ICICI Bank surpasses UBS to become world's 18th largest bank
ICICI Bank, an Indian multinational banking and financial services company, has overtaken UBS to become the 18th largest bank globally in terms of market capitalization. As of today, ICICI's market capitalization stood at $98.9 billion, edging out UBS which currently holds a market capitalization of $98.12 billion. The global chart is led by JP Morgan Chase with a market cap of $571.11 billion.
ICICI Bank's shares show strong performance
ICICI Bank's shares closed 2.9% higher at ₹1,204 on the National Stock Exchange today. Over the past six months, the bank's shares have seen a gain of 20% and a year-on-year increase of 29%. This performance outpaces the Nifty 50 index, which has gained only 10.63% in the last six months and 26.91% over the past year.
Motilal Oswal issues 'Buy' rating
Motilal Oswal, a leading brokerage firm, recently issued a 'buy' rating on ICICI Bank's stock. This recommendation is based on the bank's strong loan growth, robust fee income, and solid asset quality among other factors. The brokerage has set a target price for ICICI Bank's shares at ₹1,350 per share, indicating a potential upside of 15% from its previous close.
ICICI Bank reports strong financial performance
ICICI Bank's net profit witnessed a significant increase of 17.4% year-on-year, reaching ₹10,707 crore in the January-to-March quarter. Additionally, the bank's net interest income for the same period grew to ₹19,092.8 crore from ₹17,666.8 crore a year ago. This robust financial performance further solidifies ICICI Bank's position in the global banking sector.
