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Shares of ICICI Bank Ltd rose 3.6 per cent to Rs 303.60, highest since May 16.
ICICI Bank had on Friday reported a net loss of Rs 119.55 crore for the first quarter of the fiscal year as its provisions more than doubled due to losses in its treasury portfolio. This was the first time the lender, which is the third largest bank in the country by assets, has reported a quarterly loss.
Core profitability, while modest, should improve going forward driven by improving loan growth and net interest margin, says Jefferies.
Of 45 brokerages covering the stock, 42 rate it “buy” or higher, two “hold” and one “strong sell”; their median price target is Rs 367, according to Thomson Reuters Eikon data.
ICICI Bank stock was the third largest contributor to BSE index; the stock was up for a fourth straight session.
(With inputs from Reuters)
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