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Private sector lender ICICI Bank on Monday crossed the market capitalisation of Hindustan Unilever to become the fifth largest company by market value.
According to BSE data, ICICI Bank’s market capitalisation (m-cap) stood at ₹5.83 lakh crore, just above HUL’s ₹5.76 lakh crore. This follows the bank posting its highest ever quarterly net profit in the July to September 2021 quarter.
The bank’s scrip touched a 52-week high of ₹859.70 on the BSE on Monday before ending at ₹841.05, registering a gain of 10.8 per cent over the previous day’s close.
Second bank in top 5
ICICI Bank becomes the second lender after HDFC Bank to break into the top five companies on the BSE in terms of m-cap. The lender posted a near 30 per cent increase in its second quarter standalone net profit at ₹5,510.95 crore compared to ₹4,251.33 crore in the same period last fiscal. Net interest income rose 25 per cent y-o-y while net non-performing assets at 0.99 per cent was the lowest since December 2014.
Analysts said the bank has been performing well on all fronts. “The bank has been delivering strong retail growth (20 per cent year-on-year), while the SME/business banking growth is also robust now (albeit on a low base). Corporate growth should revive soon too,” said a report by Emkay Global Financial Services, adding that asset-quality outcomes amid the pandemic were better than expected.
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