ICICI Bank share price in focus ahead of Q3 results today. Do you own?

ICICI Bank Q3 results today are expected to show solid loan book growth and robust retail franchises, although experts anticipate further compression in NIMs during the October to December 2023 quarter

Asit Manohar
First Published20 Jan 2024, 11:24 AM IST
ICICI Bank share price looking positive on the chart pattern, with a potential upside to  <span class='webrupee'>₹</span>1,050 if the stock can breach the  <span class='webrupee'>₹</span>1,020 level, say experts.
ICICI Bank share price looking positive on the chart pattern, with a potential upside to ₹1,050 if the stock can breach the ₹1,020 level, say experts.(Mint)

Stock market today: After hitting below 1,000 apiece levels during the recent selloff in the Indian stock market, ICICI Bank share price regained the psychological 1,000 level during morning deals on Saturday. While regaining this, ICICI Bank's market cap also came above 7 lakh crore. ICICI Bank share price today opened upside at 1,005.95 per share level on the NSE and went on to touch an intraday high of 1,007.90 per share within a few minutes of the opening bell.

According to stock market experts, ICICI Bank Q3 results 2024 are coming today and the market is expecting healthy numbers from the private lender. They went on to add that the second-largest private lender in India may report solid loan book growth and robust retail franchises. However, they are expecting NIMs compression to further continue during the October to December 2023 quarter. Experts went on to add that ICICI Bank shares are looking positive on the chart pattern as well. The stock is facing a hurdle at 1,020 levels and on breahing this hurdle decisively, it may go up to 1,050 levels.

Also Read: IREDA share price hits lifetime high ahead of Q3 results today. Buy or sell?

ICICI Bank Q3 results preview

On market expectations from ICICI Bank Q3 results today, Shreyansh V Shah, Research Analyst at StoxBox said, "We expect the second largest private sector bank to come out with healthy numbers in Q3FY24 aided by solid loan book growth and robust retail franchise. Though there would be some NIM compression continuing in Q3FY24 due to the passing of the increased cost of funds, the absolute profitability would show a double-digit growth on an annual basis. We expect RoA to be in the range of 2.3-2.5% and RoE in the range of 15-18% annualized this quarter."

However, the bank’s decision to deal with an unsecured loan book will be a key thing to watch out for this quarter.

Also Read: Hind Zinc shares extend gains after Q3 results. Should you buy, sell or hold?

"Though we expect the opex cost to remain at elevated levels due to the bank’s focus on branch expansion, the profitability of the bank seems to be intact. With the uptick seen in rural demand in Q3FY23, we anticipate the bank’s business growth to be in the high teens and CASA to remain constant in the range of 40-42%. Furthermore, we do not see any deterioration in the bank’s asset quality due to its strong credit profiling and high dependence on granular asset book," Shreyansh V Shah added.

ICICI Bank share price outlook

Expecting further upside in ICICI Bank shares, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “ICICI Bank shares are looking positive on chart pattern. The stock has a strong based at 970 whereas it is facing an immediate hurdle at the 1,020 mark. On breaching this hurdle on a closing basis, we can expect ICICI Bank share price to touch 1,050 levels."

Profitmart Securities expert maintained that ICICI Bank shareholders can hold the stock maintaining stop loss at 970 level. He said that fresh investors can also buy the scrip maintaining a stop loss at 970 for short-term target of 1,050.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

Numbers that help you understand news better
$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:20 Jan 2024, 11:24 AM IST
HomeMarketsStock MarketsICICI Bank share price in focus ahead of Q3 results today. Do you own?

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