The stock of ICICI Bank hit a record high on Tuesday notwithstanding the weakness in the broader market following the bank’s stellar performance in the December quarter.
Net interest margins, a measure of how lenders make on every loan sold, shrank to 4.43% in the three months ended Dec. 31, from 4.53% in the previous quarter.
ICICI Bank posted a 25.7 percent rise in its consolidated net profit at ₹11,052.60 crore in the December quarter as against ₹8,792.42 in the same quarter last year.
ICICI Bank is now showing signs of a potential recovery after experiencing a significant downturn in December 2023, where prices dropped sharply from a peak of Rs 1,043 to a low of Rs 974.
Around 16 brokerages shared ‘hold’ call for Kotak Mahindra Bank in November, while ICICI Bank shares bagged 48 ‘buy’ calls, showed Moneycontrol’s analyst call tracker