the stock has reached a record high level so far, while the market cap of the bank has also crossed Rs 6 lakh crore for the first time. with this ICICI Bank The country’s seventh stock is made, whose total market value has reached above this level. The rise in the stock is due to better results than the bank’s estimates. The bank has registered better earnings than the estimates. While the asset quality of the bank is also improving.

where did the stock reach

In today’s trading, ICICI Bank stock has seen a gain of more than one percent and the stock has reached a record level of 866.15 today. The stock is seeing an uptrend since mid-June. The stock was below the 700 level during this period. Currently the stock is above 850 level. With today’s increase, the total market cap of the bank has also crossed 6 lakh crores. Apart from this, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, HUL and LIC have also achieved market value of 6 lakh crores. Out of this, Reliance and TCS are currently above the level of market cap of 10 lakh crores. However, LIC is now trading below this level.

Better bank results

The bank’s net profit for the first quarter of the current financial year increased 55.04 per cent to Rs 7,384.53 crore from Rs 4,616 crore in the year-ago period. The total income of the bank increased to Rs 28,336.74 crore in the first quarter of the financial year 2022-23 from Rs 24,379.27 crore in the same quarter a year ago. The last quarter proved to be good for the bank in terms of asset quality. Gross non-performing assets (NPAs) declined to 3.41 per cent of total loans as against 5.15 per cent a year ago. Similarly, net NPAs i.e. bad loans also came down from 1.16 per cent to 0.70 per cent. This had an impact on the financial provisions to be made for bad loans and contingencies. The bank had to make a financial provision of Rs 1,143.82 crore for these in the first quarter as compared to Rs 2,851.69 crore in the same quarter last year.