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ICICI Bank hits ₹6 trillion m-cap the first time
August 12, 2022
ICICI Bank joined the elite club of ₹6 trillion market-cap with shares hitting a record high. The lender became the seventh Indian stock to hit such a milestone.
Shares of ICICI Bank hit an all-time high of ₹866.15 on BSE with market-cap of ₹6.01 trillion. The stock surged nearly 17% so far this year. At 1pm, the scrip was trading at ₹864 on BSE, up 1.8% from its previous close.
Earlier, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever have hit this achievement. Life Insurance Corp Of India also hit over ₹6 trillion m-cap after it prices its issue at ₹949 a share.
The stock remained favourite of investors after the lender continued to report better than expected earnings with improved asset quality and lower provisions.
Recently, the lender reported a 50 percent year-on-year growth in its net profit at ₹6,905 crore for the quarter ended June 2022, as bad loan provisions declined sharply. Net interest income for the June quarter increased by 20.8 percent to ₹13,210 crore.
Provisions and contingencies fell sharply by 60 percent year-on-year to ₹1,143.82 crore. Asset quality improved further with gross non-performing assets as a percentage of gross advances falling 19 bps sequentially to 3.41 percent.
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