Stocks

ICICI Bank m-cap crosses ₹5-lakh-crore

Our Bureau Mumbai | Updated on September 01, 2021

Becomes the second bank to touch the mark after HDFC

Private sector ICICI Bank is the second lender in the country to cross the market capitalisation of ₹5-lakh crore. This follows HDFC Bank, the first lender to cross the mark, which now has a market cap of ₹8.73-lakh crore.

On Wednesday, ICICI Bank’s scrip during intra day trade touched a life time high of ₹734.85 apiece on the BSE. It closed the day at ₹719.2 apiece with a market cap of ₹4.98-lakh crore. “ICICI Bank is the second bank to attain this feat,” noted Deepak Jasani, Head of Retail Research, HDFC Securities.

According to BSE data, ICICI Bank is now the sixth most valuable company. Reliance Industries Ltd tops the list followed by Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever Ltd.

Good performance

ICICI Bank has been performing well on all fronts and has reported positive results for the last 11 quarters. It reported a 77.6 per cent jump in its standalone net profit to ₹4,616.02 crore in the quarter ended June 30, 2021 led by robust net interest income that grew by 18 per cent and lower provisions.

The bank’s total deposits grew by 16 per cent year-on-year to ₹9.26-lakh crore at June 30, 2021 and total advances increased by 17 per cent year-on-year to ₹7.38-lakh crore. The lender has also expanded its credit card business and has become the second largest player in terms of credit card spends in July 2021. The RBI has recently also approved the re-appointment of Sandeep Bakhshi as MD and CEO of ICICI Bank with effect from October 15, 2021 till October 3, 2023.

Published on September 01, 2021

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