You can get 27% return in ICICI Bank stock, brokerage house has given a target of up to Rs 1600.

ICICI Bank Stock Price:In today’s trading, ICICI Bank stock remains the top gainer of Nifty 50 and Sensex 30. Today the banking stock strengthened by 3.50 percent to reach Rs 1301, whereas it had closed at Rs 1255 on Friday before the results. The bank had released its September quarter results over the weekend, which were liked by the market and brokerage houses. After the results, most of the brokerage houses are bullish on this banking stock and are advising investment. A target price of Rs 1600 has been given on the stock, which is 27 percent more than the current price of Rs 1255.

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Motilal Oswal

Brokerage house Motilal Oswal has given Buy rating on ICICI Bank and a target price of Rs 1500. This is 19 percent more than the current price of Rs 1260. ICICI Bank has once again recorded strong performance with strong asset quality, effective cost control and healthy business growth. Net interest income growth was as per estimates, while net interest margin declined by 9 basis points on a quarterly basis. The bank’s substantial investment in technology is a relief and the brokerage estimates that the C/I ratio may improve to 39 per cent in FY25E. A healthy mix of high yield portfolio (PL, CC, Business Banking) and broad based growth across product lines is enabling profitable growth while maintaining healthy business diversification.

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The brokerage house says that asset quality remains stable and there is no sign of stress, which has led to improvement in the GNPA/NNPA ratio. A contingency provisioning buffer of Rs 131 billion (1.0% of the loan) provides further comfort in case of any cyclical stress in future. The brokerage has raised its EPS estimates for FY25, FY26 by 2.8%, 1.8% and estimates RoA and RoE at 2.19% and 17.4% in FY26. The brokerage expects the bank to maintain 12% CAGR in PAT during FY24-26.

CLSA

Brokerage house CLSA has given outperform rating on ICICI Bank shares and has given a target price of Rs 1600. The brokerage says that the bank has made better asset provisioning than Pierce. The brokerage says the bank has had another strong quarter and has a strong balance sheet. However, NII is expected to stabilize during the year. Gross non-performing loans remained stable, and credit costs remained well controlled. These factors strengthen the outlook of ICICI Bank.

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Nomura

Nomura has maintained buy rating on ICICI Bank shares and increased the target price from Rs 1420 to Rs 1575. The report described the bank’s performance as strong, which includes strong loan and deposit growth as well as strong asset quality. Nomura estimates that ICICI Bank’s premium valuation will remain intact and expects the bank’s return on assets to be 2.3% and return on equity to be 18% during FY 2025-27.

Apart from these, brokerage house Macquarie has given outperform rating on ICICI Bank and increased the target price to Rs 1350. Whereas Jefferies has given buy rating on ICICI Bank and increased the target price from Rs 1460 to Rs 1550.

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ICICI Bank’s profit increased

ICICI Bank’s profit increased by 18.8 percent to Rs 12,948 crore in the September quarter. On standalone basis, profit increased by 14.5 percent to Rs 11,746 crore. Total income increased to Rs 47,714 crore, which was Rs 40,697 crore in the same quarter of the last financial year. The core interest income of the bank has increased by 9.5 percent to Rs 20,048 crore. NIM stood at 4.36 percent in the September quarter.