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Business News/ Markets / Stock Markets/  ICICI Bank share price surges after Q4 earnings. Good time to buy?
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ICICI Bank share price surges after Q4 earnings. Good time to buy?

ICICI share price today opened at its Friday close price levels on NSE and went on to hit intraday high of ₹762.20 apiece

ICICI Bank has reported staggering 59 per cent jump in its standalone net profit on Saturday.Premium
ICICI Bank has reported staggering 59 per cent jump in its standalone net profit on Saturday.

ICICI share price has given sharp upside move in early deals after the private lender reported around 59 per cent rise in standalone net profit in Q4FY22. ICICI share price today opened at its Friday close price levels on NSE and went on to hit intraday high of 762.20 apiece levels, logging around 2 per cent rise from its Friday close.

In ICICI Bank Q4 results, the private bank reported staggering 59 per cent jump in its standalone net profit on Saturday. Its standalone net profit in Q4 FY2021-22 stands at 7,019 crore. The private bank had earned 4,403 crore profit in the corresponding fourth quarter last year.

As per the exchange filing by ICICI Bank, total income of the private bank rose to 27,412 crore in Q4FY22 from 23,953 crore in Q4FY21. In recently ended March quarter, net interest of the bank shot up 21 per cent to 12,605 crore from 10,431 crore in Q3 FY2020-21.

Net NPAs of ICICI Bank also declined to 0.76 per cent from 1.14 per cent at the end of the fourth quarter of FY21.

On a consolidated basis, ICICI Bank Group's net profit jumped 58 per cent to 7,719 crore in March quarter from 4,886 crore in the year-ago period.

The bank's asset quality improved as gross non-performing assets fell to 3.60 per cent of gross advances as of March 31, 2022, from 4.96 per cent in the corresponding period a year ago.

Yes Securities revises ICICI Bank share price target

Giving ‘buy’ tag to ICICI Bank shares, Yes Securities report says, “Management commentary alludes to continued healthy loan growth trends in retail, SME and business banking. While management stated that it aims to maintain margin, we think improving loan mix should aid piecemeal margin enhancement. We maintain ‘Buy’ rating on ICICI with a revised price target of 1043."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Published: 25 Apr 2022, 12:07 PM IST
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